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

Foot Locker, Inc. (NYSE:FL) shares 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.

Several other equities analysts have also weighed in on FL. JPMorgan Chase & Co. cut their price objective on shares of Foot Locker from $23.00 to $20.00 and set an “underweight” rating on the stock in a report on Friday, January 24th. Barclays set a $24.00 price target on Foot Locker in a research note on Wednesday, March 5th. Robert W. Baird decreased their target price on shares of Foot Locker from $24.00 to $20.00 and set a “neutral” rating for the company in a research report on Thursday, March 6th. Piper Sandler lowered their price target on Foot Locker from $19.00 to $12.00 and set a “neutral” rating on the stock in a research report on Friday. Finally, UBS Group cut their target price on shares of Foot Locker from $22.00 to $21.00 and set a “neutral” rating for the company in a research note on Thursday, March 6th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $21.94.

Hedge Funds Weigh In On Foot Locker

A number of hedge funds have recently added to or reduced their stakes in the stock. Investors Research Corp lifted its stake in Foot Locker by 19.7% during the first quarter. Investors Research Corp now owns 11,529 shares of the athletic footwear retailer’s stock worth $163,000 after purchasing an additional 1,900 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Foot Locker by 4,843.0% during the first quarter. GAMMA Investing LLC now owns 34,799 shares of the athletic footwear retailer’s stock worth $491,000 after buying an additional 34,095 shares during the period. Moody National Bank Trust Division grew its holdings in Foot Locker by 35.0% during the 1st quarter. Moody National Bank Trust Division now owns 37,867 shares of the athletic footwear retailer’s stock worth $534,000 after acquiring an additional 9,817 shares during the period. Public Employees Retirement System of Ohio lifted its stake in Foot Locker by 173.6% in the fourth quarter. Public Employees Retirement System of Ohio now owns 112,028 shares of the athletic footwear retailer’s stock valued at $2,438,000 after buying an additional 71,083 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Foot Locker by 17.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 263,466 shares of the athletic footwear retailer’s stock worth $5,733,000 after acquiring an additional 39,232 shares in the last quarter.

Foot Locker Price Performance

The company has a current ratio of 1.67, a quick ratio of 0.45 and a debt-to-equity ratio of 0.15. The business has a 50-day moving average of $16.42 and a 200 day moving average of $20.53. The firm has a market capitalization of $1.12 billion, a P/E ratio of -2.62, a price-to-earnings-growth ratio of 0.53 and a beta of 1.41.

Foot Locker (NYSE:FL) last announced its quarterly earnings results on Wednesday, March 5th. The athletic footwear retailer reported $0.86 EPS for the quarter, beating analysts’ consensus estimates of $0.73 by $0.13. Foot Locker had a negative net margin of 5.24% and a positive return on equity of 2.91%. The business had revenue of $2.25 billion during the quarter, compared to analyst estimates of $2.32 billion. During the same quarter in the previous 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 predict that Foot Locker, Inc. will post 1.23 earnings per share 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.