Foot Locker Inc. (FL) Lowered to “Hold” at Zacks Investment Research
According to Zacks, “After commencing fiscal 2016 on a soft note, Foot Locker made a sharp comeback with better-than-expected results in the second quarter. Sturdy comparable sales performance, cost containment efforts and strategic initiatives helped the company to continue registering year-over-year growth in both the top and bottom lines. Management reaffirmed its projection of a mid-single-digit increase in comparable sales in fiscal 2016. Further, it continues to expect double-digit growth in earnings per share for the fiscal year. We believe that continuous exploitation of opportunities such as children’s business, shop-in-shop expansion, store banner.com business, store refurbishment and enhancement of assortments, will benefit the company in the long run. However, a competitive retail landscape, fashion obsolescence and foreign currency headwinds remain concerns.”
FL has been the subject of several other reports. JPMorgan Chase & Co. restated a focus list rating on shares of Foot Locker in a research note on Monday, September 26th. Guggenheim initiated coverage on Foot Locker in a research note on Friday, September 30th. They issued a neutral rating for the company. Susquehanna raised their price objective on Foot Locker from $73.00 to $80.00 and gave the stock a positive rating in a research note on Monday, August 22nd. Jefferies Group raised their price objective on Foot Locker from $73.00 to $80.00 and gave the stock a buy rating in a research note on Monday, August 22nd. Finally, B. Riley cut Foot Locker from a buy rating to a neutral rating in a research note on Monday, August 22nd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, fourteen have assigned a buy rating and two have assigned a strong buy rating to the stock. Foot Locker has an average rating of Buy and a consensus target price of $72.87.
Foot Locker (NYSE:FL) traded down 0.4259% on Friday, reaching $68.7559. The company’s stock had a trading volume of 487,027 shares. The company has a market capitalization of $9.16 billion, a price-to-earnings ratio of 17.1035 and a beta of 0.61. Foot Locker has a 12-month low of $50.90 and a 12-month high of $71.30. The firm has a 50-day moving average of $66.77 and a 200 day moving average of $60.68.
Foot Locker (NYSE:FL) last released its quarterly earnings results on Friday, August 19th. The company reported $0.94 EPS for the quarter, beating analysts’ consensus estimates of $0.90 by $0.04. Foot Locker had a return on equity of 23.99% and a net margin of 7.35%. The company earned $1.78 billion during the quarter, compared to analysts’ expectations of $1.76 billion. During the same period last year, the business posted $0.84 earnings per share. The firm’s revenue was up 5.0% compared to the same quarter last year. On average, equities research analysts anticipate that Foot Locker will post $4.76 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 28th. Shareholders of record on Friday, October 14th will be paid a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 1.59%. The ex-dividend date of this dividend is Wednesday, October 12th. Foot Locker’s dividend payout ratio is presently 27.23%.
In other news, CEO Lewis Phillip Kimble sold 43,479 shares of the stock in a transaction that occurred on Wednesday, September 7th. The stock was sold at an average price of $65.40, for a total transaction of $2,843,526.60. Following the completion of the transaction, the chief executive officer now directly owns 26,131 shares of the company’s stock, valued at approximately $1,708,967.40. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Chairman Richard A. Johnson sold 50,000 shares of the stock in a transaction that occurred on Friday, August 19th. The stock was sold at an average price of $68.04, for a total value of $3,402,000.00. The disclosure for this sale can be found here. Company insiders own 2.92% of the company’s stock.
Several institutional investors have recently modified their holdings of FL. BB&T Securities LLC increased its position in shares of Foot Locker by 59.5% in the first quarter. BB&T Securities LLC now owns 9,800 shares of the company’s stock worth $632,000 after buying an additional 3,656 shares during the period. Canada Pension Plan Investment Board increased its position in shares of Foot Locker by 5,996.0% in the first quarter. Canada Pension Plan Investment Board now owns 755,900 shares of the company’s stock worth $48,756,000 after buying an additional 743,500 shares during the period. Credit Agricole S A increased its position in shares of Foot Locker by 32.9% in the first quarter. Credit Agricole S A now owns 1,201,658 shares of the company’s stock worth $77,507,000 after buying an additional 297,390 shares during the period. Meiji Yasuda Asset Management Co Ltd. increased its position in shares of Foot Locker by 1.2% in the first quarter. Meiji Yasuda Asset Management Co Ltd. now owns 8,705 shares of the company’s stock worth $561,000 after buying an additional 100 shares during the period. Finally, Aviva PLC increased its position in shares of Foot Locker by 0.7% in the first quarter. Aviva PLC now owns 70,319 shares of the company’s stock worth $4,536,000 after buying an additional 481 shares during the period. 98.06% of the stock is owned by institutional investors and hedge funds.
Foot Locker Company Profile
Foot Locker, Inc is a retailer of shoes and apparel. The Company operates through two segments: Athletic Stores and Direct-to-Customers. The Company’s Athletic Stores segment is an athletic footwear and apparel retailer whose formats include Foot Locker, Lady Foot Locker, Kids Foot Locker, Champs Sports, Footaction, SIX:02, Runners Point Group, including Runners Point and Sidestep.
Receive News & Stock Ratings for Foot Locker Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Foot Locker Inc. and related stocks with our FREE daily email newsletter.