Pivotal Research reiterated their buy rating on shares of Foot Locker (NYSE:FL) in a research report report published on Tuesday, AnalystRatings.com reports. Pivotal Research currently has a $53.00 price target on the athletic footwear retailer’s stock.
“We feel like 2Q19 was a mixed bag, with the puts/takes likely adding up to an in-line quarter. Probably the best news for FL is that, unlike many other retailers, the company has minimal weather exposure, so unforeseen margin pressure seems unlikely. We suspect that running was FL’s strongest comping footwear category, driven by solid Nike Air Max performance, the releases of a sequential uptick in adidas Boost. We also suspect that casual footwear was positive, albeit not as strong as last quarter, as Yeezy likely performed well, but Champion appear to have slowed.”,” the firm’s analyst wrote.
A number of other equities research analysts have also recently issued reports on FL. TheStreet cut Foot Locker from a b- rating to a c+ rating in a research note on Monday, June 17th. Morgan Stanley upgraded Foot Locker from an underweight rating to an equal weight rating and set a $40.00 target price on the stock in a research note on Thursday, August 8th. Deutsche Bank cut their target price on Foot Locker from $68.00 to $63.00 and set a buy rating on the stock in a research note on Monday. ValuEngine cut Foot Locker from a hold rating to a sell rating in a research note on Friday, May 24th. Finally, B. Riley cut their target price on Foot Locker from $73.00 to $62.00 and set a buy rating on the stock in a research note on Monday. One research analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have given a buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus price target of $66.44.
Foot Locker (NYSE:FL) last posted its earnings results on Friday, May 24th. The athletic footwear retailer reported $1.53 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.61 by ($0.08). The company had revenue of $2.08 billion during the quarter, compared to the consensus estimate of $2.11 billion. Foot Locker had a net margin of 6.86% and a return on equity of 21.75%. The business’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.45 earnings per share. As a group, analysts predict that Foot Locker will post 5 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Friday, October 18th will be issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.63%. The ex-dividend date of this dividend is Thursday, October 17th. Foot Locker’s dividend payout ratio (DPR) is 32.27%.
In other news, Director Matthew M. Mckenna sold 7,000 shares of the firm’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $40.53, for a total transaction of $283,710.00. Following the transaction, the director now directly owns 26,862 shares of the company’s stock, valued at $1,088,716.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 2.40% of the stock is currently owned by company insiders.
Several institutional investors and hedge funds have recently modified their holdings of FL. BlackRock Inc. grew its holdings in Foot Locker by 6.7% during the second quarter. BlackRock Inc. now owns 7,278,900 shares of the athletic footwear retailer’s stock worth $305,133,000 after acquiring an additional 454,489 shares during the period. AQR Capital Management LLC boosted its position in shares of Foot Locker by 13.7% in the 2nd quarter. AQR Capital Management LLC now owns 7,277,992 shares of the athletic footwear retailer’s stock valued at $304,803,000 after purchasing an additional 878,954 shares during the period. LSV Asset Management boosted its position in shares of Foot Locker by 10.2% in the 2nd quarter. LSV Asset Management now owns 4,627,248 shares of the athletic footwear retailer’s stock valued at $193,974,000 after purchasing an additional 427,361 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Foot Locker by 10.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,685,329 shares of the athletic footwear retailer’s stock valued at $142,856,000 after purchasing an additional 263,890 shares during the period. Finally, Prudential Financial Inc. boosted its position in shares of Foot Locker by 43.9% in the 2nd quarter. Prudential Financial Inc. now owns 2,267,201 shares of the athletic footwear retailer’s stock valued at $95,041,000 after purchasing an additional 692,126 shares during the period. 99.61% of the stock is currently owned by institutional investors.
Foot Locker Company Profile
Foot Locker, Inc, through its subsidiaries, operates as an athletic shoes and apparel retailer. The company operates in two segments, Athletic Stores and Direct-to-Customers. The Athletic Stores segment retails athletic footwear, apparel, accessories, and equipment under various formats, including Foot Locker, Kids Foot Locker, Lady Foot Locker, Champs Sports, Footaction, Runners Point, Sidestep, and SIX:02.
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