Foot Locker, Inc. (NYSE:FL) Receives $26.40 Consensus PT from Brokerages

Foot Locker, Inc. (NYSE:FL) has been assigned a consensus recommendation of “Reduce” from the sixteen brokerages that are covering the firm, MarketBeat reports. Four equities research analysts have rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $26.40.

Several equities research analysts recently commented on the stock. Robert W. Baird boosted their price objective on shares of Foot Locker from $26.00 to $35.00 and gave the stock a “neutral” rating in a research note on Monday, August 26th. Piper Sandler reiterated a “neutral” rating and set a $30.00 price objective on shares of Foot Locker in a research note on Friday, August 23rd. StockNews.com cut Foot Locker from a “hold” rating to a “sell” rating in a research note on Friday. Barclays raised Foot Locker from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $27.00 to $34.00 in a research report on Thursday, August 29th. Finally, Morgan Stanley downgraded shares of Foot Locker from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $24.00 to $18.00 in a research report on Thursday, July 18th.

Insiders Place Their Bets

In other news, major shareholder Vesa Equity Investment S.A R.L sold 539,180 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $33.22, for a total transaction of $17,911,559.60. Following the transaction, the insider now directly owns 10,393,592 shares of the company’s stock, valued at approximately $345,275,126.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In the last quarter, insiders sold 787,566 shares of company stock valued at $26,090,866. Company insiders own 1.20% of the company’s stock.

Hedge Funds Weigh In On Foot Locker

A number of institutional investors and hedge funds have recently made changes to their positions in FL. Jacobs Levy Equity Management Inc. grew its holdings in Foot Locker by 326.4% during the first quarter. Jacobs Levy Equity Management Inc. now owns 921,273 shares of the athletic footwear retailer’s stock valued at $26,256,000 after purchasing an additional 705,237 shares during the period. Norges Bank purchased a new position in shares of Foot Locker during the 4th quarter valued at about $21,238,000. Allspring Global Investments Holdings LLC grew its stake in shares of Foot Locker by 23.8% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,900,439 shares of the athletic footwear retailer’s stock valued at $72,279,000 after acquiring an additional 557,489 shares during the period. Point72 Asset Management L.P. purchased a new stake in Foot Locker in the 2nd quarter worth approximately $10,005,000. Finally, Invenomic Capital Management LP raised its stake in Foot Locker by 54.3% during the 1st quarter. Invenomic Capital Management LP now owns 752,320 shares of the athletic footwear retailer’s stock worth $21,441,000 after acquiring an additional 264,598 shares during the period.

Foot Locker Trading Down 1.9 %

FL opened at $28.35 on Friday. The company has a quick ratio of 0.49, a current ratio of 1.66 and a debt-to-equity ratio of 0.15. Foot Locker has a 52 week low of $16.68 and a 52 week high of $35.60. The stock has a market cap of $2.69 billion, a PE ratio of -7.48, a PEG ratio of 0.65 and a beta of 1.44. The business has a 50 day moving average of $28.55 and a 200-day moving average of $25.57.

Foot Locker (NYSE:FL) last announced its quarterly earnings data on Wednesday, August 28th. The athletic footwear retailer reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.03. The business had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.88 billion. Foot Locker had a positive return on equity of 2.73% and a negative net margin of 4.48%. Equities research analysts predict that Foot Locker will post 1.51 earnings per share for the current fiscal year.

Foot Locker Company Profile

Foot Locker, Inc, through its subsidiaries, operates as a footwear and apparel retailer in North America, Europe, Australia, New Zealand, Asia, and the Middle East. Its brand portfolio includes Foot Locker, a brand comprising sneakers and apparel; Kids Foot Locker, which offers athletic footwear, apparel, and accessories for children; and Champs Sports that operates as a mall-based specialty athletic footwear and apparel retailer.