Nike Shines Brightly Around the World in Fiscal 1st Quarter

Posted September 28, 2017

Sales were $9.07 billion, almost flat with $9.06 billion a year ago, and just below the $9.09 billion FactSet consensus. Worldwide sales - along with an aggressive cost-cutting plan - helped the company post first-quarter profit that topped estimates on Tuesday.

"We are seeing price points on Nike, Adidas and Under Armour product that we never thought possible in N.America", Cowen & Co analyst John Kernan wrote in a note, cutting his price target on the stock to $50 from $53. Nike's revenue for the quarter was up.1% compared to the same quarter a year ago.

COPYRIGHT VIOLATION WARNING: This story was originally posted by Week Herald and is owned by of Week Herald. The stock was sold at an average price of $59.40, for a total value of $339,886.80. Fifth Third Bancorp lifted its stake in shares of Nike by 3.7% during the first quarter.

Weatherly Asset Management decreased its stake in Caterpillar Inc Del (CAT) by 18.42% based on its latest 2017Q2 regulatory filing with the SEC. The company's stock had a trading volume of 1,740,543 shares. Morgan Stanley restated an "equal weight" rating and set a $56.00 price objective on shares of Nike in a research report on Wednesday, June 21st. The company's revenue for the quarter was up.1% on a year-over-year basis.

The company's gross margin for the reported period declined to 43.7 per cent due to unfavorable changes in foreign currency exchange rates and, to a lesser extent, a higher mix of off-price sales. North Star Investment Management Corp. now owns 3,080 shares of the footwear maker's stock worth $172,000 after buying an additional 103 shares during the last quarter. Finally, Wedbush reissued a "neutral" rating and issued a $53.00 price target on shares of Nike in a report on Wednesday, December 21st. Chickasaw Capital Management LLC lifted its holdings in shares of Nike by 15.0% during the 1st quarter. Following the completion of the transaction, the chief financial officer now directly owns 50,246 shares of the company's stock, valued at $2,847,943.28.

Also, CFO Andrew Campion sold 96,243 shares of the firm's stock in a transaction that occurred on Friday, June 30th. The disclosure for this sale can be found here. OppenheimerFunds Inc. now owns 5,349,793 shares of the footwear maker's stock valued at $298,145,000 after purchasing an additional 5,274,656 shares in the last quarter.

This quarter, we captured near-term opportunities through our new Consumer Direct Offense. Baystate Wealth Management LLC now owns 4,548 shares of the footwear maker's stock valued at $253,000 after acquiring an additional 601 shares during the period. During the same quarter in the previous year, the business posted $0.73 EPS.

Want to see what other hedge funds are holding NKE? Stockholders of record on Tuesday, September 5th will be paid a dividend of $0.18 per share. Its down 0.07, from 1.07 in 2017Q1. The average investment rating for NKE on a scale of 1 to 5 (1 being a strong sell and 5 being a strong buy) is a 3.86 or a Hold. The ex-dividend date of this dividend was Thursday, March 2nd. Nike's payout ratio is presently 28.69%.

Nike, Inc.'s principal business activity involves the design, development and worldwide marketing of high quality footwear, apparel, equipment, and accessory products. The Company's operating divisions include North America, Western Europe, Central & Eastern Europe, Greater China, Japan and Emerging Markets.

Nike, along with struggling rival Under Armour, has faced brutal competition at home from a resurgent Adidas, which recently moved ahead of Nike's Jumpman 23 Michael Jordan line of shoes to become the second-best selling sneaker brand in America.