Foot Locker (NYSE:FL) Trading Down 2.7% After Analyst Downgrade

Foot Locker, Inc. (NYSE:FL) dropped 2.7% on Monday after JPMorgan Chase & Co. lowered their price target on the stock from $19.00 to $16.00. JPMorgan Chase & Co. currently has an underweight rating on the stock. Foot Locker traded as low as $11.40 and last traded at $11.49. Approximately 1,486,345 shares were traded during mid-day trading, a decline of 63% from the average daily volume of 4,006,554 shares. The stock had previously closed at $11.81.

Several other equities analysts have also recently issued reports on FL. UBS Group decreased their price objective on Foot Locker from $22.00 to $21.00 and set a “neutral” rating for the company in a research note on Thursday, March 6th. Jefferies Financial Group decreased their price target on shares of Foot Locker from $22.00 to $19.00 and set a “hold” rating for the company in a research note on Wednesday, March 5th. Piper Sandler dropped their price objective on shares of Foot Locker from $19.00 to $12.00 and set a “neutral” rating on the stock in a research report on Friday. Needham & Company LLC restated a “buy” rating and issued a $24.00 price objective on shares of Foot Locker in a report on Wednesday, March 5th. Finally, Robert W. Baird lowered 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 note on Thursday, March 6th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $21.69.

Institutional Trading of Foot Locker

A number of large investors have recently made changes to their positions in FL. Harbour Investments Inc. lifted its stake in Foot Locker by 81.6% in the fourth quarter. Harbour Investments Inc. now owns 1,442 shares of the athletic footwear retailer’s stock valued at $31,000 after buying an additional 648 shares during the last quarter. Aster Capital Management DIFC Ltd acquired a new position in shares of Foot Locker in the 4th quarter valued at $32,000. R Squared Ltd purchased a new stake in Foot Locker in the 4th quarter valued at $50,000. Sterling Capital Management LLC boosted its stake in Foot Locker by 819.2% during the 4th quarter. Sterling Capital Management LLC now owns 2,629 shares of the athletic footwear retailer’s stock worth $57,000 after purchasing an additional 2,343 shares during the period. Finally, Wilmington Savings Fund Society FSB purchased a new position in Foot Locker during the 3rd quarter worth $58,000.

Foot Locker Trading Down 3.9 %

The business’s 50 day simple moving average is $16.26 and its 200 day simple moving average is $20.39. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.67 and a quick ratio of 0.45. The company has a market capitalization of $1.08 billion, a price-to-earnings ratio of -2.52, a price-to-earnings-growth ratio of 0.53 and a beta of 1.41.

Foot Locker (NYSE:FL) last released its quarterly earnings results on Wednesday, March 5th. The athletic footwear retailer reported $0.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.73 by $0.13. The firm had revenue of $2.25 billion for the quarter, compared to analyst estimates of $2.32 billion. Foot Locker had a positive return on equity of 2.91% and a negative net margin of 5.24%. The business’s revenue was down 5.7% on a year-over-year basis. During the same quarter last year, the company posted $0.38 earnings per share. Research analysts anticipate that Foot Locker, Inc. will post 1.23 EPS for the current 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.