Foot Locker, Inc. (NYSE:FL) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors 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.”
A number of other brokerages also recently issued reports on FL. B. Riley reaffirmed a “buy” rating and set a $79.00 price target on shares of Foot Locker in a report on Wednesday, April 26th. Jefferies Group LLC reaffirmed a “buy” rating and set a $88.00 price target on shares of Foot Locker in a report on Friday, April 21st. Cowen and Company reaffirmed a “market perform” rating and set a $77.00 price target on shares of Foot Locker in a report on Sunday, April 23rd. Deutsche Bank AG reaffirmed a “buy” rating and set a $88.00 price target (down previously from $89.00) on shares of Foot Locker in a report on Sunday, April 23rd. Finally, Susquehanna Bancshares Inc reiterated a “positive” rating and issued a $86.00 price objective on shares of Foot Locker in a research note on Friday, April 21st. Ten equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Foot Locker currently has a consensus rating of “Buy” and an average price target of $72.92.
Shares of Foot Locker (NYSE FL) opened at 49.30 on Thursday. The firm has a 50-day moving average of $48.35 and a 200 day moving average of $64.09. The company has a market cap of $6.47 billion, a price-to-earnings ratio of 10.11 and a beta of 0.68. Foot Locker has a 12 month low of $44.59 and a 12 month high of $79.43.
In other Foot Locker news, Director Jarobin Gilbert, Jr. sold 5,600 shares of Foot Locker stock in a transaction on 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 directly owns 8,964 shares of the company’s stock, valued at $532,461.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 2.90% of the stock is owned by insiders.
Several hedge funds have recently added to or reduced their stakes in the company. YorkBridge Wealth Partners LLC increased its stake in Foot Locker by 18.6% in the first quarter. YorkBridge Wealth Partners LLC now owns 1,360 shares of the athletic footwear retailer’s stock valued at $104,000 after buying an additional 213 shares during the period. D.A. Davidson & CO. increased its stake in Foot Locker by 50.3% in the second quarter. D.A. Davidson & CO. now owns 2,133 shares of the athletic footwear retailer’s stock valued at $105,000 after buying an additional 714 shares during the period. Acrospire Investment Management LLC increased its stake in Foot Locker by 50.0% in the first quarter. Acrospire Investment Management LLC now owns 1,500 shares of the athletic footwear retailer’s stock valued at $112,000 after buying an additional 500 shares during the period. Penserra Capital Management LLC increased its stake in Foot Locker by 13.0% in the second quarter. Penserra Capital Management LLC now owns 3,016 shares of the athletic footwear retailer’s stock valued at $148,000 after buying an additional 348 shares during the period. Finally, Van ECK Associates Corp increased its stake in Foot Locker by 5.6% in the first quarter. Van ECK Associates Corp now owns 2,047 shares of the athletic footwear retailer’s stock valued at $153,000 after buying an additional 109 shares during the period. Institutional investors and hedge funds 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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