Vetr Inc. Upgrades Nike, Inc. (NKE) to Strong-Buy
Nike, Inc. (NYSE:NKE) was upgraded by Vetr from a “buy” rating to a “strong-buy” rating in a report released on Wednesday. The brokerage presently has a $57.97 price objective on the footwear maker’s stock. Vetr‘s price target points to a potential upside of 12.63% from the company’s current price.
Other equities research analysts also recently issued research reports about the stock. UBS AG reaffirmed a “buy” rating and issued a $62.00 target price (down previously from $63.00) on shares of Nike in a research note on Tuesday, June 27th. FBR & Co set a $53.00 price target on shares of Nike and gave the stock a “hold” rating in a research report on Saturday, July 1st. Canaccord Genuity set a $51.00 price target on shares of Nike and gave the stock a “hold” rating in a research report on Saturday, July 1st. Wells Fargo & Company set a $56.00 price target on shares of Nike and gave the stock a “hold” rating in a research report on Saturday, July 1st. Finally, Piper Jaffray Companies set a $50.00 price target on shares of Nike and gave the company a “hold” rating in a report on Saturday, July 1st. Five analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $59.23.
Nike (NYSE NKE) opened at 51.47 on Wednesday. The firm has a market cap of $84.36 billion, a price-to-earnings ratio of 21.91 and a beta of 0.61. Nike has a 1-year low of $49.01 and a 1-year high of $60.53. The company has a 50-day moving average of $53.60 and a 200-day moving average of $55.08.
Nike (NYSE:NKE) last issued its earnings results on Tuesday, September 26th. The footwear maker reported $0.57 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.48 by $0.09. Nike had a return on equity of 31.88% and a net margin of 11.47%. The firm had revenue of $9.07 billion for the quarter, compared to analysts’ expectations of $9.08 billion. During the same quarter last year, the business earned $0.73 earnings per share. The company’s revenue was up .1% compared to the same quarter last year. Analysts predict that Nike will post $2.34 earnings per share for the current year.
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In other Nike news, insider Eric D. Sprunk sold 112,323 shares of the firm’s stock in a transaction dated Friday, July 28th. The shares were sold at an average price of $58.61, for a total value of $6,583,251.03. Following the transaction, the insider now directly owns 139,551 shares of the company’s stock, valued at approximately $8,179,084.11. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Hilary K. Krane sold 28,072 shares of the firm’s stock in a transaction dated Friday, July 14th. The shares were sold at an average price of $58.10, for a total transaction of $1,630,983.20. Following the completion of the transaction, the chief accounting officer now directly owns 177,723 shares in the company, valued at $10,325,706.30. The disclosure for this sale can be found here. Insiders have sold 162,117 shares of company stock valued at $9,409,321 in the last ninety days. 3.90% of the stock is currently owned by company insiders.
Several institutional investors have recently modified their holdings of the company. Bath Savings Trust Co boosted its position in shares of Nike by 0.5% during the 3rd quarter. Bath Savings Trust Co now owns 214,962 shares of the footwear maker’s stock worth $11,146,000 after acquiring an additional 1,140 shares in the last quarter. Perpetual Ltd increased its stake in Nike by 41.5% in the second quarter. Perpetual Ltd now owns 114,400 shares of the footwear maker’s stock valued at $6,750,000 after acquiring an additional 33,539 shares during the last quarter. Perigon Wealth Management LLC increased its stake in Nike by 51.3% in the second quarter. Perigon Wealth Management LLC now owns 63,834 shares of the footwear maker’s stock valued at $3,773,000 after acquiring an additional 21,657 shares during the last quarter. Griffin Asset Management Inc. bought a new position in Nike in the second quarter valued at approximately $465,000. Finally, Sentry Investment Management LLC increased its stake in Nike by 1.0% in the second quarter. Sentry Investment Management LLC now owns 104,569 shares of the footwear maker’s stock valued at $6,170,000 after acquiring an additional 993 shares during the last quarter. 62.64% of the stock is owned by institutional investors.
NIKE, Inc is engaged in the design, development, marketing and selling of athletic footwear, apparel, equipment, accessories and services. The Company’s operating segments include North America, Western Europe, Central & Eastern Europe, Greater China, Japan and Emerging Markets. Its portfolio brands include the NIKE Brand, Jordan Brand, Hurley and Converse.
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