Equities Analysts Cut Earnings Estimates for Nike Inc (NYSE:NKE)

Equities Analysts Cut Earnings Estimates for Nike Inc (NYSE:NKE)

Nike Inc (NYSE:NKE) – Equities researchers at Jefferies Financial Group lowered their Q3 2020 earnings per share estimates for shares of Nike in a research report issued on Friday, December 20th, Zacks Investment Research reports. Jefferies Financial Group analyst R. Konik now forecasts that the footwear maker will post earnings of $0.68 per share for the quarter, down from their prior estimate of $0.76. Jefferies Financial Group currently has a “Neutral” rating and a $97.00 price target on the stock. Jefferies Financial Group also issued estimates for Nike’s FY2020 earnings at $3.00 EPS.

Several other equities analysts have also commented on the company. Robert W. Baird raised their price target on Nike from $92.00 to $103.00 and gave the company a “neutral” rating in a research note on Friday, December 20th. Daiwa Capital Markets set a $91.00 price target on Nike and gave the company a “hold” rating in a research note on Friday, September 27th. Cowen restated a “buy” rating and set a $106.00 price target on shares of Nike in a research note on Friday, December 20th. Citigroup raised their price target on Nike from $103.00 to $115.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Finally, DZ Bank restated a “sell” rating on shares of Nike in a research note on Wednesday, September 25th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and twenty-five have given a buy rating to the stock. Nike currently has a consensus rating of “Buy” and an average price target of $106.19.

NKE stock opened at $101.55 on Monday. The company has a quick ratio of 1.23, a current ratio of 1.98 and a debt-to-equity ratio of 0.66. The business’s fifty day simple moving average is $97.81 and its two-hundred day simple moving average is $90.25. Nike has a twelve month low of $75.46 and a twelve month high of $102.74. The firm has a market cap of $158.96 billion, a price-to-earnings ratio of 40.78, a PEG ratio of 2.57 and a beta of 0.84.

Nike (NYSE:NKE) last announced its earnings results on Thursday, December 19th. The footwear maker reported $0.70 EPS for the quarter, beating the Zacks’ consensus estimate of $0.58 by $0.12. Nike had a net margin of 11.21% and a return on equity of 50.03%. The firm had revenue of $10.33 billion for the quarter, compared to analysts’ expectations of $10.09 billion. During the same quarter in the previous year, the business posted $0.52 EPS. The company’s quarterly revenue was up 10.2% on a year-over-year basis.

A number of hedge funds have recently made changes to their positions in NKE. Garrett Wealth Advisory Group LLC acquired a new stake in shares of Nike in the third quarter worth approximately $26,000. Marquette Asset Management LLC acquired a new position in shares of Nike in the third quarter worth $28,000. KCS Wealth Advisory acquired a new position in shares of Nike in the third quarter worth $38,000. Fulcrum Capital LLC acquired a new position in shares of Nike in the third quarter worth $12,862,000. Finally, Bourgeon Capital Management LLC acquired a new position in shares of Nike in the third quarter worth $41,000. Institutional investors own 65.09% of the company’s stock.

In other news, insider Elliott Hill sold 90,000 shares of the firm’s stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $102.50, for a total value of $9,225,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Hilary K. Krane sold 32,500 shares of the firm’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $89.30, for a total value of $2,902,250.00. The disclosure for this sale can be found here. In the last three months, insiders sold 339,916 shares of company stock valued at $32,692,874. Corporate insiders own 3.80% of the company’s stock.

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Monday, December 2nd were issued a $0.245 dividend. This represents a $0.98 annualized dividend and a yield of 0.97%. The ex-dividend date was Friday, November 29th. This is an increase from Nike’s previous quarterly dividend of $0.22. Nike’s dividend payout ratio (DPR) is currently 39.36%.

Nike Company Profile

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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