Nike earnings slump 22% in first quarter

Nike earnings slump 22% in first quarter

Finally, Pioneer Investment Management Inc. grew its position in shares of Nike by 108.4% during the 1st quarter. The firm has a market capitalization of $87.50 billion, a PE ratio of 21.2152 and a beta of 0.61.

"This quarter, we captured near-term opportunities through our new Consumer Direct Offense", said Mark Parker, Chairman, President and CEO, NIKE, Inc.

Cullinan Associates Inc. lifted its position in shares of Nike, Inc. North Star Investment Management Corp. raised its stake in shares of Nike by 3.5% during the 1st quarter. Waldron LP boosted its holdings in Nike by 90.8% in the 1st quarter. Wedbush analyst C. Svezia now forecasts that the footwear maker will post earnings per share of $2.33 for the year, down from their prior forecast of $2.38.

Nike shares fell as much as 5 percent to $51.03 in morning trading, its lowest since mid June, and pulled down shares of rival Under Armour Inc UAA.N . The stock has a 50 day moving average of $55.57 and a 200 day moving average of $55.39. Analysts often look at historical trading patterns to predict a stock's future performance. Kornitzer Cap Mngmt Inc Ks owns 0.13% invested in Nike Inc (NYSE:NKE) for 122,150 shares. Trilogy Glob Advisors Limited Partnership holds 0.34% of its portfolio in Nike Inc (NYSE:NKE) for 171,473 shares.

The Beaverton, OR-based athletic footwear and apparel maker reported Q1 earnings per share (EPS) of $0.57, which was $0.09 better than the Wall Street consensus estimate of $0.48. Nike had a net margin of 11.60% and a return on equity of 31.70%. The company affirmed its previous outlook for mid-single-digit revenue growth over the year.

On the books, Nike cash, cash equivalents, and short-term investments totaled $5.52 billion at the end of the quarter, compared with $4.79 billion at the end of the same period past year.

More news: Aaron Judge Hits 2 More Homers to Break Mark McGwire's Rookie Record

The revenues for the Nike brand alone increased by 2% to US$8.6 billion, driven by growth in Greater China, Asia Pacific and Latin America (APLA), and Europe, Middle East and Africa (EMEA).

The business also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Its up 0.51, from 1.3 in 2017Q1. The ex-dividend date is Thursday, August 31st. Nike's payout ratio is presently 28.69%.

Other equities research analysts have also issued reports about the company.

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. The biggest holder now is Mr. Philip H. Knight who owns 21,838,652 shares (1.33% of those outstanding), whilst Mr. Mark G. Parker holds 1,502,736 (0.09% of shares outstanding) and John E. Jaqua holds 553,815 (0.03% of shares outstanding). J P Morgan Chase & Co downgraded Nike from an "overweight" rating to a "neutral" rating and cut their price target for the stock from $61.00 to $58.00 in a research note on Friday, June 16th. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and twenty-four have given a buy rating to the stock. Instinet has "Buy" rating and $60 target.

In other news, CFO Andrew Campion sold 5,722 shares of Nike stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $53.45, for a total transaction of $855,200.00. The institutional investor owned 120,892 shares of the footwear maker's stock after purchasing an additional 3,203 shares during the period. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. $111 worth of stock was sold by SPRUNK ERIC D on Tuesday, April 4. The shares were sold at an average price of $57.00, for a total transaction of $2,850,000.00. Wellington Management Group LLP now owns 49,907,256 shares of the footwear maker's stock valued at $2,781,332,000 after purchasing an additional 2,375,447 shares in the last quarter. The disclosure for this sale can be found here. The stock rose 0.12% or $0.06 reaching $53.29 per share.

Since March 28, 2017, it had 0 insider buys, and 6 insider sales for $7.74 million activity.

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