Nike, Inc. (NKE) Rating Lowered to Underweight at Piper Jaffray Companies

Piper Jaffray Companies cut shares of Nike, Inc. (NYSE:NKE) from a neutral rating to an underweight rating in a research report report published on Wednesday morning.

A number of other research analysts have also recently issued reports on the stock. Nomura reaffirmed a buy rating and issued a $60.00 target price on shares of Nike in a report on Friday, June 30th. J P Morgan Chase & Co cut shares of Nike from an overweight rating to a neutral rating and dropped their target price for the company from $61.00 to $58.00 in a report on Friday, June 16th. Telsey Advisory Group dropped their target price on shares of Nike from $66.00 to $62.00 and set an outperform rating for the company in a report on Thursday, June 22nd. Cowen and Company increased their target price on shares of Nike from $53.00 to $54.00 and gave the company a market perform rating in a report on Friday, June 30th. Finally, Jefferies Group LLC cut shares of Nike from a buy rating to a hold rating and dropped their target price for the company from $75.00 to $60.00 in a report on Monday, August 21st. Five investment analysts have rated the stock with a sell rating, sixteen have given a hold rating and twenty have given a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus target price of $60.04.

Shares of Nike (NKE) opened at 53.24 on Wednesday. The firm has a market capitalization of $87.48 billion, a PE ratio of 21.21 and a beta of 0.61. Nike has a 52-week low of $49.01 and a 52-week high of $60.53. The stock’s 50 day moving average price is $55.57 and its 200-day moving average price is $55.39.

Nike (NYSE:NKE) last posted its quarterly earnings results on Thursday, June 29th. The footwear maker reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.10. The firm had revenue of $8.68 billion during the quarter, compared to analysts’ expectations of $8.63 billion. Nike had a net margin of 12.34% and a return on equity of 34.18%. The firm’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.49 earnings per share. Equities research analysts anticipate that Nike will post $2.41 EPS for the current fiscal year.

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The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Tuesday, September 5th will be issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.35%. The ex-dividend date is Thursday, August 31st. Nike’s dividend payout ratio is currently 28.69%.

In other Nike news, CAO Hilary K. Krane sold 28,072 shares of the firm’s stock in a transaction on Friday, July 14th. The shares were sold at an average price of $58.10, for a total transaction of $1,630,983.20. Following the completion of the transaction, the chief accounting officer now directly owns 177,723 shares of the company’s stock, valued at approximately $10,325,706.30. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Andrew Campion sold 96,243 shares of the firm’s stock in a transaction on Friday, June 30th. The stock was sold at an average price of $56.68, for a total transaction of $5,455,053.24. Following the transaction, the chief financial officer now directly owns 50,246 shares of the company’s stock, valued at $2,847,943.28. The disclosure for this sale can be found here. Over the last three months, insiders have sold 508,360 shares of company stock valued at $29,340,374. 3.90% of the stock is owned by company insiders.

Hedge funds have recently made changes to their positions in the business. V Wealth Management LLC acquired a new position in Nike during the 2nd quarter worth $100,000. Webster Bank N. A. boosted its holdings in shares of Nike by 75.5% in the 1st quarter. Webster Bank N. A. now owns 2,092 shares of the footwear maker’s stock valued at $117,000 after buying an additional 900 shares during the period. Asset Planning Services Ltd. boosted its holdings in shares of Nike by 0.3% in the 2nd quarter. Asset Planning Services Ltd. now owns 2,132 shares of the footwear maker’s stock valued at $126,000 after buying an additional 7 shares during the period. Atlantic Trust LLC acquired a new position in shares of Nike in the 2nd quarter valued at about $136,000. Finally, Rational Advisors LLC boosted its holdings in shares of Nike by 14.3% in the 1st quarter. Rational Advisors LLC now owns 2,572 shares of the footwear maker’s stock valued at $143,000 after buying an additional 321 shares during the period. 62.63% of the stock is owned by institutional investors.

Nike Company Profile

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.

Analyst Recommendations for Nike (NYSE:NKE)

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