JPMorgan Chase & Co. Boosts Nike (NYSE:NKE) Price Target to $91.00

Nike (NYSE:NKE) had its price objective hoisted by research analysts at JPMorgan Chase & Co. from $75.00 to $91.00 in a research report issued on Wednesday, The Fly reports. The firm currently has an “overweight” rating on the footwear maker’s stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 9.34% from the stock’s previous close.

A number of other research firms have also commented on NKE. HSBC lowered shares of Nike from a “buy” rating to a “hold” rating and set a $112.00 price objective on the stock. in a research note on Wednesday, February 26th. They noted that the move was a valuation call. Raymond James dropped their target price on shares of Nike from $110.00 to $100.00 and set an “outperform” rating on the stock in a research report on Wednesday. Wedbush dropped their target price on shares of Nike from $100.00 to $91.00 and set an “outperform” rating on the stock in a research report on Monday, March 16th. BMO Capital Markets dropped their target price on shares of Nike from $110.00 to $87.00 and set an “outperform” rating on the stock in a research report on Wednesday. Finally, Zacks Investment Research downgraded shares of Nike from a “hold” rating to a “sell” rating and set a $93.00 target price on the stock. in a research report on Wednesday, March 11th. Four equities research analysts have rated the stock with a sell rating, seven have given a hold rating and twenty-six have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $97.79.

NKE stock traded down $1.07 during trading on Wednesday, reaching $83.23. 14,181,623 shares of the company were exchanged, compared to its average volume of 16,322,829. The company has a 50-day moving average of $88.66 and a two-hundred day moving average of $93.61. The company has a market capitalization of $131.29 billion, a price-to-earnings ratio of 30.71, a P/E/G ratio of 2.59 and a beta of 0.84. Nike has a twelve month low of $60.00 and a twelve month high of $105.62. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.90 and a quick ratio of 1.23.

Nike (NYSE:NKE) last posted its earnings results on Tuesday, March 24th. The footwear maker reported $0.78 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.59 by $0.19. Nike had a net margin of 10.46% and a return on equity of 51.49%. The firm had revenue of $10.10 billion for the quarter, compared to analyst estimates of $9.56 billion. During the same period in the previous year, the firm posted $0.68 EPS. The company’s revenue for the quarter was up 5.1% compared to the same quarter last year. On average, analysts forecast that Nike will post 2.75 EPS for the current year.

In other news, Director John W. Rogers, Jr. bought 2,500 shares of the firm’s stock in a transaction that occurred on Thursday, March 26th. The shares were bought at an average cost of $84.22 per share, with a total value of $210,550.00. Following the completion of the purchase, the director now directly owns 11,851 shares in the company, valued at $998,091.22. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Monique S. Matheson sold 16,500 shares of Nike stock in a transaction on Monday, December 30th. The stock was sold at an average price of $101.54, for a total transaction of $1,675,410.00. The disclosure for this sale can be found here. Insiders have sold 271,916 shares of company stock worth $27,686,864 over the last three months. Insiders own 3.80% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the stock. Norges Bank bought a new stake in shares of Nike during the 4th quarter valued at $1,314,457,000. Alliancebernstein L.P. boosted its holdings in shares of Nike by 36.5% during the 4th quarter. Alliancebernstein L.P. now owns 15,559,748 shares of the footwear maker’s stock valued at $1,576,358,000 after buying an additional 4,159,675 shares in the last quarter. 1832 Asset Management L.P. raised its position in shares of Nike by 81.7% in the 4th quarter. 1832 Asset Management L.P. now owns 4,485,657 shares of the footwear maker’s stock worth $454,422,000 after purchasing an additional 2,016,633 shares during the last quarter. FMR LLC raised its position in shares of Nike by 4.5% in the 4th quarter. FMR LLC now owns 30,077,288 shares of the footwear maker’s stock worth $3,047,131,000 after purchasing an additional 1,302,351 shares during the last quarter. Finally, Man Group plc raised its position in shares of Nike by 110.1% in the 3rd quarter. Man Group plc now owns 2,107,158 shares of the footwear maker’s stock worth $197,887,000 after purchasing an additional 1,104,295 shares during the last quarter. Institutional investors and hedge funds own 65.40% of the company’s stock.

About Nike

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.

Further Reading: Bond

The Fly

Analyst Recommendations for Nike (NYSE:NKE)

Receive News & Ratings for Nike Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Nike and related companies with MarketBeat.com's FREE daily email newsletter.