Foot Locker, Inc. (NYSE:FL) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Wednesday.

According to Zacks, “Foot Locker, which has underperformed the industry in the past one month, has been witnessing a downtrend in estimates. This is due to dismal performance for the second straight quarter in fiscal 2017 and a bleak outlook. The company’s results in the second quarter were impacted by soft performance of “some recent top styles” and lack of innovative fresh products in the market. Challenging retail landscape and changing consumer spending pattern are making operating environment tough. Management now expects comparable sales to decline in the range of 3–4% in remaining part of 2017 with earnings per share projected to decrease in the band of 20–30% during the second half. Margins are also expected to remain pressured going forward. Nevertheless, we believe that building robust capabilities in direct-to-customer unit, rationalizing store fleet and improving supply chain infrastructure may provide cushion to the stock.”

Several other analysts have also issued reports on the stock. BidaskClub lowered shares of Foot Locker from a “sell” rating to a “strong sell” rating in a report on Tuesday, July 25th. TheStreet lowered shares of Foot Locker from a “b-” rating to a “c+” rating in a report on Friday, June 30th. Jefferies Group LLC set a $80.00 price objective on shares of Foot Locker and gave the company a “buy” rating in a report on Tuesday, June 20th. Oppenheimer Holdings, Inc. initiated coverage on shares of Foot Locker in a report on Friday, July 7th. They issued a “market perform” rating on the stock. Finally, Deutsche Bank AG set a $72.00 price objective on shares of Foot Locker and gave the company a “buy” rating in a report on Monday, July 17th. Three equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and twelve have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $65.81.

Shares of Foot Locker (NYSE FL) opened at 35.16 on Wednesday. The firm has a 50-day moving average of $45.77 and a 200-day moving average of $62.02. Foot Locker has a one year low of $31.56 and a one year high of $79.43. The company has a market cap of $4.64 billion, a price-to-earnings ratio of 8.13 and a beta of 0.68.

Foot Locker (NYSE:FL) last issued 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. The company had revenue of $1.70 billion during the quarter, compared to analysts’ expectations of $1.80 billion. Foot Locker had a net margin of 7.49% and a return on equity of 21.52%. The firm’s quarterly revenue was down 4.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.94 earnings per share. Equities research analysts forecast that Foot Locker will post $3.96 EPS for the current fiscal year.

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A number of institutional investors have recently made changes to their positions in FL. Advisory Services Network LLC acquired a new position in shares of Foot Locker during the first quarter worth about $362,000. Wright Investors Service Inc. increased its position in shares of Foot Locker by 172.2% in the first quarter. Wright Investors Service Inc. now owns 10,575 shares of the athletic footwear retailer’s stock worth $791,000 after buying an additional 6,690 shares during the period. Tocqueville Asset Management L.P. acquired a new position in shares of Foot Locker during the first quarter worth about $204,000. Jennison Associates LLC increased its position in shares of Foot Locker by 10.1% in the first quarter. Jennison Associates LLC now owns 433,639 shares of the athletic footwear retailer’s stock worth $32,441,000 after buying an additional 39,901 shares during the period. Finally, Canada Pension Plan Investment Board increased its position in shares of Foot Locker by 3.5% in the first quarter. Canada Pension Plan Investment Board now owns 1,100,410 shares of the athletic footwear retailer’s stock worth $82,322,000 after buying an additional 36,800 shares during the period. 91.32% of the stock is owned by hedge funds and other 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.

Analyst Recommendations for Foot Locker (NYSE:FL)

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