Shares of Nike Inc. (NYSE:NKE) saw unusually-strong trading volume on Tuesday following a better than expected earnings announcement. Approximately 16,618,838 shares were traded during trading, an increase of 75% from the previous session’s volume of 9,518,779 shares.The stock last traded at $55.34 and had previously closed at $54.40.
The footwear maker reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.17. Nike had a net margin of 11.61% and a return on equity of 29.57%. The company had revenue of $9.06 billion for the quarter. During the same quarter in the previous year, the company posted $1.34 earnings per share. The business’s revenue for the quarter was up 7.7% on a year-over-year basis.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Tuesday, September 6th will be given a dividend of $0.16 per share. The ex-dividend date is Thursday, September 1st. This represents a $0.64 dividend on an annualized basis and a yield of 1.20%. Nike’s payout ratio is presently 29.63%.
A number of research analysts have issued reports on NKE shares. Brean Capital cut their target price on shares of Nike from $68.00 to $62.00 in a research report on Wednesday, June 29th. BB&T Corp. reiterated a “buy” rating and issued a $70.00 price target (down from $74.00) on shares of Nike in a research report on Tuesday, June 21st. Buckingham Research reiterated a “buy” rating and issued a $70.00 price target on shares of Nike in a research report on Tuesday, June 21st. Jefferies Group reiterated a “buy” rating and issued a $67.00 price target (down from $74.00) on shares of Nike in a research report on Tuesday, June 21st. Finally, Vetr downgraded shares of Nike from a “strong-buy” rating to a “buy” rating and set a $61.63 price target on the stock. in a research report on Monday, June 13th. One analyst has rated the stock with a sell rating, ten have given a hold rating and twenty-one have issued a buy rating to the company. Nike currently has a consensus rating of “Buy” and a consensus target price of $64.35.
In other news, Director John C. Lechleiter purchased 1,000 shares of Nike stock in a transaction dated Friday, July 1st. The shares were bought at an average cost of $55.09 per share, for a total transaction of $55,090.00. Following the completion of the acquisition, the director now owns 23,682 shares in the company, valued at approximately $1,304,641.38. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP John F. Slusher sold 72,696 shares of the business’s stock in a transaction dated Tuesday, July 26th. The stock was sold at an average price of $57.75, for a total value of $4,198,194.00. Following the sale, the executive vice president now owns 231,861 shares in the company, valued at $13,389,972.75. The disclosure for this sale can be found here. Insiders own 3.90% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. Gierl Augustine Investment Management Inc boosted its stake in Nike by 0.3% in the second quarter. Gierl Augustine Investment Management Inc now owns 2,003 shares of the footwear maker’s stock valued at $111,000 after buying an additional 6 shares during the period. CWM LLC boosted its stake in Nike by 0.3% in the second quarter. CWM LLC now owns 2,227 shares of the footwear maker’s stock valued at $123,000 after buying an additional 7 shares during the period. CHICAGO TRUST Co NA boosted its stake in Nike by 0.3% in the second quarter. CHICAGO TRUST Co NA now owns 14,656 shares of the footwear maker’s stock valued at $809,000 after buying an additional 38 shares during the period. Mission Wealth Management LLC boosted its stake in Nike by 1.1% in the second quarter. Mission Wealth Management LLC now owns 4,544 shares of the footwear maker’s stock valued at $251,000 after buying an additional 50 shares during the period. Finally, TRUE Private Wealth Advisors boosted its stake in Nike by 0.3% in the second quarter. TRUE Private Wealth Advisors now owns 15,891 shares of the footwear maker’s stock valued at $877,000 after buying an additional 53 shares during the period. Institutional investors own 62.04% of the company’s stock.
The firm has a 50 day moving average of $56.71 and a 200-day moving average of $57.30. The stock has a market cap of $89.33 billion, a P/E ratio of 24.65 and a beta of 0.52.
Nike Company Profile
NIKE, Inc is engaged in the design, development, marketing and selling of athletic footwear, apparel, equipment, accessories and services. The Company sells its products to retail accounts, through NIKE-owned retail stores and Internet Websites (which the Company refers to as its Direct to Consumer or DTC operations), and through a mix of independent distributors and licensees throughout the world.
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