Zacks Investment Research upgraded shares of Foot Locker, Inc. (NYSE:FL) from a hold rating to a buy rating in a research report report published on Tuesday morning. The firm currently has $79.00 price objective on the stock.
According to Zacks, “Foot Locker has outperformed the Zacks categorized industry in the past six months by a wide range. Sturdy comparable sales performance, cost containment efforts and strategic initiatives helped the company to post second straight quarter of positive earnings surprise, when it reported third-quarter fiscal 2016 results. The company also registered 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 equities analysts have also weighed in on the stock. Robert W. Baird reaffirmed an outperform rating and set a $79.00 price objective on shares of Foot Locker in a research report on Wednesday, December 28th. Vetr raised shares of Foot Locker from a hold rating to a buy rating and set a $77.33 price objective on the stock in a research report on Thursday, December 22nd. B. Riley reaffirmed a buy rating and set a $83.00 price objective on shares of Foot Locker in a research report on Monday, December 12th. Canaccord Genuity reaffirmed a buy rating and set a $83.00 price objective (up previously from $79.00) on shares of Foot Locker in a research report on Monday, December 5th. Finally, Wedbush reaffirmed an outperform rating and set a $80.00 price objective on shares of Foot Locker in a research report on Friday, December 2nd. One research analyst has rated the stock with a sell rating, five have given a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of Buy and an average price target of $75.46.
Shares of Foot Locker (NYSE:FL) traded down 0.81% on Tuesday, hitting $70.09. 942,370 shares of the stock traded hands. The stock has a 50-day moving average price of $73.99 and a 200 day moving average price of $66.54. The stock has a market cap of $9.28 billion, a price-to-earnings ratio of 15.13 and a beta of 0.62. Foot Locker has a 12-month low of $50.90 and a 12-month high of $79.43.
Foot Locker (NYSE:FL) last posted its quarterly earnings results on Friday, November 18th. The company reported $1.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.03. The business earned $1.89 billion during the quarter. Foot Locker had a net margin of 8.26% and a return on equity of 24.22%. Foot Locker’s revenue for the quarter was up 5.1% compared to the same quarter last year. During the same period last year, the company earned $1.00 earnings per share. On average, analysts anticipate that Foot Locker will post $4.78 earnings per share for the current fiscal year.
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The company also recently announced a quarterly dividend, which will be paid on Friday, January 27th. Shareholders of record on Friday, January 13th will be paid a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 1.55%. The ex-dividend date is Wednesday, January 11th. Foot Locker’s payout ratio is 23.71%.
In other news, Director Nicholas P. Dipaolo sold 5,424 shares of the company’s stock in a transaction that occurred on Thursday, October 13th. The stock was sold at an average price of $68.75, for a total transaction of $372,900.00. Following the sale, the director now owns 68,128 shares in the company, valued at approximately $4,683,800. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Jarobin Gilbert, Jr. sold 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 6th. The stock was sold at an average price of $76.23, for a total value of $76,230.00. Following the sale, the director now owns 11,876 shares in the company, valued at approximately $905,307.48. The disclosure for this sale can be found here. 2.92% of the stock is owned by company insiders.
Large investors have recently made changes to their positions in the company. Tokio Marine Asset Management Co. Ltd. boosted its stake in shares of Foot Locker by 6.9% in the second quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,845 shares of the company’s stock worth $266,000 after buying an additional 314 shares in the last quarter. Capital Fund Management S.A. boosted its stake in shares of 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 in the last quarter. American Century Companies Inc. boosted its stake in shares of Foot Locker by 9.2% in the second quarter. American Century Companies Inc. now owns 474,362 shares of the company’s stock worth $26,023,000 after buying an additional 40,100 shares in the last quarter. PGGM Investments boosted its stake in shares of Foot Locker by 52.6% in the second quarter. PGGM Investments now owns 631,807 shares of the company’s stock worth $34,661,000 after buying an additional 217,784 shares in the last quarter. Finally, Strs Ohio boosted its stake in shares of Foot Locker by 31.7% in the second quarter. Strs Ohio now owns 13,830 shares of the company’s stock worth $758,000 after buying an additional 3,326 shares in the last quarter. Institutional investors own 95.01% 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.
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