Foot Locker Rating Lowered to Neutral at Piper Jaffray (FL)
Foot Locker (NYSE:FL) was downgraded by investment analysts at Piper Jaffray from an “overweight” rating to a “neutral” rating in a note issued to investors on Monday, TheFlyOnTheWall.com reports. They currently have a $57.00 price target on the stock, up from their previous price target of $54.00. Piper Jaffray’s price target indicates a potential upside of 5.32% from the stock’s previous close. The analysts noted that the move was a valuation call.
Foot Locker (NYSE:FL) opened at 54.12 on Monday. Foot Locker has a 52 week low of $31.91 and a 52 week high of $55.33. The stock has a 50-day moving average of $49.65 and a 200-day moving average of $46.92. The company has a market cap of $7.923 billion and a price-to-earnings ratio of 16.23. Foot Locker also was the target of some unusual options trading activity on Friday. Stock investors purchased 6,767 call options on the company. This represents an increase of approximately 517% compared to the average volume of 1,096 call options.
Foot Locker (NYSE:FL) last posted its quarterly earnings results on Friday, August 22nd. The company reported $0.64 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.54 by $0.10. The company had revenue of $1.64 billion for the quarter. During the same quarter last year, the company posted $0.46 earnings per share. Foot Locker’s revenue was up 12.9% compared to the same quarter last year. Analysts expect that Foot Locker will post $3.36 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Friday, October 31st. Investors of record on Friday, October 17th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 1.63%. The ex-dividend date is Wednesday, October 15th.
In other Foot Locker news, CFO Lauren B. Peters sold 40,000 shares of the company’s stock on the open market in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $52.00, for a total transaction of $2,080,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
A number of other analysts have also recently weighed in on FL. Analysts at Deutsche Bank reiterated a “buy” rating on shares of Foot Locker in a research note on Wednesday, August 20th. They now have a $55.00 price target on the stock, up previously from $53.00. Separately, analysts at Buckingham Research initiated coverage on shares of Foot Locker in a research note on Wednesday, June 25th. They set a “buy” rating and a $58.00 price target on the stock. Finally, analysts at Sterne Agee raised their price target on shares of Foot Locker from $55.00 to $60.00 in a research note on Thursday, June 12th. They now have a “buy” rating on the stock. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $53.36.
Foot Locker, Inc is a global retailer of shoes and apparel, operating 3,473 primarily mall-based stores in the United States, Canada, Europe, Australia and New Zealand as of February 1, 2014.
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