Piper Jaffray Cos. Downgrades Foot Locker Inc. (FL) to Neutral
Foot Locker Inc. (NYSE:FL) was downgraded by Piper Jaffray Cos. from an “overweight” rating to a “neutral” rating in a note issued to investors on Monday.
Several other research analysts have also commented on the company. Susquehanna started coverage on Foot Locker in a report on Friday, August 12th. They set a “positive” rating and a $73.00 price objective for the company. Zacks Investment Research raised Foot Locker from a “hold” rating to a “buy” rating and set a $75.00 price objective for the company in a report on Wednesday, October 5th. JPMorgan Chase & Co. reaffirmed a “focus list” rating on shares of Foot Locker in a research note on Monday, September 26th. OTR Global lowered Foot Locker to a “positive” rating in a research note on Friday, August 19th. Finally, Guggenheim assumed coverage on Foot Locker in a research note on Friday, September 30th. They issued a “neutral” rating for the company. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fourteen have issued a buy rating and two have assigned a strong buy rating to the company. Foot Locker currently has a consensus rating of “Buy” and an average target price of $74.32.
Foot Locker (NYSE:FL) opened at 71.78 on Monday. The firm’s 50-day moving average is $68.33 and its 200 day moving average is $61.92. Foot Locker has a 12-month low of $50.90 and a 12-month high of $73.37. The company has a market cap of $9.56 billion, a price-to-earnings ratio of 17.86 and a beta of 0.59.
Foot Locker (NYSE:FL) last issued its quarterly earnings data on Friday, November 18th. The company reported $1.13 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.10 by $0.03. Foot Locker had a return on equity of 24.22% and a net margin of 8.26%. The company earned $1.89 billion during the quarter. During the same period in the previous year, the firm posted $1.00 EPS. The firm’s revenue for the quarter was up 5.1% compared to the same quarter last year. On average, equities analysts expect that Foot Locker will post $4.76 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 27th. Investors of record on Friday, January 13th will be given a dividend of $0.275 per share. The ex-dividend date is Wednesday, January 11th. This represents a $1.10 annualized dividend and a dividend yield of 1.53%. Foot Locker’s dividend payout ratio (DPR) is presently 23.71%.
In other Foot Locker news, CEO Lewis Phillip Kimble sold 43,479 shares of the firm’s stock in a transaction dated Wednesday, September 7th. The stock was sold at an average price of $65.40, for a total value of $2,843,526.60. Following the transaction, the chief executive officer now directly owns 26,131 shares of the company’s stock, valued at $1,708,967.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Cheryl N. Turpin sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, October 12th. The stock was sold at an average price of $69.16, for a total value of $691,600.00. Following the completion of the transaction, the director now directly owns 40,858 shares in the company, valued at $2,825,739.28. The disclosure for this sale can be found here. Corporate insiders own 2.92% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in FL. Vanguard Group Inc. boosted its position in shares of Foot Locker by 15.9% in the second quarter. Vanguard Group Inc. now owns 12,566,107 shares of the company’s stock valued at $689,377,000 after buying an additional 1,721,731 shares during the last quarter. FMR LLC increased its position in Foot Locker by 3.5% in the second quarter. FMR LLC now owns 5,953,825 shares of the company’s stock valued at $326,628,000 after buying an additional 200,770 shares during the period. State Street Corp increased its position in Foot Locker by 16.8% in the second quarter. State Street Corp now owns 5,666,567 shares of the company’s stock valued at $310,837,000 after buying an additional 816,951 shares during the period. BlackRock Institutional Trust Company N.A. increased its position in Foot Locker by 0.7% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 3,893,384 shares of the company’s stock valued at $263,660,000 after buying an additional 25,342 shares during the period. Finally, Nordea Investment Management AB increased its position in Foot Locker by 2.9% in the third quarter. Nordea Investment Management AB now owns 2,956,033 shares of the company’s stock valued at $200,183,000 after buying an additional 84,619 shares during the period. 94.60% of the stock is currently owned by institutional investors and hedge funds.
About Foot Locker
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.
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