Foot Locker (NYSE:FL) Shares Gap Down Following Insider Selling

Shares of Foot Locker, Inc. (NYSE:FL) gapped down before the market opened on Wednesday after an insider sold shares in the company. The stock had previously closed at $32.81, but opened at $30.31. Foot Locker shares last traded at $28.57, with a volume of 5,558,777 shares.

Specifically, major shareholder Vesa Equity Investment S.A R.L sold 539,180 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $33.22, for a total value of $17,911,559.60. Following the sale, the insider now directly owns 10,393,592 shares of the company’s stock, valued at approximately $345,275,126.24. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, major shareholder Vesa Equity Investment S.A R.L sold 246,886 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $32.93, for a total value of $8,129,955.98. Following the completion of the sale, the insider now directly owns 11,146,292 shares in the company, valued at $367,047,395.56. The disclosure for this sale can be found here. In other news, major shareholder Vesa Equity Investment S.A R.L sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $32.90, for a total value of $49,350.00. Following the sale, the insider now directly owns 11,402,353 shares of the company’s stock, valued at approximately $375,137,413.70. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Analyst Ratings Changes

Several research firms recently issued reports on FL. Wedbush reaffirmed a “neutral” rating and issued a $25.00 price objective on shares of Foot Locker in a research report on Wednesday, June 12th. StockNews.com cut Foot Locker from a “hold” rating to a “sell” rating in a research report on Wednesday, June 19th. Evercore ISI upped their price objective on Foot Locker from $34.00 to $38.00 and gave the company an “outperform” rating in a research report on Monday. Telsey Advisory Group reaffirmed a “market perform” rating and issued a $27.00 price objective on shares of Foot Locker in a research report on Wednesday. Finally, Morgan Stanley cut Foot Locker from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $24.00 to $18.00 in a research report on Thursday, July 18th. Five analysts have rated the stock with a sell rating, ten have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, Foot Locker currently has an average rating of “Hold” and a consensus target price of $25.93.

Foot Locker Price Performance

The company has a current ratio of 1.68, a quick ratio of 0.50 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $2.79 billion, a PE ratio of -7.77, a price-to-earnings-growth ratio of 0.80 and a beta of 1.46. The firm has a 50 day moving average price of $27.48 and a 200 day moving average price of $26.18.

Foot Locker (NYSE:FL) last posted its quarterly earnings data on Thursday, May 30th. The athletic footwear retailer reported $0.22 EPS for the quarter, topping the consensus estimate of $0.12 by $0.10. The firm had revenue of $1.87 billion during the quarter, compared to analyst estimates of $1.88 billion. Foot Locker had a positive return on equity of 2.91% and a negative net margin of 4.41%. Foot Locker’s revenue was down 2.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.70 EPS. Research analysts anticipate that Foot Locker, Inc. will post 1.51 earnings per share for the current year.

Institutional Investors Weigh In On Foot Locker

Hedge funds and other institutional investors have recently modified their holdings of the stock. Jacobs Levy Equity Management Inc. increased its stake in Foot Locker by 326.4% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 921,273 shares of the athletic footwear retailer’s stock worth $26,256,000 after buying an additional 705,237 shares in the last quarter. Norges Bank purchased a new stake in Foot Locker in the 4th quarter worth $21,238,000. Allspring Global Investments Holdings LLC increased its stake in Foot Locker by 23.8% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,900,439 shares of the athletic footwear retailer’s stock worth $72,279,000 after buying an additional 557,489 shares in the last quarter. Point72 Asset Management L.P. purchased a new stake in Foot Locker in the 2nd quarter worth $10,005,000. Finally, Invenomic Capital Management LP increased its stake in Foot Locker by 54.3% in the 1st quarter. Invenomic Capital Management LP now owns 752,320 shares of the athletic footwear retailer’s stock worth $21,441,000 after buying an additional 264,598 shares in the last quarter.

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.