Nike’s (NKE) “Hold” Rating Reiterated at Morgan Stanley

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Nike Inc. (NYSE:NKE)‘s stock had its “hold” rating reaffirmed by equities research analysts at Morgan Stanley in a note issued to investors on Wednesday. They presently have a $60.00 price target on the footwear maker’s stock. Morgan Stanley’s target price would indicate a potential upside of 9.35% from the company’s previous close.
A number of other equities analysts have also recently issued reports on the company. Vetr upgraded Nike from a “buy” rating to a “strong-buy” rating and set a $62.64 target price on the stock in a report on Monday, May 30th. Robert W. Baird restated an “outperform” rating and set a $67.00 target price on shares of Nike in a report on Wednesday, July 6th. Stifel Nicolaus restated a “buy” rating and set a $68.00 target price on shares of Nike in a report on Friday, August 26th. Brean Capital restated a “buy” rating and set a $68.00 target price (down previously from $74.00) on shares of Nike in a report on Monday, June 27th. Finally, Deutsche Bank AG restated a “buy” rating on shares of Nike in a report on Wednesday, August 10th. Two 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 company presently has a consensus rating of “Buy” and a consensus price target of $65.63.
Nike (NYSE:NKE) traded down 0.07% during trading on Wednesday, reaching $54.83. The company had a trading volume of 3,008,657 shares. The company has a 50 day moving average price of $56.80 and a 200 day moving average price of $57.48. Nike has a 52-week low of $51.48 and a 52-week high of $68.19. The company has a market capitalization of $91.98 billion, a PE ratio of 25.38 and a beta of 0.52.

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Nike (NYSE:NKE) last announced its quarterly earnings data on Tuesday, June 28th. The footwear maker reported $0.49 EPS for the quarter, topping the Zacks’ consensus estimate of $0.48 by $0.01. Nike had a return on equity of 29.57% and a net margin of 11.61%. The firm earned $8.24 billion during the quarter, compared to analyst estimates of $8.28 billion. During the same period last year, the company earned $0.49 earnings per share. The company’s revenue was up 6.0% on a year-over-year basis. On average, equities analysts forecast that Nike will post $2.40 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Tuesday, September 6th will be issued a $0.16 dividend. The ex-dividend date of this dividend is Thursday, September 1st. This represents a $0.64 annualized dividend and a yield of 1.17%. Nike’s payout ratio is currently 29.63%.
In other news, EVP Hilary K. Krane sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, July 25th. The stock was sold at an average price of $56.99, for a total value of $5,699,000.00. Following the transaction, the executive vice president now owns 310,795 shares in the company, valued at $17,712,207.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John C. Lechleiter bought 1,000 shares of the company’s stock in a transaction dated Friday, July 1st. The stock was bought at an average price of $55.09 per share, for a total transaction of $55,090.00. Following the acquisition, the director now directly owns 23,682 shares of the company’s stock, valued at $1,304,641.38. The disclosure for this purchase can be found here. 3.90% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. CapWealth Advisors LLC raised its position in Nike by 183.3% in the first quarter. CapWealth Advisors LLC now owns 1,700 shares of the footwear maker’s stock worth $104,000 after buying an additional 1,100 shares in the last quarter. Brick & Kyle Associates raised its position in Nike by 12.5% in the first quarter. Brick & Kyle Associates now owns 1,800 shares of the footwear maker’s stock worth $111,000 after buying an additional 200 shares in the last quarter. SevenBridge Financial Group LLC bought a new position in Nike during the second quarter worth $100,000. Cribstone Capital Management LLC bought a new position in Nike during the second quarter worth $106,000. Finally, Gierl Augustine Investment Management Inc raised its position in Nike by 0.3% in the second quarter. Gierl Augustine Investment Management Inc now owns 2,003 shares of the footwear maker’s stock worth $111,000 after buying an additional 6 shares in the last quarter. Institutional investors 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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