Foot Locker (NYSE:FL) Price Target Lowered to $45.00 at Evercore ISI

Posted by Defense World Staff on May 23rd, 2023

Foot Locker (NYSE:FL – Get Rating) had its price target trimmed by Evercore ISI from $60.00 to $45.00 in a report published on Monday, The Fly reports.

Other equities analysts have also recently issued reports about the company. Morgan Stanley lowered their price target on Foot Locker from $33.00 to $30.00 in a report on Monday. Credit Suisse Group reissued an outperform rating and set a $62.00 price target on shares of Foot Locker in a report on Tuesday, March 21st. Bank of America lowered their price target on Foot Locker from $45.00 to $36.00 in a report on Sunday. Barclays lowered their price target on Foot Locker from $42.00 to $31.00 in a report on Sunday. Finally, StockNews.com cut Foot Locker from a hold rating to a sell rating in a report on Saturday. Three equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Foot Locker has an average rating of Hold and a consensus price target of $38.80.

Foot Locker Stock Performance

Foot Locker stock opened at $27.63 on Monday. The company has a quick ratio of 0.55, a current ratio of 1.57 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $2.58 billion, a P/E ratio of 10.71 and a beta of 1.23. The stock’s 50 day moving average is $40.05 and its 200 day moving average is $39.61. Foot Locker has a twelve month low of $23.85 and a twelve month high of $47.22.

Foot Locker (NYSE:FL – Get Rating) last issued its earnings results on Friday, May 19th. The athletic footwear retailer reported $0.70 EPS for the quarter, missing the consensus estimate of $0.78 by ($0.08). Foot Locker had a net margin of 3.91% and a return on equity of 14.57%. The business had revenue of $1.93 billion for the quarter, compared to analysts’ expectations of $1.99 billion. During the same quarter in the prior year, the business posted $1.60 earnings per share. The business’s revenue for the quarter was down 11.3% on a year-over-year basis. On average, equities research analysts predict that Foot Locker will post 2.13 earnings per share for the current fiscal year.

Foot Locker Announces Dividend

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in FL. Raymond James Financial Services Advisors Inc. purchased a new position in shares of Foot Locker during the first quarter valued at about $611,000. HighTower Advisors LLC grew its position in Foot Locker by 4.9% in the first quarter. HighTower Advisors LLC now owns 14,934 shares of the athletic footwear retailer’s stock worth $443,000 after acquiring an additional 704 shares in the last quarter. AlphaCrest Capital Management LLC grew its position in Foot Locker by 19.4% in the first quarter. AlphaCrest Capital Management LLC now owns 13,103 shares of the athletic footwear retailer’s stock worth $389,000 after acquiring an additional 2,125 shares in the last quarter. MetLife Investment Management LLC grew its position in Foot Locker by 29.0% in the first quarter. MetLife Investment Management LLC now owns 56,469 shares of the athletic footwear retailer’s stock worth $1,675,000 after acquiring an additional 12,703 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in Foot Locker by 6.9% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 32,002 shares of the athletic footwear retailer’s stock worth $949,000 after acquiring an additional 2,059 shares in the last quarter. Hedge funds and other institutional investors own 95.06% of the company’s stock.

About Foot Locker

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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.