Invenomic Capital Management LP Invests $1.85 Million in Foot Locker, Inc. (NYSE:FL)

Invenomic Capital Management LP purchased a new position in Foot Locker, Inc. (NYSE:FL) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 85,023 shares of the athletic footwear retailer’s stock, valued at approximately $1,850,000. Invenomic Capital Management LP owned approximately 0.09% of Foot Locker at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in Foot Locker by 2.0% during the fourth quarter. Vanguard Group Inc. now owns 10,505,006 shares of the athletic footwear retailer’s stock valued at $228,589,000 after acquiring an additional 210,832 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in Foot Locker by 88.6% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 5,323,597 shares of the athletic footwear retailer’s stock valued at $115,365,000 after purchasing an additional 2,500,396 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its holdings in Foot Locker by 67.9% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 1,906,406 shares of the athletic footwear retailer’s stock valued at $41,483,000 after purchasing an additional 770,932 shares during the last quarter. American Century Companies Inc. grew its holdings in Foot Locker by 5.2% during the fourth quarter. American Century Companies Inc. now owns 1,659,206 shares of the athletic footwear retailer’s stock valued at $36,104,000 after purchasing an additional 81,814 shares during the last quarter. Finally, Cramer Rosenthal Mcglynn LLC acquired a new position in Foot Locker during the fourth quarter valued at approximately $34,835,000.

Foot Locker Stock Performance

Foot Locker stock opened at $12.03 on Monday. The stock has a 50-day simple moving average of $13.75 and a 200 day simple moving average of $18.80. The company has a quick ratio of 0.45, a current ratio of 1.67 and a debt-to-equity ratio of 0.15. Foot Locker, Inc. has a 12-month low of $11.00 and a 12-month high of $33.94. The stock has a market capitalization of $1.15 billion, a price-to-earnings ratio of -2.67, a P/E/G ratio of 0.53 and a beta of 1.42.

Foot Locker (NYSE:FL) last announced its quarterly earnings data on Wednesday, March 5th. The athletic footwear retailer reported $0.86 EPS for the quarter, topping analysts’ consensus estimates of $0.73 by $0.13. The firm had revenue of $2.25 billion during the quarter, compared to analyst estimates of $2.32 billion. Foot Locker had a positive return on equity of 2.91% and a negative net margin of 5.24%. The company’s revenue was down 5.7% on a year-over-year basis. During the same period last year, the company earned $0.38 earnings per share. On average, research analysts anticipate that Foot Locker, Inc. will post 1.23 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have commented on FL shares. StockNews.com downgraded Foot Locker from a “hold” rating to a “sell” rating in a report on Friday, April 11th. JPMorgan Chase & Co. decreased their price target on shares of Foot Locker from $19.00 to $16.00 and set an “underweight” rating on the stock in a research note on Monday, April 14th. Piper Sandler decreased their price target on shares of Foot Locker from $19.00 to $12.00 and set a “neutral” rating on the stock in a research note on Friday, April 11th. Citigroup downgraded shares of Foot Locker from a “neutral” rating to a “mixed” rating in a research note on Tuesday, May 6th. Finally, Robert W. Baird cut their price objective on Foot Locker from $24.00 to $20.00 and set a “neutral” rating for the company in a report on Thursday, March 6th. Four investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $21.25.

Foot Locker Company Profile

Foot Locker, Inc, through its subsidiaries, operates as a footwear and apparel retailer in North America, Europe, Australia, New Zealand, Asia, and the Middle East. Its brand portfolio includes Foot Locker, a brand comprising sneakers and apparel; Kids Foot Locker, which offers athletic footwear, apparel, and accessories for children; and Champs Sports that operates as a mall-based specialty athletic footwear and apparel retailer.