NIKE (NYSE:NKE) lowered to neutral at BNP Paribas

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NIKE (NYSE: NKE – Get a rating) was downgraded by BNP Paribas analysts from an “outperform” rating to a “neutral” rating in a research report delivered to clients and investors on Tuesday, Briefing.com reports. They currently have a price target of $118.00 on the shoemaker’s stock. BNP Paribas’ price target indicates upside potential of 3.51% from the company’s previous close.

A number of other research companies have also recently commented on NKE. JPMorgan Chase & Co. set a price target of $130.00 on NIKE in a research note on Wednesday, June 29. Robert W. Baird cut his target price on NIKE from $150.00 to $140.00 and set an “outperform” rating for the company in a Tuesday, June 28 research note. Wells Fargo & Company cut its price target on NIKE from $150.00 to $130.00 and set an “overweight” rating for the company in a Tuesday, June 28 research note. Cowen lowered his target price on NIKE from $139.00 to $133.00 and set an “outperform” rating for the company in a Thursday, June 23 research note. Finally, Wedbush reduced its price target on NIKE from $139.00 to $130.00 and set an “outperform” rating for the company in a Tuesday, June 28 research note. Ten equity research analysts gave the stock a hold rating and twenty gave the company a buy rating. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $138.24.

NIKE trades up 0.1%

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NYSE:NKE opened at $114.00 on Tuesday. The company’s 50-day moving average is $110.30 and its two-hundred-day moving average is $122.97. The company has a debt ratio of 0.58, a current ratio of 2.63 and a quick ratio of 1.84. NIKE has a 12-month low of $99.53 and a 12-month high of $179.10. The company has a market capitalization of $178.82 billion, a PE ratio of 30.32, a growth price-earnings ratio of 2.39 and a beta of 1.02.

NIKE (NYSE: NKE – Get a rating) last released its quarterly earnings data on Monday, June 27. The shoemaker reported EPS of $0.90 for the quarter, beating the consensus estimate of $0.81 by $0.09. The company posted revenue of $12.20 billion for the quarter, versus analyst estimates of $12.10 billion. NIKE had a return on equity of 40.74% and a net margin of 12.94%. The company’s revenue decreased by 0.8% compared to the same quarter last year. During the same period last year, the company posted earnings per share of $0.93. Research analysts predict that NIKE will post earnings per share of 3.82 for the current fiscal year.

NIKE said its board authorized a stock repurchase plan on Monday, June 27 that sees the company repurchase $18.00 billion worth of stock. This repurchase authorization allows the shoemaker to repurchase up to 11% of its shares through open market purchases. Stock buyback plans are usually an indication that a company’s management believes its stock is undervalued.

Insider Activity at NIKE

In other news, COO Andre Campion sold 14,203 NIKE shares in a trade dated Friday, June 3. The shares were sold at an average price of $120.61, for a total value of $1,713,023.83. Following the completion of the transaction, the COO now owns 73,795 shares of the company, valued at approximately $8,900,414.95. The sale was disclosed in a legal filing with the SEC, accessible via this hyperlink. In other news, EVP Monique S. Matheson sold 19,500 shares of the company in a transaction dated Tuesday, July 5. The shares were sold at an average price of $103.45, for a total transaction of $2,017,275.00. Following the completion of the sale, the executive vice president now owns 80,355 shares of the company, valued at approximately $8,312,724.75. The transaction was disclosed in a document filed with the SEC, accessible via this link. Also, COO Andre Campion sold 14,203 shares of the company in a transaction dated Friday, June 3. The stock was sold at an average price of $120.61, for a total transaction of $1,713,023.83. Following the sale, the chief operating officer now owns 73,795 shares of the company, valued at approximately $8,900,414.95. Disclosure of this sale can be found here. In the past 90 days, insiders have sold 82,796 shares of the company valued at $9,085,334. Company insiders own 0.40% of the company’s shares.

NIKE Institutional Trade

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Norges Bank acquired a new position in NIKE stock in Q4 worth approximately $1,894,686,000. State Street Corp raised its position in NIKE shares by 3.6% in the fourth quarter. State Street Corp now owns 56,598,375 shares of the shoemaker valued at $9,433,251,000 after buying an additional 1,969,270 shares last quarter. Jennison Associates LLC increased its position in NIKE shares by 14.6% in the fourth quarter. Jennison Associates LLC now owns 15,307,214 shares of the shoemaker valued at $2,551,253,000 after buying an additional 1,944,401 shares last quarter. Wellington Management Group LLP increased its position in NIKE shares by 9.0% in the 1st quarter. Wellington Management Group LLP now owns 18,040,233 shares of the shoemaker valued at $2,427,495,000 after buying an additional 1,486,421 shares last quarter. Finally, Lazard Asset Management LLC increased its position in NIKE shares by 221.5% in the 1st quarter. Lazard Asset Management LLC now owns 2,046,445 shares of the shoemaker valued at $275,368,000 after buying an additional 1,409,913 shares last quarter. Institutional investors and hedge funds hold 65.35% of the company’s shares.

NIKE Company Profile

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NIKE, Inc., together with its subsidiaries, designs, develops, markets and sells athletic footwear, apparel, equipment and accessories for men, women and children worldwide. The Company provides athletic and recreational footwear, apparel and accessories under the Jumpman brand; and casual sneakers, apparel and accessories under the Converse, Chuck Taylor, All Star, One Star, Star Chevron and Jack Purcell brands.

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