Foot Locker (NYSE:FL) Given New $30.00 Price Target at Morgan Stanley

Posted by Defense World Staff on May 23rd, 2023

Foot Locker (NYSE:FL – Get Rating) had its price objective cut by Morgan Stanley from $33.00 to $30.00 in a research note issued to investors on Monday, The Fly reports.

Several other brokerages also recently commented on FL. BTIG Research reduced their target price on shares of Foot Locker from $53.00 to $42.00 in a research note on Sunday. Bank of America reduced their target price on shares of Foot Locker from $45.00 to $36.00 in a research note on Sunday. Robert W. Baird reduced their target price on shares of Foot Locker from $40.00 to $32.00 in a research note on Monday. Citigroup downgraded shares of Foot Locker from a buy rating to a neutral rating and reduced their target price for the company from $48.00 to $30.00 in a research note on Monday. Finally, Barclays reduced their target price on shares of Foot Locker from $42.00 to $31.00 in a research note on Sunday. Three analysts have rated the stock with a sell rating, fourteen have given a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Hold and a consensus target price of $38.80.

Foot Locker Trading Down 8.5 %

Shares of FL stock opened at $27.63 on Monday. Foot Locker has a 1 year low of $23.85 and a 1 year high of $47.22. The firm’s fifty day simple moving average is $40.05 and its 200 day simple moving average is $39.61. The firm has a market capitalization of $2.58 billion, a P/E ratio of 10.71 and a beta of 1.23. The company has a current ratio of 1.57, a quick ratio of 0.55 and a debt-to-equity ratio of 0.14.

Foot Locker (NYSE:FL – Get Rating) last announced its earnings results on Friday, May 19th. The athletic footwear retailer reported $0.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.08). The company had revenue of $1.93 billion for the quarter, compared to the consensus estimate of $1.99 billion. Foot Locker had a return on equity of 14.57% and a net margin of 3.91%. The company’s revenue was down 11.3% compared to the same quarter last year. During the same period last year, the firm posted $1.60 EPS. As a group, sell-side analysts predict that Foot Locker will post 2.13 EPS for the current year.

Foot Locker Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 28th. Stockholders of record on Friday, July 14th will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Thursday, July 13th. This represents a $1.60 annualized dividend and a dividend yield of 5.79%. Foot Locker’s dividend payout ratio is currently 62.02%.

Hedge Funds Weigh In On Foot Locker

Hedge funds have recently made changes to their positions in the business. Tower Bridge Advisors bought a new position in shares of Foot Locker during the 4th quarter worth approximately $227,000. Toronto Dominion Bank acquired a new stake in shares of Foot Locker in the 3rd quarter valued at approximately $4,113,000. Autumn Glory Partners LLC acquired a new stake in shares of Foot Locker in the 4th quarter valued at approximately $441,000. Monarch Partners Asset Management LLC acquired a new stake in shares of Foot Locker in the 4th quarter valued at approximately $1,547,000. Finally, Citigroup Inc. boosted its holdings in shares of Foot Locker by 6.0% in the 4th quarter. Citigroup Inc. now owns 160,800 shares of the athletic footwear retailer’s stock valued at $6,077,000 after buying an additional 9,150 shares during the last quarter. 95.06% of the stock is owned by institutional investors.

Foot Locker Company Profile

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Foot Locker, Inc engages in the retail of athletic shoes and apparel. The firm uses its omni-channel capabilities to bridge the digital world and physical stores, including order-in-store, buy online and pickup-in-store, and buy online and ship-from-store, as well as e-commerce. It operates through following segments: North America, EMEA (Europe, Middle East, and Africa, and Asia Pacific.