Nike Inc (NYSE:NKE) Sees Significant Drop in Short Interest

Nike Inc (NYSE:NKE) was the target of a significant decrease in short interest during the month of July. As of July 31st, there was short interest totalling 7,700,400 shares, a decrease of 10.3% from the June 30th total of 8,582,700 shares. Currently, 0.6% of the shares of the company are sold short. Based on an average daily volume of 6,360,000 shares, the days-to-cover ratio is presently 1.2 days.

Shares of NYSE NKE traded up $0.77 during trading on Friday, reaching $80.28. The stock had a trading volume of 5,632,473 shares, compared to its average volume of 6,504,307. Nike has a fifty-two week low of $66.53 and a fifty-two week high of $90.00. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.39 and a current ratio of 2.10. The business’s 50-day moving average price is $85.23 and its 200-day moving average price is $84.66. The company has a market cap of $125.79 billion, a P/E ratio of 32.24, a PEG ratio of 2.21 and a beta of 0.78.

Nike (NYSE:NKE) last announced its earnings results on Thursday, June 27th. The footwear maker reported $0.62 EPS for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.04). The company had revenue of $10.18 billion for the quarter, compared to analyst estimates of $10.15 billion. Nike had a net margin of 10.30% and a return on equity of 45.12%. Nike’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.69 EPS. Analysts forecast that Nike will post 2.9 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.10%. The ex-dividend date of this dividend is Friday, August 30th. Nike’s dividend payout ratio is currently 35.34%.

In other news, Director Elizabeth J. Comstock sold 24,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $84.84, for a total value of $2,036,160.00. Following the transaction, the director now owns 38,813 shares in the company, valued at $3,292,894.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP John F. Slusher sold 110,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $85.26, for a total transaction of $9,378,600.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 194,637 shares of company stock worth $16,767,237. Insiders own 3.80% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in NKE. Phocas Financial Corp. bought a new stake in Nike in the second quarter valued at about $6,607,000. Amundi Pioneer Asset Management Inc. increased its stake in Nike by 8.4% in the second quarter. Amundi Pioneer Asset Management Inc. now owns 1,706,704 shares of the footwear maker’s stock valued at $143,279,000 after acquiring an additional 132,692 shares during the period. Anderson Fisher LLC increased its stake in Nike by 35.3% in the second quarter. Anderson Fisher LLC now owns 25,199 shares of the footwear maker’s stock valued at $2,115,000 after acquiring an additional 6,581 shares during the period. Prestige Wealth Management Group LLC bought a new stake in Nike during the second quarter worth about $192,000. Finally, Mutual Advisors LLC grew its stake in Nike by 4.1% during the second quarter. Mutual Advisors LLC now owns 4,290 shares of the footwear maker’s stock worth $360,000 after buying an additional 167 shares during the last quarter. 66.15% of the stock is owned by institutional investors and hedge funds.

Several equities analysts have commented on NKE shares. Canaccord Genuity reissued a “buy” rating and set a $96.00 price objective on shares of Nike in a research report on Wednesday, June 19th. Zacks Investment Research upgraded Nike from a “sell” rating to a “hold” rating and set a $95.00 price objective for the company in a research note on Monday, May 27th. Deutsche Bank set a $100.00 price objective on Nike and gave the stock a “buy” rating in a research note on Wednesday, July 10th. Macquarie set a $89.00 price objective on Nike and gave the stock a “buy” rating in a research note on Friday, June 28th. Finally, Bank of America upgraded Nike to an “underperform” rating and raised their price objective for the stock from $60.00 to $70.00 in a research note on Monday, June 24th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and twenty-two have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $90.02.

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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