Nike's (NKE) Buy Rating Reiterated at Goldman Sachs Group, Inc

Nike Inc

Jefferies analyst Randal Konik cut Nike Inc. The call helped send the stock down 3 percent in morning trading.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Finally, Lederer & Associates Investment Counsel CA boosted its stake in shares of Nike by 1.4% in the first quarter. Toronto Dominion Bank now owns 461,341 shares of the footwear maker's stock worth $27,216,000 after buying an additional 92,698 shares in the last quarter. Its shares declined 4 percent on Friday after Foot Locker reported a disappointing second-quarter earnings report due to poor sneaker sales. Prospera Financial Services Inc now owns 15,471 shares of the footwear maker's stock worth $854,000 after buying an additional 9,336 shares in the last quarter. Adviser Investments LLC purchased a new stake in shares of Nike during the first quarter valued at approximately $2,645,000. The stock's 52-week range is $49.01 to $60.53, and its 3-month range is $50.79 to $60.53.

The company is so far trading down since yesterday's close of $57.46. Nike Inc now has $90.19 billion valuation.

Nike (NYSE:NKE) last released its earnings results on Thursday, June 29th. The footwear maker reported $0.60 earnings per share for the quarter, topping the Zacks' consensus estimate of $0.50 by $0.10. The company had revenue of $8.68 billion during the quarter, compared to the consensus estimate of $8.63 billion. Baldwin Management Limited Liability Co holds 0.7% of its portfolio in Nike Inc (NYSE:NKE) for 34,523 shares. Nike's revenue for the quarter was up 5.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.49 EPS. As of the latest earnings report the EPS was $2.51 and is estimated to be $2.42 for the current year with 1,643,195,000 shares now outstanding.

Since January 1, 0001, it had 0 insider purchases, and 5 insider sales for $1.40 million activity. The ex-dividend date of this dividend is Thursday, August 31st. The dividend yield was $1.31. Nike's payout ratio is 28.69%.

Watch List: Bank of America Corporation (BAC)
BidaskClub raised Bank of Hawaii Corporation from a "strong sell" rating to a "sell" rating in a report on Wednesday, June 14th. Connecticut-based Macguire Cheswick & Tuttle Inv Counsel Ltd Liability has invested 0.3% in Bank of America Corp (NYSE:BAC).

Stock Performance to Track: Crown Castle International Corp. (CCI)
Following the completion of the transaction, the director now owns 99,335 shares of the company's stock, valued at $9,997,074.40. The short interest to Crown Castle International Corporation's float is 1.74%. (NYSE:CCI) stock moved -0.18% landing at $104.12.

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Konik's case revolves around data sources suggesting Nike could lose out to other industry competitors, analysis of web traffic on Nike and Adidas sites, secondary sneaker market data, online brand share of top-selling running shoe models and mentions of Adidas on Foot Locker Inc. If you are viewing this report on another domain, it was copied illegally and republished in violation of United States & global trademark and copyright laws. The original version of this news story can be viewed at Nomura reaffirmed a "buy" rating on shares of Nike in a research note on Monday, May 15th.

On June 16 the company was set at "Hold" in a report from JP Morgan down from the previous "Neutral" rating. Wells Fargo downgraded the shares of NSH in report on Monday, July 17 to "Hold" rating. Three research analysts have rated the stock with a sell rating, fourteen have given a hold rating and twenty-three have issued a buy rating to the company.

Konik slashed his price target for Nike to $60 from $75, which still implies about a 9% upside from Nike's closing price on Friday, Aug. 18. On Thursday, June 1 the insider PARKER MARK G sold $3.66 million. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. On Friday, March 24 SPRUNK ERIC D sold $2.78M worth of Nike Inc (NYSE:NKE) or 50,000 shares. The stock was sold at an average price of $56.68, for a total value of $5,455,053.24. Following the sale, the insider now directly owns 729,610 shares of the company's stock, valued at approximately $42,047,424.30. The disclosure for this sale can be found here. Insiders have sold 492,360 shares of company stock valued at $28,485,174 over the last quarter. (NKE) most recent 13F filing, the company has 115 new institutional holders - accounting for 19.18 million shares of its common stock.

NIKE, Inc is engaged in the design, development, marketing and selling of athletic footwear, apparel, equipment, accessories and services. The Company's operating divisions include North America, Western Europe, Central & Eastern Europe, Greater China, Japan and Emerging Markets.


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