Zacks: Analysts Expect Foot Locker, Inc. (FL) Will Post Quarterly Sales of $1.82 Billion
Wall Street brokerages forecast that Foot Locker, Inc. (NYSE:FL) will announce sales of $1.82 billion for the current fiscal quarter, Zacks reports. Eight analysts have provided estimates for Foot Locker’s earnings. The highest sales estimate is $1.86 billion and the lowest is $1.78 billion. Foot Locker reported sales of $1.78 billion during the same quarter last year, which would suggest a positive year-over-year growth rate of 2.2%. The business is expected to issue its next quarterly earnings report on Friday, August 18th.
On average, analysts expect that Foot Locker will report full year sales of $1.82 billion for the current fiscal year, with estimates ranging from $8.01 billion to $8.22 billion. For the next year, analysts expect that the company will report sales of $8.36 billion per share, with estimates ranging from $8.06 billion to $8.57 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that follow Foot Locker.
A number of research firms have commented on FL. B. Riley reiterated a “buy” rating and set a $79.00 price objective on shares of Foot Locker in a research note on Wednesday, April 26th. Jefferies Group LLC set a $80.00 price objective on shares of Foot Locker and gave the company a “buy” rating in a research note on Saturday, May 20th. Canaccord Genuity set a $75.00 price objective on shares of Foot Locker and gave the company a “buy” rating in a research note on Saturday, May 20th. Piper Jaffray Companies set a $60.00 price objective on shares of Foot Locker and gave the company a “hold” rating in a research note on Saturday, May 20th. Finally, Zacks Investment Research downgraded shares of Foot Locker from a “hold” rating to a “sell” rating in a research note on Friday, July 7th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $74.79.
In related news, Director Jarobin Gilbert, Jr. sold 5,600 shares of the stock in a transaction dated Wednesday, May 24th. The shares were sold at an average price of $59.40, for a total value of $332,640.00. Following the completion of the transaction, the director now owns 8,964 shares in the company, valued at approximately $532,461.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.90% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of Foot Locker by 2.0% in the first quarter. Vanguard Group Inc. now owns 12,986,214 shares of the athletic footwear retailer’s stock worth $971,499,000 after buying an additional 257,770 shares in the last quarter. BlackRock Inc. raised its position in shares of Foot Locker by 2,189.3% in the first quarter. BlackRock Inc. now owns 9,163,944 shares of the athletic footwear retailer’s stock worth $685,553,000 after buying an additional 8,763,641 shares in the last quarter. State Street Corp raised its position in shares of Foot Locker by 1.7% in the first quarter. State Street Corp now owns 6,167,116 shares of the athletic footwear retailer’s stock worth $461,353,000 after buying an additional 105,750 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Foot Locker by 1.5% in the first quarter. Bank of New York Mellon Corp now owns 2,936,340 shares of the athletic footwear retailer’s stock worth $219,668,000 after buying an additional 42,736 shares in the last quarter. Finally, APG Asset Management N.V. raised its position in shares of Foot Locker by 23.4% in the second quarter. APG Asset Management N.V. now owns 2,497,431 shares of the athletic footwear retailer’s stock worth $123,073,000 after buying an additional 473,289 shares in the last quarter. Hedge funds and other institutional investors own 93.68% of the company’s stock.
Shares of Foot Locker (NYSE:FL) traded down 1.79% during midday trading on Friday, reaching $47.12. 3,136,026 shares of the company traded hands. Foot Locker has a 12 month low of $44.87 and a 12 month high of $79.43. The firm has a market capitalization of $6.19 billion, a P/E ratio of 9.67 and a beta of 0.70. The company has a 50 day moving average of $51.09 and a 200 day moving average of $66.63.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 28th. Investors of record on Friday, July 14th will be issued a $0.31 dividend. The ex-dividend date of this dividend is Wednesday, July 12th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.58%. Foot Locker’s dividend payout ratio (DPR) is presently 25.36%.
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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