Published On: Fri, Sep 23rd, 2016

Citigroup Inc. Reaffirms “Buy” Rating for Nike Inc. (NKE)

Nike Inc. (NYSE:NKE)‘s stock had its “buy” rating reissued by research analysts at Citigroup Inc. in a note issued to investors on Thursday. They presently have a $61.00 price objective on the footwear maker’s stock. Citigroup Inc.’s price objective points to a potential upside of 10.09% from the company’s current price.
NKE has been the topic of a number of other reports. B. Riley restated a “buy” rating and issued a $66.00 price target on shares of Nike in a report on Monday, June 27th. Zacks Investment Research upgraded shares of Nike from a “sell” rating to a “hold” rating in a report on Thursday. Susquehanna restated a “positive” rating and issued a $74.00 price target on shares of Nike in a report on Wednesday, June 22nd. Cowen and Company restated a “buy” rating on shares of Nike in a report on Wednesday, June 22nd. Finally, Piper Jaffray Cos. restated an “overweight” rating and issued a $58.00 price target (down from $69.00) on shares of Nike in a report on Wednesday, June 29th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and twenty-two have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $65.63.

Shares of Nike (NYSE:NKE) traded up 0.13% during midday trading on Thursday, reaching $55.41. 8,051,818 shares of the company’s stock were exchanged. The stock’s 50 day moving average is $56.82 and its 200-day moving average is $57.46. Nike has a 12-month low of $51.48 and a 12-month high of $68.19. The stock has a market cap of $92.96 billion, a PE ratio of 25.65 and a beta of 0.52.

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Nike (NYSE:NKE) last announced its earnings results on Tuesday, June 28th. The footwear maker reported $0.49 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.48 by $0.01. Nike had a net margin of 11.61% and a return on equity of 29.57%. The business had revenue of $8.24 billion for the quarter, compared to the consensus estimate of $8.28 billion. During the same quarter in the prior year, the firm posted $0.49 earnings per share. The business’s revenue for the quarter was up 6.0% on a year-over-year basis. On average, equities analysts expect that Nike will post $2.40 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Tuesday, September 6th will be issued a dividend of $0.16 per share. The ex-dividend date is Thursday, September 1st. This represents a $0.64 annualized dividend and a dividend yield of 1.16%. Nike’s dividend payout ratio is presently 29.63%.
In other news, EVP John F. Slusher sold 72,696 shares of Nike stock in a transaction on Tuesday, July 26th. The stock was sold at an average price of $57.75, for a total transaction of $4,198,194.00. Following the transaction, the executive vice president now owns 231,861 shares in the company, valued at approximately $13,389,972.75. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director John C. Lechleiter purchased 1,000 shares of Nike stock in a transaction dated Friday, July 1st. The shares were bought at an average price of $55.09 per share, for a total transaction of $55,090.00. Following the acquisition, the director now owns 23,682 shares in the company, valued at $1,304,641.38. The disclosure for this purchase can be found here. Insiders own 3.90% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Capstone Asset Management Co. raised its stake in shares of Nike by 8.3% in the second quarter. Capstone Asset Management Co. now owns 384,426 shares of the footwear maker’s stock valued at $21,220,000 after buying an additional 29,538 shares during the period. National Pension Service raised its stake in shares of Nike by 4.1% in the first quarter. National Pension Service now owns 709,270 shares of the footwear maker’s stock valued at $43,599,000 after buying an additional 27,918 shares during the period. Gofen & Glossberg LLC IL raised its stake in shares of Nike by 1.0% in the second quarter. Gofen & Glossberg LLC IL now owns 304,456 shares of the footwear maker’s stock valued at $16,806,000 after buying an additional 2,890 shares during the period. AMP Capital Investors Ltd bought a new stake in shares of Nike during the first quarter valued at about $37,460,000. Finally, Bath Savings Trust Co raised its stake in shares of Nike by 2.8% in the second quarter. Bath Savings Trust Co now owns 202,524 shares of the footwear maker’s stock valued at $11,179,000 after buying an additional 5,515 shares during the period. Institutional investors and hedge funds own 62.04% of the company’s stock.
Nike Company Profile
NIKE, Inc is engaged in the design, development, marketing and selling of athletic footwear, apparel, equipment, accessories and services. The Company sells its products to retail accounts, through NIKE-owned retail stores and Internet Websites (which the Company refers to as its Direct to Consumer or DTC operations), and through a mix of independent distributors and licensees throughout the world.

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