Fifth Third Bancorp Increases Position in Foot Locker, Inc. (NYSE:FL)

Fifth Third Bancorp boosted its holdings in shares of Foot Locker, Inc. (NYSE:FL) by 116.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,365 shares of the athletic footwear retailer’s stock after purchasing an additional 733 shares during the quarter. Fifth Third Bancorp’s holdings in Foot Locker were worth $34,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Jacobs Levy Equity Management Inc. increased its stake in shares of Foot Locker by 326.4% during the first quarter. Jacobs Levy Equity Management Inc. now owns 921,273 shares of the athletic footwear retailer’s stock worth $26,256,000 after purchasing an additional 705,237 shares in the last quarter. Norges Bank purchased a new stake in Foot Locker during the 4th quarter worth approximately $21,238,000. Invenomic Capital Management LP raised its holdings in shares of Foot Locker by 54.3% during the first quarter. Invenomic Capital Management LP now owns 752,320 shares of the athletic footwear retailer’s stock valued at $21,441,000 after acquiring an additional 264,598 shares during the last quarter. Seven Eight Capital LP purchased a new position in shares of Foot Locker in the first quarter valued at approximately $6,073,000. Finally, Interval Partners LP purchased a new stake in shares of Foot Locker during the first quarter worth approximately $5,700,000.

Insiders Place Their Bets

In other Foot Locker news, major shareholder Vesa Equity Investment S.A R.L sold 246,886 shares of the stock in a transaction dated 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 sale, the insider now owns 11,146,292 shares of the company’s stock, valued at approximately $367,047,395.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.20% of the company’s stock.

Foot Locker Price Performance

Foot Locker stock opened at $32.79 on Tuesday. The company’s 50 day simple moving average is $27.24 and its 200-day simple moving average is $26.14. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.50 and a current ratio of 1.68. Foot Locker, Inc. has a 1 year low of $16.68 and a 1 year high of $35.60. The company has a market capitalization of $3.11 billion, a price-to-earnings ratio of -8.65, a price-to-earnings-growth ratio of 0.79 and a beta of 1.46.

Foot Locker (NYSE:FL) last announced its earnings results on Thursday, May 30th. The athletic footwear retailer reported $0.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.10. Foot Locker had a positive return on equity of 2.91% and a negative net margin of 4.41%. The company had revenue of $1.87 billion for the quarter, compared to analyst estimates of $1.88 billion. During the same quarter in the previous year, the company earned $0.70 earnings per share. The firm’s quarterly revenue was down 2.8% compared to the same quarter last year. As a group, equities research analysts expect that Foot Locker, Inc. will post 1.53 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have issued reports on FL. Piper Sandler reaffirmed a “neutral” rating and set a $30.00 target price on shares of Foot Locker in a research note on Friday. Evercore ISI upped their price objective on shares of Foot Locker from $34.00 to $38.00 and gave the company an “outperform” rating in a research note on Monday. Morgan Stanley lowered shares of Foot Locker from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $24.00 to $18.00 in a research note on Thursday, July 18th. Barclays increased their price target on Foot Locker from $22.00 to $27.00 and gave the company an “equal weight” rating in a report on Friday, May 31st. Finally, Wedbush restated a “neutral” rating and issued a $25.00 target price on shares of Foot Locker in a report on Wednesday, June 12th. Five investment 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. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $25.93.

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.