Bank of America Reaffirms Buy Rating for NIKE (NYSE:NKE)

NIKE (NYSE:NKE)‘s stock had its “buy” rating reissued by research analysts at Bank of America in a research report issued to clients and investors on Monday, Benzinga reports. They presently have a $104.00 price objective on the footwear maker’s stock. Bank of America‘s price target would suggest a potential upside of 21.24% from the company’s previous close.

A number of other equities research analysts have also recently commented on the stock. Wells Fargo & Company increased their target price on shares of NIKE from $86.00 to $95.00 and gave the company an “overweight” rating in a research report on Friday. Sanford C. Bernstein lowered their price objective on NIKE from $112.00 to $109.00 and set an “outperform” rating for the company in a research report on Thursday. Piper Sandler reaffirmed a “neutral” rating and set a $80.00 target price on shares of NIKE in a research report on Friday. Stifel Nicolaus lowered their price target on NIKE from $88.00 to $79.00 and set a “hold” rating for the company in a report on Monday, August 26th. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $92.00 price target on shares of NIKE in a research note on Friday. Fifteen research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $96.04.

NIKE Stock Down 0.9 %

Shares of NYSE:NKE traded down $0.74 on Monday, reaching $85.78. The company had a trading volume of 6,426,843 shares, compared to its average volume of 11,475,634. The company has a current ratio of 2.40, a quick ratio of 1.69 and a debt-to-equity ratio of 0.55. The firm has a market capitalization of $129.47 billion, a PE ratio of 22.95, a PEG ratio of 2.08 and a beta of 1.02. NIKE has a 52-week low of $70.75 and a 52-week high of $123.39. The firm’s 50 day simple moving average is $78.11 and its 200-day simple moving average is $86.99.

NIKE (NYSE:NKE) last posted its earnings results on Thursday, June 27th. The footwear maker reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.16. The company had revenue of $12.60 billion for the quarter, compared to analyst estimates of $12.86 billion. NIKE had a return on equity of 42.63% and a net margin of 11.10%. The firm’s quarterly revenue was down 1.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.66 earnings per share. As a group, analysts expect that NIKE will post 3.06 earnings per share for the current fiscal year.

Insider Activity at NIKE

In other news, Chairman Mark G. Parker sold 52,487 shares of the stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $78.00, for a total transaction of $4,093,986.00. Following the sale, the chairman now directly owns 1,031,226 shares of the company’s stock, valued at approximately $80,435,628. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, Chairman Mark G. Parker sold 52,487 shares of the stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $78.00, for a total transaction of $4,093,986.00. Following the transaction, the chairman now owns 1,031,226 shares in the company, valued at approximately $80,435,628. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Mark G. Parker sold 110,000 shares of NIKE stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $72.97, for a total transaction of $8,026,700.00. Following the completion of the sale, the chairman now directly owns 1,102,090 shares in the company, valued at approximately $80,419,507.30. The disclosure for this sale can be found here. Company insiders own 0.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in NIKE by 0.5% during the first quarter. Vanguard Group Inc. now owns 110,044,821 shares of the footwear maker’s stock worth $10,342,012,000 after acquiring an additional 501,792 shares during the last quarter. Capital International Investors lifted its stake in NIKE by 34.9% in the 4th quarter. Capital International Investors now owns 27,609,613 shares of the footwear maker’s stock worth $2,997,628,000 after purchasing an additional 7,143,775 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of NIKE by 87.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 17,135,431 shares of the footwear maker’s stock valued at $1,860,395,000 after purchasing an additional 7,996,434 shares in the last quarter. Legal & General Group Plc increased its position in shares of NIKE by 5.5% during the 2nd quarter. Legal & General Group Plc now owns 11,049,294 shares of the footwear maker’s stock worth $832,785,000 after purchasing an additional 571,544 shares during the last quarter. Finally, Fisher Asset Management LLC raised its holdings in NIKE by 2.2% in the 4th quarter. Fisher Asset Management LLC now owns 9,880,038 shares of the footwear maker’s stock valued at $1,072,676,000 after buying an additional 211,360 shares during the period. Hedge funds and other institutional investors own 64.25% of the company’s stock.

NIKE Company Profile

NIKE, Inc, together with its subsidiaries, designs, develops, markets, and sells athletic footwear, apparel, equipment, accessories, and services worldwide. The company provides athletic and casual footwear, apparel, and accessories under the Jumpman trademark; and casual sneakers, apparel, and accessories under the Converse, Chuck Taylor, All Star, One Star, Star Chevron, and Jack Purcell trademarks.