Nike Inc (NKE) is Downgraded by B. Riley & Co. to Neutral

Nike Inc (NKE) was Downgraded by B. Riley & Co. to ” Neutral”. Earlier the firm had a rating of “Buy ” on the company shares. B. Riley & Co. advised their investors in a research report released on Aug 26, 2016.

Many Wall Street Analysts have commented on Nike Inc. Shares were Reiterated by Stifel on Jun 29, 2016 to “Buy” and Lowered the Price Target to $ 68 from a previous price target of $73 .Shares were Reiterated by Piper Jaffray on Jun 29, 2016 to “Overweight” and Lowered the Price Target to $ 58 from a previous price target of $69 .Shares were Reiterated by Jefferies on Jun 29, 2016 to “Buy” and Lowered the Price Target to $ 65 from a previous price target of $67 .

On the company’s financial health, Nike Inc reported $0.49 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Jun 28, 2016. Analyst had a consensus of $0.48. The company had revenue of $8244.00 million for the quarter, compared to analysts expectations of $8276.81 million. The company’s revenue was up 6.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.98 EPS.

Nike Inc opened for trading at $58.8 and hit $59.8 on the upside on Tuesday, eventually ending the session at $59.62, with a gain of 1.64% or 0.96 points. The heightened volatility saw the trading volume jump to 82,21,932 shares. Company has a market cap of $100,020 M.

Investors should note that on Aug 11, 2016, Nike Inc announced a cash dividend of $0.1600. The company’s management has announced Sep 1, 2016 as the ex-dividend date and fixed the record date on Sep 6, 2016. The payable date has been fixed on Oct 3, 2016.

In a different news, on Jul 27, 2016, John F Slusher (EVP: GBL SPORTS MKTG) sold 72,696 shares at $57.75 per share price. According to the SEC, on Jul 1, 2016, John C Lechleiter (director) purchased 1,000 shares at $55.09 per share price. On May 2, 2016, Eric D Sprunk (CHIEF OPERATING OFFICER) sold 135,764 shares at $58.82 per share price, according to the Form-4 filing with the securities and exchange commission.

NIKE Inc. is engaged in the design development marketing and selling of athletic footwear apparel equipment accessories and services. The Company sells its products to retail accounts through NIKE-owned retail stores and Internet Websites (which the Company refers to as its Direct to Consumer or DTC operations) and through a mix of independent distributors and licensees throughout the world. The Company focuses its NIKE Brand product offerings in eight key categories: Running Basketball Football (Soccer) Men’s Training Women’s Training Action Sports Sportswear (the Company’s sports-inspired lifestyle products) and Golf. The Company also markets products designed for kids as well as for other athletic and recreational uses such as cricket lacrosse tennis volleyball wrestling walking and outdoor activities. The Company’s portfolio brands include the NIKE Brand Jordan Brand Hurley and Converse.

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