StockNews.com Lowers Foot Locker (NYSE:FL) to Sell

Foot Locker (NYSE:FL) was downgraded by investment analysts at StockNews.com from a “hold” rating to a “sell” rating in a research report issued on Friday.

Several other research firms also recently issued reports on FL. 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 report on Monday, August 26th. Morgan Stanley lowered shares of Foot Locker from an “equal weight” rating to an “underweight” rating and reduced their target price for the stock from $24.00 to $18.00 in a research report on Thursday, July 18th. Piper Sandler reissued a “neutral” rating and set a $30.00 price target on shares of Foot Locker in a research note on Friday, August 23rd. Barclays raised shares of Foot Locker from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $27.00 to $34.00 in a research note on Thursday, August 29th. Finally, Telsey Advisory Group reaffirmed a “market perform” rating and issued a $27.00 target price on shares of Foot Locker in a research note on Wednesday, August 28th. Five equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $26.40.

Foot Locker Stock Performance

Shares of FL opened at $28.35 on Friday. The company’s fifty day moving average is $28.55 and its 200-day moving average is $25.56. Foot Locker has a 12 month low of $16.68 and a 12 month high of $35.60. The firm has a market cap of $2.69 billion, a price-to-earnings ratio of -7.48, a price-to-earnings-growth ratio of 0.65 and a beta of 1.44. 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 (NYSE:FL) last posted its earnings results on Wednesday, August 28th. The athletic footwear retailer reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.03. Foot Locker had a negative net margin of 4.48% and a positive return on equity of 2.73%. The business had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.88 billion. Equities analysts expect that Foot Locker will post 1.51 EPS for the current fiscal year.

Insider Buying and Selling

In other Foot Locker news, major shareholder Vesa Equity Investment S.A R.L sold 1,500 shares of the stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $32.90, for a total value of $49,350.00. Following the completion of the sale, the insider now owns 11,402,353 shares in the company, valued at $375,137,413.70. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Over the last 90 days, insiders sold 787,566 shares of company stock worth $26,090,866. 1.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Foot Locker

Large investors have recently modified their holdings of the stock. Quarry LP bought a new position in Foot Locker during the second quarter worth about $31,000. Fifth Third Bancorp raised its position in shares of Foot Locker by 116.0% during the second quarter. Fifth Third Bancorp now owns 1,365 shares of the athletic footwear retailer’s stock worth $34,000 after acquiring an additional 733 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in Foot Locker by 156.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,616 shares of the athletic footwear retailer’s stock worth $40,000 after purchasing an additional 985 shares in the last quarter. Headlands Technologies LLC bought a new stake in Foot Locker in the second quarter worth approximately $43,000. Finally, Quadrant Capital Group LLC increased its holdings in Foot Locker by 3,004.4% in the fourth quarter. Quadrant Capital Group LLC now owns 1,397 shares of the athletic footwear retailer’s stock worth $44,000 after purchasing an additional 1,352 shares in the last quarter.

About Foot Locker

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.