Investors Buy Shares of Nike Inc. (NKE) on Weakness
Traders purchased shares of Nike Inc. (NYSE:NKE) on weakness during trading on Wednesday. $98.05 million flowed into the stock on the tick-up and $53.02 million flowed out of the stock on the tick-down, for a money net flow of $45.03 million into the stock. Of all companies tracked, Nike had the 6th highest net in-flow for the day. Nike traded down ($0.02) for the day and closed at $56.86
Several research firms have recently commented on NKE. Vetr lowered shares of Nike from a “hold” rating to a “sell” rating and set a $54.43 price target on the stock. in a research report on Monday. Deutsche Bank AG reaffirmed a “buy” rating on shares of Nike in a research report on Wednesday, August 10th. Robert W. Baird reissued an “outperform” rating and issued a $67.00 target price on shares of Nike in a research report on Wednesday, July 6th. Nomura set a $64.00 target price on Nike and gave the company a “buy” rating in a research report on Tuesday, July 5th. Finally, HSBC reissued a “hold” rating and issued a $56.00 target price on shares of Nike in a research report on Monday, July 4th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and twenty-four have assigned a buy rating to the stock. Nike currently has a consensus rating of “Buy” and a consensus target price of $66.26.
The company has a market capitalization of $95.39 billion and a P/E ratio of 26.32. The stock’s 50-day moving average price is $56.35 and its 200 day moving average price is $57.91.
Nike (NYSE:NKE) last announced its quarterly earnings data on Tuesday, June 28th. The footwear maker reported $0.49 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.48 by $0.01. The company had revenue of $8.24 billion for the quarter, compared to analyst estimates of $8.28 billion. During the same period in the prior year, the business earned $0.49 earnings per share. Nike’s revenue was up 6.0% on a year-over-year basis. Equities analysts anticipate that Nike Inc. will post $2.40 EPS for the current year.
The firm 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 $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 1.13%. The ex-dividend date of this dividend is Thursday, September 1st.
In other Nike news, Director John C. Lechleiter purchased 1,000 shares of the firm’s stock in a transaction dated Friday, July 1st. The stock was acquired at an average cost of $55.09 per share, with a total value of $55,090.00. Following the acquisition, the director now owns 23,682 shares of the company’s stock, valued at approximately $1,304,641.38. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP John F. Slusher sold 72,696 shares of Nike stock in a transaction dated Tuesday, July 26th. The shares were sold at an average price of $57.75, for a total transaction of $4,198,194.00. Following the completion of the transaction, the executive vice president now directly owns 231,861 shares of the company’s stock, valued at $13,389,972.75. The disclosure for this sale can be found here.
Other hedge funds and institutional investors have bought and sold shares of the company. Nichols Asset Management LLC raised its position in Nike by 146.4% in the fourth quarter. Nichols Asset Management LLC now owns 16,580 shares of the footwear maker’s stock valued at $1,036,000 after buying an additional 9,850 shares during the period. Birinyi Associates Inc. raised its position in Nike by 159.0% in the fourth quarter. Birinyi Associates Inc. now owns 18,000 shares of the footwear maker’s stock valued at $1,125,000 after buying an additional 11,050 shares during the period. Mandatum Life Insurance Co Ltd acquired a new position in Nike during the fourth quarter valued at approximately $1,375,000. Pitcairn Co. raised its position in Nike by 39.5% in the fourth quarter. Pitcairn Co. now owns 22,734 shares of the footwear maker’s stock valued at $1,421,000 after buying an additional 6,437 shares during the period. Finally, Nelson Van Denburg & Campbell Wealth Management Group LLC raised its position in Nike by 104.1% in the fourth quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 23,306 shares of the footwear maker’s stock valued at $1,457,000 after buying an additional 11,886 shares during the period.
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.