Foot Locker, Inc. (NYSE:FL) Upgraded to “Overweight” by Morgan Stanley

Morgan Stanley upgraded shares of Foot Locker, Inc. (NYSE:FL) from an equal weight rating to an overweight rating in a research note issued to investors on Tuesday, August 8th, Marketbeat reports. Morgan Stanley currently has $65.00 price objective on the athletic footwear retailer’s stock, down from their previous price objective of $70.00.

A number of other equities research analysts have also weighed in on FL. Buckingham Research upgraded shares of Foot Locker from a neutral rating to a buy rating and raised their price target for the stock from $77.00 to $89.00 in a research report on Thursday, April 20th. B. Riley restated a buy rating and issued a $79.00 price target on shares of Foot Locker in a research report on Thursday, April 20th. Jefferies Group LLC reaffirmed a buy rating and issued a $88.00 price objective on shares of Foot Locker in a report on Friday, April 21st. Susquehanna Bancshares Inc reaffirmed a positive rating and issued a $86.00 price objective on shares of Foot Locker in a report on Friday, April 21st. Finally, Deutsche Bank AG reaffirmed a buy rating and issued a $88.00 price objective (down previously from $89.00) on shares of Foot Locker in a report on Sunday, April 23rd. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and fifteen have issued a buy rating to the company. The company presently has a consensus rating of Hold and a consensus price target of $72.17.

Shares of Foot Locker (NYSE FL) traded down 27.92% during trading on Tuesday, hitting $34.38. The stock had a trading volume of 36,216,618 shares. The firm has a 50 day moving average price of $47.92 and a 200 day moving average price of $63.26. The firm has a market cap of $4.51 billion, a P/E ratio of 7.05 and a beta of 0.68. Foot Locker has a 12-month low of $34.29 and a 12-month high of $79.43.

Foot Locker (NYSE:FL) last released its quarterly earnings data on Friday, August 18th. The athletic footwear retailer reported $0.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.90 by $0.28. Foot Locker had a return on equity of 23.87% and a net margin of 8.39%. The business had revenue of $1.70 billion during the quarter, compared to analyst estimates of $1.80 billion. During the same period in the previous year, the company earned $0.94 EPS. Foot Locker’s revenue was down 4.4% on a year-over-year basis. On average, equities analysts expect that Foot Locker will post $5.07 earnings per share for the current fiscal year.

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The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 27th. Stockholders of record on Friday, October 13th will be issued a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 3.61%. The ex-dividend date of this dividend is Thursday, October 12th. Foot Locker’s payout ratio is presently 25.36%.

In other news, Director Jarobin Gilbert, Jr. sold 5,600 shares of the stock in a transaction that occurred 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 approximately $532,461.60. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 2.90% of the company’s stock.

Several large investors have recently added to or reduced their stakes in FL. Somerset Trust Co increased its stake in Foot Locker by 0.3% in the first quarter. Somerset Trust Co now owns 6,059 shares of the athletic footwear retailer’s stock valued at $453,000 after buying an additional 20 shares during the last quarter. Atria Investments LLC increased its stake in Foot Locker by 10.3% in the first quarter. Atria Investments LLC now owns 12,181 shares of the athletic footwear retailer’s stock valued at $911,000 after buying an additional 1,140 shares during the last quarter. Private Trust Co. NA bought a new stake in Foot Locker during the first quarter valued at approximately $569,000. Bremer Trust National Association increased its stake in Foot Locker by 4.4% in the first quarter. Bremer Trust National Association now owns 23,792 shares of the athletic footwear retailer’s stock valued at $1,780,000 after buying an additional 1,001 shares during the last quarter. Finally, Fenimore Asset Management Inc. bought a new stake in Foot Locker during the first quarter valued at approximately $11,008,000. 93.49% of the stock is owned by institutional investors.

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 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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