Trading Report: Today, Foot Locker Inc. (FL) Lowered by The Zacks Investment Research

Today, Foot Locker Inc. (FL) Lowered by The Zacks Investment Research

Zacks Investment Research cut shares of Foot Locker Inc. (NYSE:FL) from a buy rating to a hold rating in a report released on Tuesday morning.

According to Zacks, “Foot Locker posted positive earnings surprise for the second straight quarter, as it reported third-quarter fiscal 2016 results. Sturdy comparable sales performance, cost containment efforts and strategic initiatives helped the company to continue registering year-over-year growth in both the top and bottom lines. Management reaffirmed its projection of a mid-single-digit increase in comparable sales in fiscal 2016. Further, it continues to expect double-digit growth in earnings per share for the fiscal year. 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, will benefit the company in the long run. However, a competitive retail landscape, fashion obsolescence and foreign currency headwinds remain concerns.”

Several other brokerages have also recently issued reports on FL. JPMorgan Chase & Co. reaffirmed a focus list rating on shares of Foot Locker in a research report on Monday, September 26th. Guggenheim initiated coverage on Foot Locker in a research report on Friday, September 30th. They set a neutral rating on the stock. Susquehanna lifted their target price on Foot Locker from $73.00 to $80.00 and gave the company a positive rating in a research report on Monday, August 22nd. Wedbush initiated coverage on Foot Locker in a research report on Wednesday, November 2nd. They set an outperform rating and a $80.00 target price on the stock. Finally, Deutsche Bank AG reaffirmed a buy rating and set a $75.00 target price (down previously from $76.00) on shares of Foot Locker in a research report on Monday, November 14th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fourteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average target price of $74.32.

Foot Locker (NYSE:FL) opened at 74.19 on Tuesday. Foot Locker has a 52-week low of $50.90 and a 52-week high of $74.71. The firm’s 50-day moving average price is $68.94 and its 200 day moving average price is $62.26. The company has a market cap of $9.94 billion, a PE ratio of 16.02 and a beta of 0.59.

Foot Locker (NYSE:FL) last announced its quarterly earnings data on Friday, November 18th. The company reported $1.13 EPS for the quarter, beating the Zacks’ consensus estimate of $1.10 by $0.03. Foot Locker had a return on equity of 24.22% and a net margin of 8.26%. The firm earned $1.89 billion during the quarter. During the same period last year, the business posted $1.00 EPS. The company’s revenue was up 5.1% on a year-over-year basis. On average, equities analysts predict that Foot Locker will post $4.76 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 27th. Investors of record on Friday, January 13th will be given a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 1.48%. The ex-dividend date is Wednesday, January 11th. Foot Locker’s payout ratio is 23.71%.

In other news, Director Cheryl N. Turpin sold 10,000 shares of the company’s stock in a transaction dated Wednesday, October 12th. The stock was sold at an average price of $69.16, for a total value of $691,600.00. Following the completion of the transaction, the director now directly owns 40,858 shares in the company, valued at approximately $2,825,739.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Lewis Phillip Kimble sold 43,479 shares of the company’s stock in a transaction dated Wednesday, September 7th. The stock was sold at an average price of $65.40, for a total value of $2,843,526.60. Following the completion of the transaction, the chief executive officer now owns 26,131 shares of the company’s stock, valued at $1,708,967.40. The disclosure for this sale can be found here. Corporate insiders own 2.90% of the company’s stock.

Several institutional investors have recently bought and sold shares of FL. Origin Asset Management LLP boosted its position in Foot Locker by 19.0% in the first quarter. Origin Asset Management LLP now owns 449,497 shares of the company’s stock worth $28,993,000 after buying an additional 71,653 shares during the last quarter. Bridgeway Capital Management Inc. boosted its position in Foot Locker by 6.0% in the second quarter. Bridgeway Capital Management Inc. now owns 494,550 shares of the company’s stock worth $27,131,000 after buying an additional 28,000 shares during the last quarter. Capital Fund Management S.A. boosted its position in Foot Locker by 191.7% in the second quarter. Capital Fund Management S.A. now owns 512,644 shares of the company’s stock worth $28,124,000 after buying an additional 336,925 shares during the last quarter. Buckingham Capital Management Inc. boosted its position in Foot Locker by 0.6% in the first quarter. Buckingham Capital Management Inc. now owns 33,130 shares of the company’s stock worth $2,137,000 after buying an additional 196 shares during the last quarter. Finally, Fulton Bank N.A. boosted its position in Foot Locker by 2.1% in the second quarter. Fulton Bank N.A. now owns 10,046 shares of the company’s stock worth $551,000 after buying an additional 207 shares during the last quarter. Hedge funds and other institutional investors own 94.60% 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’s Athletic Stores segment is an athletic footwear and apparel retailer whose formats include Foot Locker, Lady Foot Locker, Kids Foot Locker, Champs Sports, Footaction, SIX:02, Runners Point Group, including Runners Point and Sidestep.

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