Foot Locker (FL) Upgraded by B. Riley to “Buy”

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Foot Locker (NYSE:FL) was upgraded by equities researchers at B. Riley from a “neutral” rating to a “buy” rating in a note issued to investors on Friday, MarketBeat.com reports. The brokerage presently has a $73.00 price target on the athletic footwear retailer’s stock, up from their previous price target of $62.00. B. Riley’s target price suggests a potential upside of 32.25% from the company’s previous close.

Several other equities analysts also recently weighed in on FL. Jefferies Financial Group set a $80.00 target price on Foot Locker and gave the stock a “buy” rating in a research report on Friday, April 12th. Robert W. Baird increased their target price on Foot Locker from $65.00 to $77.00 and gave the stock an “outperform” rating in a research report on Monday, March 4th. They noted that the move was a valuation call. Pivotal Research downgraded Foot Locker from a “buy” rating to a “hold” rating and set a $64.00 target price on the stock. in a research report on Tuesday, February 26th. Citigroup downgraded Foot Locker from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $72.00 to $68.00 in a research report on Wednesday, April 10th. Finally, Wedbush reiterated a “buy” rating and set a $73.00 target price on shares of Foot Locker in a research report on Monday, April 1st. One analyst has rated the stock with a sell rating, six have given a hold rating and fifteen have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $66.40.

Shares of NYSE:FL opened at $55.20 on Friday. The company has a current ratio of 3.30, a quick ratio of 1.63 and a debt-to-equity ratio of 0.05. Foot Locker has a 52-week low of $43.34 and a 52-week high of $68.00. The firm has a market capitalization of $6.20 billion, a PE ratio of 11.72, a P/E/G ratio of 1.12 and a beta of 0.71.

Foot Locker (NYSE:FL) last issued its quarterly earnings data on Friday, March 1st. The athletic footwear retailer reported $1.56 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.39 by $0.17. Foot Locker had a return on equity of 21.92% and a net margin of 6.81%. The business had revenue of $2.27 billion for the quarter, compared to the consensus estimate of $2.18 billion. During the same period in the prior year, the business earned $1.26 earnings per share. The business’s revenue was up 2.8% on a year-over-year basis. On average, equities analysts anticipate that Foot Locker will post 5.19 EPS for the current fiscal year.

Foot Locker declared that its board has approved a share repurchase program on Wednesday, February 20th that permits the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization permits the athletic footwear retailer to repurchase up to 17.7% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

In other news, CEO Richard A. Johnson sold 80,000 shares of the firm’s stock in a transaction dated Wednesday, February 20th. The stock was sold at an average price of $60.01, for a total value of $4,800,800.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 2.40% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the company. Private Advisor Group LLC purchased a new position in shares of Foot Locker in the 4th quarter worth about $529,000. Canada Pension Plan Investment Board grew its stake in shares of Foot Locker by 39.0% in the fourth quarter. Canada Pension Plan Investment Board now owns 558,510 shares of the athletic footwear retailer’s stock valued at $29,710,000 after buying an additional 156,800 shares in the last quarter. O Shaughnessy Asset Management LLC grew its stake in shares of Foot Locker by 106.4% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 5,068 shares of the athletic footwear retailer’s stock valued at $270,000 after buying an additional 2,612 shares in the last quarter. Neuberger Berman Group LLC acquired a new stake in shares of Foot Locker in the third quarter valued at about $37,272,000. Finally, Natixis Advisors L.P. grew its stake in shares of Foot Locker by 71.6% in the fourth quarter. Natixis Advisors L.P. now owns 25,880 shares of the athletic footwear retailer’s stock valued at $1,376,000 after buying an additional 10,802 shares in the last quarter. Institutional investors own 97.88% of the company’s stock.

Foot Locker Company Profile

Foot Locker, Inc, through its subsidiaries, operates as an athletic shoes and apparel retailer. The company operates in two segments, Athletic Stores and Direct-to-Customers. The Athletic Stores segment retails athletic footwear, apparel, accessories, and equipment under various formats, including Foot Locker, Kids Foot Locker, Lady Foot Locker, Champs Sports, Footaction, Runners Point, Sidestep, and SIX:02.

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Analyst Recommendations for Foot Locker (NYSE:FL)

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