$9.16 Billion in Sales Expected for Nike Inc (NKE) This Quarter

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Wall Street analysts expect that Nike Inc (NYSE:NKE) will post $9.16 billion in sales for the current quarter, Zacks Investment Research reports. Ten analysts have provided estimates for Nike’s earnings. The lowest sales estimate is $9.06 billion and the highest is $9.31 billion. Nike posted sales of $8.55 billion in the same quarter last year, which would suggest a positive year-over-year growth rate of 7.1%. The company is scheduled to report its next quarterly earnings report on Thursday, December 20th.

On average, analysts expect that Nike will report full-year sales of $39.11 billion for the current year, with estimates ranging from $38.73 billion to $39.67 billion. For the next year, analysts forecast that the firm will report sales of $42.05 billion, with estimates ranging from $40.53 billion to $42.70 billion. Zacks’ sales averages are an average based on a survey of research firms that cover Nike.

Nike (NYSE:NKE) last announced its earnings results on Tuesday, September 25th. The footwear maker reported $0.67 EPS for the quarter, topping the consensus estimate of $0.63 by $0.04. Nike had a net margin of 5.57% and a return on equity of 40.69%. The company had revenue of $9.95 billion during the quarter, compared to analysts’ expectations of $9.92 billion. During the same period last year, the company posted $0.57 earnings per share. The business’s revenue for the quarter was up 9.7% on a year-over-year basis.

Several research analysts have commented on NKE shares. Needham & Company LLC reiterated a “neutral” rating on shares of Nike in a report on Thursday, September 13th. HSBC set a $92.00 target price on shares of Nike and gave the stock a “buy” rating in a report on Thursday, September 6th. Daiwa Capital Markets set a $85.00 target price on shares of Nike and gave the stock a “hold” rating in a report on Monday, October 1st. Pivotal Research set a $85.00 target price on shares of Nike and gave the stock a “hold” rating in a report on Friday, September 21st. Finally, Morgan Stanley started coverage on shares of Nike in a report on Wednesday, August 1st. They issued an “overweight” rating and a $88.00 target price for the company. Two analysts have rated the stock with a sell rating, seventeen have given a hold rating and twenty-four have given a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $84.75.

In related news, CFO Andrew Campion sold 2,907 shares of the firm’s stock in a transaction that occurred on Tuesday, July 24th. The shares were sold at an average price of $76.85, for a total transaction of $223,402.95. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Johnathan A. Rodgers sold 16,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 19th. The shares were sold at an average price of $85.05, for a total transaction of $1,360,800.00. Following the transaction, the director now directly owns 26,963 shares in the company, valued at approximately $2,293,203.15. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 68,648 shares of company stock worth $5,652,227. Insiders own 3.90% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Signature Estate & Investment Advisors LLC bought a new position in Nike during the third quarter valued at approximately $178,000. Empirical Finance LLC bought a new position in shares of Nike in the third quarter valued at approximately $230,000. Strategic Advisors LLC bought a new position in shares of Nike in the third quarter valued at approximately $228,000. Oakbrook Investments LLC raised its position in shares of Nike by 3.4% in the third quarter. Oakbrook Investments LLC now owns 518,760 shares of the footwear maker’s stock valued at $43,949,000 after purchasing an additional 17,149 shares during the period. Finally, Aperio Group LLC raised its position in shares of Nike by 2.3% in the third quarter. Aperio Group LLC now owns 999,862 shares of the footwear maker’s stock valued at $84,708,000 after purchasing an additional 22,770 shares during the period. 63.97% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NKE opened at $75.60 on Friday. Nike has a one year low of $51.48 and a one year high of $86.04. The stock has a market capitalization of $135.60 billion, a price-to-earnings ratio of 31.24, a PEG ratio of 2.81 and a beta of 0.65. The company has a quick ratio of 1.53, a current ratio of 2.31 and a debt-to-equity ratio of 0.39.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 1st. Investors of record on Tuesday, September 4th were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.06%. The ex-dividend date was Friday, August 31st. Nike’s payout ratio is presently 33.06%.

Nike declared that its Board of Directors has authorized a stock repurchase plan on Thursday, June 28th that allows the company to buyback $15.00 billion in outstanding shares. This buyback authorization allows the footwear maker to buy up to 12.9% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its shares are undervalued.

About Nike

NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells athletic footwear, apparel, equipment, and accessories worldwide. The company offers NIKE brand products in six categories: running, NIKE basketball, the Jordan brand, football, training, and sportswear. It also markets products designed for kids, as well as for other athletic and recreational uses, such as American football, baseball, cricket, lacrosse, skateboarding, tennis, volleyball, wrestling, walking, and outdoor activities; and apparel with licensed college and professional team and league logos, as well as sells sports apparel.

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