NIKE (NYSE:NKE – Get Free Report)‘s stock had its “buy” rating reiterated by equities research analysts at BTIG Research in a note issued to investors on Wednesday, MarketBeat reports. They currently have a $55.00 price objective on the footwear maker’s stock. BTIG Research’s target price would indicate a potential upside of 52.38% from the stock’s previous close.
NKE has been the subject of several other research reports. Stifel Nicolaus set a $40.00 target price on shares of NIKE and gave the stock a “hold” rating in a research note on Monday. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $45.00 price objective on shares of NIKE in a research note on Tuesday, August 25th. Telsey Advisory Group set a $44.00 price objective on NIKE and gave the stock a “market perform” rating in a research report on Tuesday, September 15th. Citigroup downgraded NIKE from a “neutral” rating to a “negative” rating in a research note on Monday, September 14th. Finally, Needham & Company LLC reissued a “hold” rating on shares of NIKE in a report on Thursday, June 4th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, twenty-one have issued a Hold rating and six have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $48.65.
View Our Latest Stock Report on NIKE
NIKE Stock Performance
NIKE (NYSE:NKE – Get Free Report) last issued its quarterly earnings results on Tuesday, June 30th. The footwear maker reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.11 by $0.09. The firm had revenue of $10.97 billion during the quarter, compared to analysts’ expectations of $10.85 billion. NIKE had a net margin of 6.70% and a return on equity of 16.54%. NIKE’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.14 EPS. As a group, equities analysts forecast that NIKE will post 1.67 earnings per share for the current year.
Insiders Place Their Bets
In other NIKE news, insider Amy Montagne sold 4,867 shares of the stock in a transaction on Friday, August 7th. The stock was sold at an average price of $42.05, for a total value of $204,657.35. Following the completion of the transaction, the insider owned 57,436 shares in the company, valued at approximately $2,415,183.80. This represents a 7.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Philip McCartney sold 2,559 shares of the firm’s stock in a transaction on Wednesday, September 9th. The shares were sold at an average price of $37.59, for a total value of $96,192.81. Following the completion of the sale, the executive vice president directly owned 78,121 shares of the company’s stock, valued at approximately $2,936,568.39. This trade represents a 3.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 14,974 shares of company stock valued at $600,126 over the last 90 days. 1.10% of the stock is owned by corporate insiders.
Institutional Trading of NIKE
Hedge funds and other institutional investors have recently made changes to their positions in the stock. State Street Corp increased its position in shares of NIKE by 6.8% during the 2nd quarter. State Street Corp now owns 63,598,789 shares of the footwear maker’s stock valued at $2,636,104,000 after purchasing an additional 4,052,428 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in shares of NIKE by 1.9% in the second quarter. The Manufacturers Life Insurance Company now owns 640,889 shares of the footwear maker’s stock valued at $26,308,000 after buying an additional 11,884 shares during the period. MCF Advisors LLC lifted its holdings in shares of NIKE by 48.4% in the second quarter. MCF Advisors LLC now owns 25,663 shares of the footwear maker’s stock valued at $1,060,000 after buying an additional 8,370 shares during the period. National Pension Service boosted its stake in NIKE by 8.7% during the second quarter. National Pension Service now owns 3,088,640 shares of the footwear maker’s stock valued at $126,789,000 after buying an additional 247,230 shares in the last quarter. Finally, WINTON GROUP Ltd grew its holdings in NIKE by 63.0% during the second quarter. WINTON GROUP Ltd now owns 43,923 shares of the footwear maker’s stock worth $1,803,000 after acquiring an additional 16,978 shares during the period. Institutional investors and hedge funds own 64.25% of the company’s stock.
More NIKE News
Here are the key news stories impacting NIKE this week:
- Positive Sentiment: JD Sports’ finance chief said Nike is taking the right steps and that a turnaround is “only a matter of time,” offering support for the brand’s long-term recovery prospects. Britain’s JD Sports says Nike turnaround is only a matter of time
- Positive Sentiment: Nike is rebuilding its wholesale marketplace, reducing promotions and emphasizing full-price sales, which could improve profitability if execution strengthens. NIKE’s Marketplace Strategy: Balancing Reach and Profitability?
- Positive Sentiment: The stock’s depressed valuation and elevated dividend yield are attracting value- and income-oriented investors, while a potential $300 million World Cup-related sales benefit could help upcoming results.
- Neutral Sentiment: Investors are focused on whether stronger performance categories and improving margins can offset soft lifestyle demand when Nike reports on October 1. Last quarter, Nike exceeded EPS and revenue expectations, but revenue still declined year over year. Nike Wall Street Tests Whether the Turnaround Can Outrun Weak Demand
- Neutral Sentiment: Alexandre Arnault’s appointment to Nike’s board adds luxury-brand and consumer-marketing expertise, although it has not yet changed the company’s near-term earnings outlook.
- Negative Sentiment: Stifel lowered its price target to $40 from $45 and kept a Hold rating, citing greater promotional activity, weak product demand and a tougher gross-margin comparison. The firm also cut its fiscal first-quarter expectations. Nike Faces $300M World Cup Boost But Stifel Sees a Bigger Margin Squeeze
- Negative Sentiment: Competitive pressure remains elevated: adidas is showing stronger sales momentum and faster direct-to-consumer growth, while On is gaining visibility after signing soccer star Kylian Mbappé, who ended his long Nike relationship.
- Negative Sentiment: Converse, Nike’s owned brand, pulled an advertisement after backlash over alleged Ku Klux Klan imagery, creating an additional reputational risk, though the incident is unlikely to be a primary earnings driver.
About NIKE
NIKE, Inc is a global athletic footwear, apparel and equipment company headquartered near Beaverton, Oregon. The company designs, develops and markets products under the NIKE, Jordan and Converse brands, serving athletes and consumers across a broad range of sports and lifestyle categories.
NIKE’s offerings include athletic and casual footwear, sportswear, apparel, accessories and athletic equipment. The company distributes its products through company-owned retail stores, digital platforms, wholesale partners and independent distributors.
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