Canaccord Genuity Downgrades Foot Locker, Inc. (FL) to Hold
Foot Locker, Inc. (NYSE:FL) was downgraded by investment analysts at Canaccord Genuity from a “buy” rating to a “hold” rating in a report issued on Friday.
A number of other brokerages have also recently issued reports on FL. Bank of America Corporation cut shares of Foot Locker from a “neutral” rating to an “underperform” rating in a research note on Friday. Zacks Investment Research cut shares of Foot Locker from a “buy” rating to a “hold” rating in a research note on Monday, April 24th. Cowen and Company decreased their price objective on shares of Foot Locker from $77.00 to $64.00 and set a “market perform” rating on the stock in a research note on Monday, May 22nd. BidaskClub raised shares of Foot Locker from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. Finally, Deutsche Bank AG decreased their price objective on shares of Foot Locker from $88.00 to $74.00 and set a “buy” rating on the stock in a research note on Monday, May 22nd. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating and fourteen have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $70.77.
Shares of Foot Locker (NYSE FL) opened at 34.38 on Friday. The firm’s 50-day moving average price is $47.92 and its 200-day moving average price is $63.26. Foot Locker has a 12-month low of $34.29 and a 12-month high of $79.43. The firm has a market capitalization of $4.51 billion, a P/E ratio of 7.05 and a beta of 0.68.
Foot Locker (NYSE:FL) last announced its quarterly earnings data on Friday, August 18th. The athletic footwear retailer reported $0.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.90 by $0.28. The firm had revenue of $1.70 billion during the quarter, compared to the consensus estimate of $1.80 billion. Foot Locker had a net margin of 8.39% and a return on equity of 23.87%. The business’s revenue was down 4.4% compared to the same quarter last year. During the same period last year, the business earned $0.94 earnings per share. Equities analysts predict 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 the business’s stock in a transaction on Wednesday, May 24th. The shares were sold at an average price of $59.40, for a total value of $332,640.00. Following the transaction, the director now owns 8,964 shares in the company, valued at $532,461.60. The transaction was disclosed in a document filed with the SEC, which is available through this link. 2.90% of the stock is owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in the stock. Korea Investment CORP raised its position in Foot Locker by 81.4% in the first quarter. Korea Investment CORP now owns 425,220 shares of the athletic footwear retailer’s stock valued at $31,811,000 after buying an additional 190,760 shares during the last quarter. Foster & Motley Inc. purchased a new position in Foot Locker during the first quarter valued at about $807,000. Mn Services Vermogensbeheer B.V. raised its position in Foot Locker by 3.0% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 3,554 shares of the athletic footwear retailer’s stock valued at $249,000 after buying an additional 102 shares during the last quarter. Nationwide Fund Advisors raised its position in Foot Locker by 2.1% in the first quarter. Nationwide Fund Advisors now owns 37,897 shares of the athletic footwear retailer’s stock valued at $2,835,000 after buying an additional 763 shares during the last quarter. Finally, Candriam Luxembourg S.C.A. raised its position in Foot Locker by 105.0% in the first quarter. Candriam Luxembourg S.C.A. now owns 31,235 shares of the athletic footwear retailer’s stock valued at $2,337,000 after buying an additional 16,000 shares during the last quarter. Institutional investors and hedge funds own 93.49% 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 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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