Wedbush Analysts Lower Earnings Estimates for Nike, Inc. (NKE)
Nike, Inc. (NYSE:NKE) – Stock analysts at Wedbush lowered their FY2018 earnings per share (EPS) estimates for Nike in a report issued on Thursday. Wedbush analyst C. Svezia now forecasts that the footwear maker will post earnings of $2.35 per share for the year, down from their prior estimate of $2.55. Wedbush currently has a “Neutral” rating and a $52.00 target price on the stock.
Other equities research analysts have also recently issued research reports about the company. Citigroup Inc. lifted their price target on Nike to $66.00 in a report on Thursday, March 23rd. Argus set a $55.00 price target on Nike in a report on Wednesday, April 5th. MKM Partners reaffirmed a “buy” rating on shares of Nike in a report on Wednesday, March 22nd. Jefferies Group LLC reaffirmed a “buy” rating and set a $75.00 price target on shares of Nike in a report on Wednesday, March 22nd. Finally, Deutsche Bank AG dropped their target price on Nike from $66.00 to $64.00 and set a “buy” rating on the stock in a report on Wednesday, March 22nd. Two research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and twenty-one have given a buy rating to the company. Nike currently has an average rating of “Hold” and an average price target of $60.71.
Shares of Nike (NYSE NKE) traded down 0.87% during trading on Monday, hitting $51.57. The stock had a trading volume of 3,203,994 shares. Nike has a one year low of $49.01 and a one year high of $60.33. The firm’s 50-day moving average is $53.24 and its 200-day moving average is $54.21. The firm has a market cap of $85.13 billion, a P/E ratio of 21.51 and a beta of 0.47.
Nike (NYSE:NKE) last issued its earnings results on Tuesday, March 21st. The footwear maker reported $0.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.15. The business had revenue of $8.43 billion during the quarter, compared to the consensus estimate of $8.47 billion. Nike had a return on equity of 32.97% and a net margin of 12.02%. The company’s revenue for the quarter was up 5.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.55 EPS.
Several large investors have recently modified their holdings of the company. Accredited Investors Inc. increased its position in Nike by 0.5% in the first quarter. Accredited Investors Inc. now owns 4,167 shares of the footwear maker’s stock worth $232,000 after buying an additional 19 shares during the period. Montecito Bank & Trust increased its position in Nike by 0.3% in the first quarter. Montecito Bank & Trust now owns 7,200 shares of the footwear maker’s stock worth $402,000 after buying an additional 24 shares during the period. Intrust Bank NA increased its position in Nike by 0.9% in the first quarter. Intrust Bank NA now owns 5,082 shares of the footwear maker’s stock worth $283,000 after buying an additional 46 shares during the period. Welch & Forbes LLC increased its position in Nike by 0.5% in the first quarter. Welch & Forbes LLC now owns 9,998 shares of the footwear maker’s stock worth $557,000 after buying an additional 48 shares during the period. Finally, Los Angeles Capital Management & Equity Research Inc. increased its position in Nike by 0.5% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 9,749 shares of the footwear maker’s stock worth $543,000 after buying an additional 50 shares during the period. Institutional investors and hedge funds own 65.55% of the company’s stock.
In related news, CAO Hilary K. Krane sold 65,000 shares of the firm’s stock in a transaction on Tuesday, April 18th. The shares were sold at an average price of $56.00, for a total transaction of $3,640,000.00. Following the sale, the chief accounting officer now directly owns 270,795 shares in the company, valued at $15,164,520. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director John R. Thompson, Jr. sold 14,000 shares of the firm’s stock in a transaction on Thursday, April 20th. The stock was sold at an average price of $56.45, for a total transaction of $790,300.00. Following the sale, the director now owns 55,660 shares in the company, valued at $3,142,007. The disclosure for this sale can be found here. Over the last quarter, insiders sold 379,000 shares of company stock worth $21,213,800. Company insiders own 3.90% of the company’s stock.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 5th. Shareholders of record on Monday, June 5th will be issued a $0.18 dividend. The ex-dividend date is Thursday, June 1st. This represents a $0.72 annualized dividend and a yield of 1.38%. Nike’s dividend payout ratio (DPR) is presently 30.00%.
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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