Saturday, 18 November, 2017

Dick's Sporting Goods beats Q3 but shares fall on Declining Outlook

DICK'S Sporting Goods Logo Dick's Q3 Tops Target, Provides Conservative 2018 Outlook
Conrad Doyle | 14 November, 2017, 21:26

The company expects to relocate one Dick's Sporting Goods store in the fourth quarter of 2017. Nordea Investment Management AB raised its stake in Dick's Sporting Goods by 0.5% during the second quarter. The sporting goods retailer notes that its same stores sales for the quarter were down nearly 1% when compared to the same time a year ago. Northwestern Mutual Investment Management Company LLC now owns 15,395 shares of the sporting goods retailer's stock worth $694,000 after purchasing an additional 241 shares during the period. Finally, Diversified Investment Strategies LLC boosted its stake in Dick's Sporting Goods by 11.0% in the 2nd quarter. Wellington Management Group Llp claims 119,628 shares worth $3,231,000.

DKS stock was down 5% as of noon Tuesday and is down 53% year-to-date.

During the third quarter of 2017, the company repurchased approximately 2.9 million shares of its common stock at an average cost of $26.57 per share, for a total cost of $76 million. The company's earnings per diluted share guidance is not dependent upon share repurchases beyond the $242 million executed through the third quarter of fiscal 2017. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

The company now anticipates reporting non-GAAP earnings per diluted share in the range of $1.12 to 1.24.

Consolidated same store sales decreased 0.9 percent year over year, beating the company's guidance of a low single digit decline.

In the most updated research from a number of analysts on Wall Street, the company gets 2 Buys and 0 Sell among 16 analysts.

Shares of Dick's Sporting Goods (DKS) opened at $26.32 on Tuesday. In the latest earnings report the EPS was $2.80 with 82.49M shares presently outstanding. Revenue during the quarter was $32.64 billion, representing 2% growth from $32.04 billion in year-ago quarter. The firm's revenue was up 7.4% on a year-over-year basis. analysts anticipate that Dick's Sporting Goods Inc will post 2.88 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 29th. The dividend is payable in cash on December 29, 2017 to stockholders of record at the close of business on December 8, 2017. The firm now has a "hold" rating on the sporting goods retailer's stock.

DKS has been the topic of several recent analyst reports. Buckingham Research assumed coverage on shares of Dick's Sporting Goods in a report on Monday, July 17th. On November 1 the company was downgraded from "Peer Perform" to "Underperform" and a price target of $20.00 was set by analysts at Wolfe Research. BMO Capital Markets reiterated an "outperform" rating on shares of Dick's Sporting Goods in a report on Thursday, September 14th. Dick's Sporting Goods has a consensus rating of "Hold" and a consensus target price of $36.12. The original version of this news story can be viewed at https://www.dispatchtribunal.com/2017/11/14/dicks-sporting-goods-inc-dks-pt-set-at-27-00-by-canaccord-genuity.html.

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