Foot Locker (NYSE:FL) Shares Gap Down on Analyst Downgrade

Foot Locker, Inc. (NYSE:FL)’s stock price gapped down prior to trading on Friday after Evercore ISI lowered their price target on the stock from $22.00 to $15.00. The stock had previously closed at $12.38, but opened at $12.03. Evercore ISI currently has an outperform rating on the stock. Foot Locker shares last traded at $11.73, with a volume of 416,082 shares trading hands.

Other equities research analysts also recently issued reports about the stock. Barclays set a $24.00 price objective on shares of Foot Locker in a report on Wednesday, March 5th. Jefferies Financial Group decreased their target price on Foot Locker from $22.00 to $19.00 and set a “hold” rating on the stock in a research note on Wednesday, March 5th. Needham & Company LLC restated a “buy” rating and set a $24.00 price objective on shares of Foot Locker in a research report on Wednesday, March 5th. Robert W. Baird cut their target price on Foot Locker from $24.00 to $20.00 and set a “neutral” rating for the company in a research note on Thursday, March 6th. Finally, Telsey Advisory Group reissued a “market perform” rating and issued a $24.00 target price on shares of Foot Locker in a research note on Wednesday, March 5th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Foot Locker presently has a consensus rating of “Hold” and an average target price of $21.94.

Hedge Funds Weigh In On Foot Locker

Several hedge funds have recently added to or reduced their stakes in the company. XTX Topco Ltd lifted its position in shares of Foot Locker by 23.7% during the third quarter. XTX Topco Ltd now owns 14,624 shares of the athletic footwear retailer’s stock worth $378,000 after purchasing an additional 2,801 shares during the last quarter. MML Investors Services LLC purchased a new position in Foot Locker in the 3rd quarter worth about $283,000. Geode Capital Management LLC lifted its holdings in Foot Locker by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 1,908,253 shares of the athletic footwear retailer’s stock valued at $49,319,000 after buying an additional 25,394 shares in the last quarter. Virtu Financial LLC purchased a new stake in Foot Locker in the 3rd quarter valued at about $701,000. Finally, Wilmington Savings Fund Society FSB bought a new position in Foot Locker in the 3rd quarter worth about $58,000.

Foot Locker Trading Down 4.6 %

The stock’s 50-day moving average price is $16.42 and its 200 day moving average price is $20.53. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.67 and a quick ratio of 0.45. The firm has a market capitalization of $1.12 billion, a PE ratio of -2.62, a price-to-earnings-growth ratio of 0.53 and a beta of 1.41.

Foot Locker (NYSE:FL) last released its quarterly earnings data on Wednesday, March 5th. The athletic footwear retailer reported $0.86 EPS for the quarter, topping the consensus estimate of $0.73 by $0.13. Foot Locker had a positive return on equity of 2.91% and a negative net margin of 5.24%. The company had revenue of $2.25 billion for the quarter, compared to the consensus estimate of $2.32 billion. During the same period last year, the business posted $0.38 EPS. Foot Locker’s quarterly revenue was down 5.7% on a year-over-year basis. On average, sell-side analysts expect that Foot Locker, Inc. will post 1.23 EPS 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.