Anderson Hoagland & Co. Takes Position in Nike Amid Skepticism Over Turnaround Plan
Nike's stock price has been impacted by various analyst reports and institutional investor activity. Anderson Hoagland & Co. purchased 51,870 shares of Nike's stock in the second quarter, valued at approximately $2,129,000.
Institutional investors such as Main Street Financial Solutions LLC, Diligent Investors LLC, Massachusetts Financial Services Co. MA, and Lakeshore Capital Group Inc. have also made changes to their holdings of Nike's stock during the second and fourth quarters.
Nike's revenue for the quarter was down 1.1% on a year-over-year basis, but the company still reported $0.20 earnings per share, beating the consensus estimate of $0.11. Analysts predict that Nike will post $1.74 earnings per share for the current fiscal year.
However, some analysts are skeptical about Nike's turnaround plan and believe it may create lingering financial headwinds before growth recovers. JPMorgan downgraded Nike to Underweight with a price target of $40 from $47, implying limited upside from recent trading levels.