Foot Locker (FL) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of Foot Locker (NYSE:FL) from a strong-buy rating to a hold rating in a research report report published on Tuesday.

According to Zacks, “Investors gave thumbs up to Foot Locker’s third-quarter fiscal 2017 results, wherein both the top and bottom lines beat the consensus mark. This led the stock to take a huge leap and outpace the industry in three months. Clearly, the third-quarter results gave a fresh breath of life to the stock, which in the recent past had struggled on account of dismal performance in the preceding two quarters. However, analysts believe that the euphoria surrounding the stock may be short lived, as Foot Locker continues to register year-over-year decline in both sales and earnings per share. Management now expects comps to decline in the range of 2-4% in the final quarter with earnings per share projected to decrease in the band of 15-25%. Margins are also expected to remain under pressure. Nevertheless, the company is effectively managing inventory, investing in digital platforms, improving supply chain infrastructure and rationalizing store fleet.”

A number of other research analysts have also issued reports on FL. Cowen reaffirmed a hold rating and set a $37.00 target price on shares of Foot Locker in a report on Thursday, September 21st. ValuEngine raised Foot Locker from a hold rating to a buy rating in a report on Monday, October 2nd. Canaccord Genuity reaffirmed a hold rating and set a $39.00 target price on shares of Foot Locker in a report on Friday, October 20th. Buckingham Research lowered Foot Locker from a buy rating to a neutral rating in a research report on Monday, October 23rd. They noted that the move was a valuation call. Finally, Robert W. Baird reiterated a hold rating and issued a $37.00 price target on shares of Foot Locker in a research report on Sunday, October 29th. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating and thirteen have issued a buy rating to the stock. Foot Locker has an average rating of Hold and an average target price of $54.34.

Foot Locker (NYSE:FL) traded up $1.62 during trading hours on Tuesday, reaching $50.21. The company had a trading volume of 4,010,437 shares, compared to its average volume of 3,288,425. The firm has a market capitalization of $6,000.00, a price-to-earnings ratio of 12.65, a P/E/G ratio of 2.35 and a beta of 0.82. Foot Locker has a 1 year low of $28.42 and a 1 year high of $77.86. The company has a current ratio of 4.41, a quick ratio of 2.09 and a debt-to-equity ratio of 0.05.

Foot Locker (NYSE:FL) last released its earnings results on Friday, November 17th. The athletic footwear retailer reported $0.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.07. The firm had revenue of $1.87 billion for the quarter, compared to analyst estimates of $1.82 billion. Foot Locker had a return on equity of 19.96% and a net margin of 6.79%. Foot Locker’s revenue was down .8% compared to the same quarter last year. During the same period in the previous year, the company earned $1.13 earnings per share. equities analysts anticipate that Foot Locker will post 4.09 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 2nd. Shareholders of record on Friday, January 19th will be given a dividend of $0.31 per share. The ex-dividend date of this dividend is Thursday, January 18th. This represents a $1.24 dividend on an annualized basis and a yield of 2.47%. Foot Locker’s payout ratio is presently 31.23%.

In other Foot Locker news, Director Matthew M. Mckenna sold 10,899 shares of the firm’s stock in a transaction dated Tuesday, January 9th. The stock was sold at an average price of $45.82, for a total transaction of $499,392.18. Following the completion of the sale, the director now directly owns 35,000 shares in the company, valued at approximately $1,603,700. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 2.90% of the company’s stock.

Several institutional investors have recently made changes to their positions in FL. Franklin Resources Inc. lifted its holdings in shares of Foot Locker by 53.7% during the 2nd quarter. Franklin Resources Inc. now owns 19,035 shares of the athletic footwear retailer’s stock valued at $938,000 after buying an additional 6,651 shares during the last quarter. Amalgamated Bank lifted its holdings in shares of Foot Locker by 17.7% during the 2nd quarter. Amalgamated Bank now owns 25,707 shares of the athletic footwear retailer’s stock valued at $1,267,000 after buying an additional 3,871 shares during the last quarter. BT Investment Management Ltd acquired a new stake in shares of Foot Locker during the 2nd quarter valued at about $697,000. Laurion Capital Management LP bought a new position in shares of Foot Locker in the 2nd quarter valued at approximately $3,552,000. Finally, Profund Advisors LLC raised its stake in shares of Foot Locker by 23.0% in the 2nd quarter. Profund Advisors LLC now owns 4,801 shares of the athletic footwear retailer’s stock valued at $237,000 after acquiring an additional 897 shares in the last quarter. Institutional investors and hedge funds own 89.91% of the company’s stock.

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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 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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