Wells Fargo & Company Lowers Foot Locker, Inc. (FL) to Market Perform
Foot Locker, Inc. (NYSE:FL) was downgraded by equities research analysts at Wells Fargo & Company from an “outperform” rating to a “market perform” rating in a research report issued to clients and investors on Friday. They presently have a $37.00 price objective on the athletic footwear retailer’s stock, down from their prior price objective of $55.00. Wells Fargo & Company’s price target would indicate a potential downside of 22.43% from the company’s current price.
A number of other equities analysts have also weighed in on FL. B. Riley restated a “buy” rating and issued a $79.00 target price on shares of Foot Locker in a research note on Wednesday, April 26th. Deutsche Bank AG lowered Foot Locker from a “buy” rating to a “hold” rating in a research note on Friday. Jefferies Group LLC set a $80.00 target price on Foot Locker and gave the stock a “buy” rating in a research note on Saturday, May 20th. Canaccord Genuity set a $75.00 target price on Foot Locker and gave the stock a “buy” rating in a research note on Saturday, May 20th. Finally, Piper Jaffray Companies set a $60.00 target price on Foot Locker and gave the stock a “hold” rating in a research note on Saturday, May 20th. Thirteen analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $70.77.
Shares of Foot Locker (NYSE FL) traded down 27.0390% on Friday, reaching $34.8024. 24,181,784 shares of the company traded hands. The company has a market capitalization of $4.57 billion, a P/E ratio of 7.1404 and a beta of 0.68. The firm’s 50 day moving average is $48.33 and its 200 day moving average is $63.50. Foot Locker has a one year low of $34.55 and a one year high of $79.43.
Foot Locker (NYSE:FL) last announced its earnings results on Thursday, August 17th. The athletic footwear retailer reported $0.62 earnings per share for the quarter, missing analysts’ consensus estimates of $0.90 by $0.28. The business had revenue of $1.70 billion during the quarter, compared to the consensus estimate of $1.80 billion. Foot Locker had a return on equity of 23.87% and a net margin of 8.39%. Foot Locker’s revenue was down 4.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.94 earnings per share. Analysts expect that Foot Locker will post $5.07 earnings per share for the current fiscal year.
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In related news, Director Jarobin Gilbert, Jr. sold 5,600 shares of Foot Locker stock in a transaction on Wednesday, May 24th. The stock was sold at an average price of $59.40, for a total value of $332,640.00. Following the completion of the sale, the director now owns 8,964 shares of the company’s stock, valued at $532,461.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.90% of the stock is currently owned by company insiders.
Several hedge funds have recently modified their holdings of FL. JPMorgan Chase & Co. raised its stake in shares of Foot Locker by 130.0% in the first quarter. JPMorgan Chase & Co. now owns 698,340 shares of the athletic footwear retailer’s stock valued at $52,244,000 after buying an additional 394,688 shares during the last quarter. Todd Asset Management LLC raised its stake in shares of Foot Locker by 34.3% in the first quarter. Todd Asset Management LLC now owns 582,371 shares of the athletic footwear retailer’s stock valued at $43,567,000 after buying an additional 148,889 shares during the last quarter. Omega Advisors Inc. purchased a new stake in shares of Foot Locker during the first quarter valued at approximately $11,222,000. Russell Investments Group Ltd. raised its stake in shares of Foot Locker by 6.6% in the first quarter. Russell Investments Group Ltd. now owns 138,739 shares of the athletic footwear retailer’s stock valued at $10,382,000 after buying an additional 8,617 shares during the last quarter. Finally, BlackRock Inc. raised its stake 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 valued at $685,553,000 after buying an additional 8,763,641 shares during the last quarter. 93.49% of the stock is owned by institutional investors.
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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