Foot Locker Inc. (FL) Rating Lowered to Hold at Zacks Investment Research
Foot Locker Inc. (NYSE:FL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday.
According to Zacks, “Foot Locker posted positive earnings surprise for the second straight quarter, as it reported third-quarter fiscal 2016 results. 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 a number of other research reports. B. Riley reaffirmed a “buy” rating and set a $80.00 price objective (up previously from $75.00) on shares of Foot Locker in a research report on Monday, August 22nd. Brean Capital reaffirmed a “buy” rating and set a $77.00 price objective on shares of Foot Locker in a research report on Wednesday, August 31st. OTR Global cut shares of Foot Locker to a “positive” rating in a research report on Friday, August 19th. Robert W. Baird restated an “outperform” rating and issued a $78.00 target price on shares of Foot Locker in a research report on Friday, August 19th. Finally, Wedbush initiated coverage on shares of Foot Locker in a research report on Wednesday, November 2nd. They issued an “outperform” rating and a $80.00 target price for the company. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fourteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $74.32.
Foot Locker (NYSE:FL) traded up 0.48% during midday trading on Tuesday, hitting $73.45. 1,401,178 shares of the stock were exchanged. The stock has a market cap of $9.79 billion, a price-to-earnings ratio of 18.27 and a beta of 0.59. The firm’s 50-day moving average is $68.58 and its 200 day moving average is $62.08. Foot Locker has a 52 week low of $50.90 and a 52 week high of $74.55.
Foot Locker (NYSE:FL) last announced its quarterly earnings data on Friday, November 18th. The company reported $1.13 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.03. Foot Locker had a net margin of 8.26% and a return on equity of 24.22%. The business earned $1.89 billion during the quarter. During the same period in the prior year, the company earned $1.00 EPS. Foot Locker’s quarterly revenue was up 5.1% on a year-over-year basis. Equities research analysts expect that Foot Locker will post $4.76 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, January 27th. Shareholders of record on Friday, January 13th will be issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 1.50%. The ex-dividend date is Wednesday, January 11th. Foot Locker’s dividend payout ratio (DPR) is presently 23.71%.
In other Foot Locker news, Director Cheryl N. Turpin sold 10,000 shares of the stock in a transaction on Wednesday, October 12th. The shares were sold at an average price of $69.16, for a total value of $691,600.00. Following the completion of the sale, the director now directly owns 40,858 shares of the company’s stock, valued at approximately $2,825,739.28. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Nicholas P. Dipaolo sold 5,424 shares of the stock in a transaction on Thursday, October 13th. The shares were sold at an average price of $68.75, for a total transaction of $372,900.00. Following the completion of the sale, the director now directly owns 68,128 shares of the company’s stock, valued at $4,683,800. The disclosure for this sale can be found here. 2.92% of the stock is currently owned by company insiders.
Hedge funds have recently modified their holdings of the stock. Origin Asset Management LLP increased its stake in shares of Foot Locker by 19.0% in the first quarter. Origin Asset Management LLP now owns 449,497 shares of the company’s stock worth $28,993,000 after buying an additional 71,653 shares during the period. Bridgeway Capital Management Inc. increased its position in Foot Locker by 6.0% in the second quarter. Bridgeway Capital Management Inc. now owns 494,550 shares of the company’s stock worth $27,131,000 after buying an additional 28,000 shares during the last quarter. Capital Fund Management S.A. increased its position in Foot Locker by 191.7% in the second quarter. Capital Fund Management S.A. now owns 512,644 shares of the company’s stock worth $28,124,000 after buying an additional 336,925 shares during the last quarter. Buckingham Capital Management Inc. increased its position in Foot Locker by 0.6% in the first quarter. Buckingham Capital Management Inc. now owns 33,130 shares of the company’s stock worth $2,137,000 after buying an additional 196 shares during the last quarter. Finally, Fulton Bank N.A. increased its position in Foot Locker by 2.1% in the second quarter. Fulton Bank N.A. now owns 10,046 shares of the company’s stock worth $551,000 after buying an additional 207 shares during the last quarter. 94.60% of the stock is owned by hedge funds and other institutional investors.
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.
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