Foot Locker (FL) Given Buy Rating at Guggenheim
Guggenheim reiterated their buy rating on shares of Foot Locker (NYSE:FL) in a report published on Friday morning. They currently have a $51.00 price objective on the athletic footwear retailer’s stock.
“We see additional upside potential in a more controlled Jordan marketplace and Nike/Adi’s speed initiatives.”,” the firm’s analyst commented.
A number of other brokerages have also recently weighed in on FL. Pivotal Research began coverage on shares of Foot Locker in a report on Thursday, January 25th. They issued a buy rating and a $65.00 price objective for the company. Wedbush restated an outperform rating and issued a $59.00 price objective (up previously from $52.00) on shares of Foot Locker in a report on Thursday, January 25th. Barclays lifted their price objective on shares of Foot Locker from $55.00 to $60.00 and gave the company an overweight rating in a report on Tuesday, January 30th. Oppenheimer upgraded shares of Foot Locker from a market perform rating to an outperform rating and set a $70.00 price objective for the company in a report on Wednesday, January 31st. Finally, ValuEngine cut shares of Foot Locker from a buy rating to a hold rating in a report on Friday, February 2nd. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus target price of $54.79.
Foot Locker (NYSE:FL) last announced its quarterly earnings data on Friday, March 2nd. The athletic footwear retailer reported $1.26 earnings per share for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. The firm had revenue of $2.21 billion during the quarter, compared to analysts’ expectations of $2.23 billion. Foot Locker had a net margin of 3.65% and a return on equity of 19.32%. The business’s quarterly revenue was up 4.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.37 earnings per share. sell-side analysts anticipate that Foot Locker will post 4.41 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, May 4th. Shareholders of record on Friday, April 20th will be issued a dividend of $0.345 per share. This represents a $1.38 annualized dividend and a yield of 3.45%. The ex-dividend date of this dividend is Thursday, April 19th. This is a boost from Foot Locker’s previous quarterly dividend of $0.31. Foot Locker’s payout ratio is 57.41%.
In other news, Director Matthew M. Mckenna sold 10,899 shares of the company’s stock in a transaction on Tuesday, January 9th. The shares were sold at an average price of $45.82, for a total value of $499,392.18. Following the completion of the transaction, the director now owns 35,000 shares in the company, valued at approximately $1,603,700. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Giovanna Cipriano sold 21,000 shares of the company’s stock in a transaction on Friday, January 19th. The shares were sold at an average price of $50.05, for a total transaction of $1,051,050.00. The disclosure for this sale can be found here. Insiders have sold a total of 56,899 shares of company stock valued at $2,801,692 in the last quarter. 1.73% of the stock is currently owned by company insiders.
Institutional investors have recently modified their holdings of the company. Los Angeles Capital Management & Equity Research Inc. acquired a new position in shares of Foot Locker in the 3rd quarter valued at $4,590,000. First Trust Advisors LP boosted its holdings in shares of Foot Locker by 77.3% in the 3rd quarter. First Trust Advisors LP now owns 657,686 shares of the athletic footwear retailer’s stock valued at $23,164,000 after buying an additional 286,776 shares in the last quarter. Commonwealth Bank of Australia boosted its holdings in shares of Foot Locker by 356.2% in the 3rd quarter. Commonwealth Bank of Australia now owns 73,381 shares of the athletic footwear retailer’s stock valued at $2,579,000 after buying an additional 57,296 shares in the last quarter. Paradigm Capital Management Inc. NY boosted its holdings in shares of Foot Locker by 5.5% in the 3rd quarter. Paradigm Capital Management Inc. NY now owns 84,525 shares of the athletic footwear retailer’s stock valued at $2,977,000 after buying an additional 4,375 shares in the last quarter. Finally, Pacer Advisors Inc. boosted its holdings in shares of Foot Locker by 574.1% in the 3rd quarter. Pacer Advisors Inc. now owns 26,524 shares of the athletic footwear retailer’s stock valued at $934,000 after buying an additional 22,589 shares in the last quarter. Institutional investors and hedge funds own 94.95% of the company’s stock.
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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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