Foot Locker Inc. (FL) Rating Lowered to Hold at Zacks Investment Research
Foot Locker Inc. (NYSE:FL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Friday.
According to Zacks, “After commencing fiscal 2016 on a soft note, Foot Locker made a sharp comeback with better-than-expected results in the second quarter. 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.”
FL has been the subject of several other research reports. B. Riley reiterated a “buy” rating and issued a $80.00 price target (up previously from $75.00) on shares of Foot Locker in a research report on Monday, August 22nd. Brean Capital reissued a “buy” rating and issued a $77.00 price objective on shares of Foot Locker in a research note on Wednesday, August 31st. OTR Global downgraded shares of Foot Locker to a “positive” rating in a research note on Friday, August 19th. Deutsche Bank AG reissued a “buy” rating and issued a $75.00 price objective on shares of Foot Locker in a research note on Friday, July 15th. Finally, Piper Jaffray Cos. reissued a “buy” rating on shares of Foot Locker in a research note on Wednesday, June 15th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company. Foot Locker has an average rating of “Buy” and a consensus target price of $73.53.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/07/foot-locker-inc-fl-rating-lowered-to-hold-at-zacks-investment-research.html
Foot Locker (NYSE:FL) traded up 1.46% on Friday, hitting $68.94. The company had a trading volume of 1,105,328 shares. The stock has a 50 day moving average of $66.56 and a 200-day moving average of $60.67. The stock has a market capitalization of $9.19 billion, a PE ratio of 17.15 and a beta of 0.61. Foot Locker has a one year low of $50.90 and a one year high of $71.67.
Foot Locker (NYSE:FL) last released its quarterly earnings results on Friday, August 19th. The company reported $0.94 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.90 by $0.04. The company earned $1.78 billion during the quarter, compared to analyst estimates of $1.76 billion. Foot Locker had a return on equity of 23.99% and a net margin of 7.35%. The firm’s revenue was up 5.0% on a year-over-year basis. During the same quarter last year, the business posted $0.84 earnings per share. Equities analysts anticipate that Foot Locker will post $4.76 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 28th. Stockholders of record on Friday, October 14th will be issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.62%. The ex-dividend date of this dividend is Wednesday, October 12th. Foot Locker’s dividend payout ratio (DPR) is presently 27.23%.
In related news, Chairman Richard A. Johnson sold 50,000 shares of the business’s stock in a transaction on Friday, August 19th. The shares were sold at an average price of $68.04, for a total transaction of $3,402,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Lauren B. Peters sold 20,000 shares of the business’s stock in a transaction on Monday, August 22nd. The shares were sold at an average price of $68.00, for a total transaction of $1,360,000.00. Following the transaction, the chief financial officer now owns 139,597 shares of the company’s stock, valued at $9,492,596. The disclosure for this sale can be found here. Insiders own 2.90% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Bremer Trust National Association acquired a new position in Foot Locker during the third quarter worth about $1,334,000. Foundry Partners LLC increased its position in Foot Locker by 9.4% in the third quarter. Foundry Partners LLC now owns 104,645 shares of the company’s stock worth $7,087,000 after buying an additional 8,958 shares in the last quarter. Eqis Capital Management Inc. increased its position in Foot Locker by 17.9% in the third quarter. Eqis Capital Management Inc. now owns 13,359 shares of the company’s stock worth $905,000 after buying an additional 2,033 shares in the last quarter. Kentucky Retirement Systems Insurance Trust Fund acquired a new position in Foot Locker during the second quarter worth about $301,000. Finally, Kentucky Retirement Systems acquired a new position in Foot Locker during the second quarter worth about $635,000. Institutional investors own 98.06% of the company’s stock.
Foot Locker Company Profile
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Foot Locker Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Foot Locker Inc. and related companies with MarketBeat.com's FREE daily email newsletter.