Foot Locker, Inc. (NYSE:FL) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Thursday.
According to Zacks, “Foot Locker, which has underperformed the industry in the past three months, has been witnessing a downtrend in estimates. This is due to dismal first quarter performance and a not so encouraging outlook for the second quarter and fiscal 2017. Delay in tax refunds broke the positive earnings surprise streak of Foot Locker, as earnings missed the estimate in the first quarter. We further noticed that total sales and comps grew marginally in the first quarter of fiscal 2017, which is in sharp contrast to the company’s performance in fiscal 2016. Nevertheless, management is working on all aspects to attain mid-single digit earnings per share growth in fiscal 2017 backed by effective implementation of operational and financial initiatives. 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, bode well.”
Other research analysts also recently issued reports about the stock. Jefferies Group LLC set a $80.00 price objective on shares of Foot Locker and gave the stock a “buy” rating in a research report on Saturday, May 20th. Canaccord Genuity set a $75.00 price objective on shares of Foot Locker and gave the stock a “buy” rating in a research report on Saturday, May 20th. B. Riley reissued a “buy” rating and set a $79.00 price objective on shares of Foot Locker in a research report on Thursday, April 20th. Buckingham Research raised shares of Foot Locker from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $77.00 to $89.00 in a research report on Thursday, April 20th. Finally, Deutsche Bank AG reissued a “buy” rating and set a $88.00 price objective (down from $89.00) on shares of Foot Locker in a research report on Sunday, April 23rd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $72.92.
Shares of Foot Locker (NYSE:FL) traded down 1.878% during midday trading on Thursday, hitting $48.865. 1,459,215 shares of the stock were exchanged. Foot Locker has a 12 month low of $44.59 and a 12 month high of $79.43. The stock has a 50 day moving average price of $48.26 and a 200-day moving average price of $64.34. The company has a market cap of $6.42 billion, a PE ratio of 10.026 and a beta of 0.68. Foot Locker also saw unusually large options trading activity on Tuesday. Stock investors purchased 11,770 put options on the stock. This is an increase of 447% compared to the average volume of 2,150 put options.
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In other Foot Locker news, Director Jarobin Gilbert, Jr. sold 5,600 shares of Foot Locker stock in a transaction dated Wednesday, May 24th. The shares were sold at an average price of $59.40, for a total transaction of $332,640.00. Following the completion of the transaction, the director now owns 8,964 shares in the company, valued at $532,461.60. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 2.90% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Foot Locker by 2.0% in the first quarter. Vanguard Group Inc. now owns 12,986,214 shares of the athletic footwear retailer’s stock worth $971,499,000 after buying an additional 257,770 shares during the last quarter. BlackRock Inc. increased its stake in shares of Foot Locker by 2,189.3% in the first quarter. BlackRock Inc. now owns 9,163,944 shares of the athletic footwear retailer’s stock worth $685,553,000 after buying an additional 8,763,641 shares during the period. State Street Corp increased its stake in shares of Foot Locker by 1.7% in the first quarter. State Street Corp now owns 6,167,116 shares of the athletic footwear retailer’s stock worth $461,353,000 after buying an additional 105,750 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Foot Locker by 1.5% in the first quarter. Bank of New York Mellon Corp now owns 2,936,340 shares of the athletic footwear retailer’s stock worth $219,668,000 after buying an additional 42,736 shares during the period. Finally, APG Asset Management N.V. increased its stake in shares of Foot Locker by 23.4% in the second quarter. APG Asset Management N.V. now owns 2,497,431 shares of the athletic footwear retailer’s stock worth $123,073,000 after buying an additional 473,289 shares during the period. Institutional investors own 94.45% of the company’s stock.
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 is an athletic footwear and apparel retailer, which include businesses, such as include Foot Locker, Kids Foot Locker, Lady Foot Locker, Champs Sports, Footaction, Runners Point, Sidestep and SIX:02.
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