Hsbc Holdings PLC Trims Holdings in Foot Locker, Inc. $FL

Key Points

• Hsbc Holdings PLC significantly reduced its stake in Foot Locker, Inc. by 49.9% during the first quarter, now holding 16,769 shares worth $238,000.
• Foot Locker recently reported a loss of $0.27 EPS for the quarter, missing analysts' expectations, with revenue at $1.86 billion, slightly below predictions.
• A variety of hedge funds have recently modified their positions in Foot Locker, with GAMMA Investing LLC increasing its stake by 250.6% in the same quarter.

Hsbc Holdings PLC lessened its stake in Foot Locker, Inc. (NYSE:FL - Free Report) by 49.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,769 shares of the athletic footwear retailer's stock after selling 16,693 shares during the quarter. Hsbc Holdings PLC's holdings in Foot Locker were worth $238,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in FL. Ameriprise Financial Inc. increased its position in Foot Locker by 66.5% during the fourth quarter. Ameriprise Financial Inc. now owns 541,659 shares of the athletic footwear retailer's stock valued at $11,786,000 after acquiring an additional 216,352 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Foot Locker by 2.6% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,207,430 shares of the athletic footwear retailer's stock valued at $17,025,000 after buying an additional 30,981 shares in the last quarter. Vontobel Holding Ltd. increased its holdings in Foot Locker by 55.0% in the 1st quarter. Vontobel Holding Ltd. now owns 46,847 shares of the athletic footwear retailer's stock valued at $661,000 after acquiring an additional 16,618 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Foot Locker by 250.6% in the 1st quarter. GAMMA Investing LLC now owns 2,468 shares of the athletic footwear retailer's stock worth $35,000 after buying an additional 1,764 shares during the last quarter. Finally, Teacher Retirement System of Texas bought a new stake in shares of Foot Locker in the 1st quarter worth about $176,000.

Insiders Place Their Bets

In related news, President Franklin Bracken sold 14,922 shares of the firm's stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $24.50, for a total transaction of $365,589.00. Following the completion of the sale, the president directly owned 213,496 shares of the company's stock, valued at approximately $5,230,652. This trade represents a 6.53% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Giovanna Cipriano sold 22,383 shares of Foot Locker stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $24.90, for a total transaction of $557,336.70. Following the sale, the chief accounting officer owned 93,895 shares of the company's stock, valued at approximately $2,337,985.50. This represents a 19.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.89% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on FL. Needham & Company LLC reissued a "hold" rating on shares of Foot Locker in a research report on Wednesday, August 27th. Zacks Research upgraded Foot Locker from a "strong sell" rating to a "hold" rating in a report on Monday, August 18th. JPMorgan Chase & Co. upgraded Foot Locker from an "underweight" rating to a "neutral" rating and upped their target price for the stock from $16.00 to $24.00 in a report on Thursday, May 15th. Telsey Advisory Group reiterated a "market perform" rating and set a $24.00 price objective on shares of Foot Locker in a research note on Wednesday, August 27th. Finally, Citigroup boosted their price objective on shares of Foot Locker from $20.00 to $24.00 and gave the stock a "neutral" rating in a research note on Friday, May 16th. Two investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Foot Locker has a consensus rating of "Hold" and a consensus target price of $21.33.

Foot Locker Stock Performance

Shares of NYSE:FL traded down $0.08 during midday trading on Friday, reaching $24.03. The company's stock had a trading volume of 8,308,221 shares, compared to its average volume of 5,354,551. The stock has a fifty day moving average of $25.18 and a 200 day moving average of $20.23. Foot Locker, Inc. has a twelve month low of $11.00 and a twelve month high of $29.24. The firm has a market capitalization of $2.30 billion, a PE ratio of -5.96, a P/E/G ratio of 2.17 and a beta of 1.79. The company has a quick ratio of 0.45, a current ratio of 1.59 and a debt-to-equity ratio of 0.17.

Foot Locker (NYSE:FL - Get Free Report) last announced its quarterly earnings results on Wednesday, August 27th. The athletic footwear retailer reported ($0.27) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.05 by ($0.32). The firm had revenue of $1.86 billion for the quarter, compared to analysts' expectations of $1.87 billion. Foot Locker had a positive return on equity of 2.92% and a negative net margin of 4.90%.The business's quarterly revenue was down 2.3% on a year-over-year basis. During the same period last year, the company posted ($0.05) earnings per share. On average, equities analysts expect that Foot Locker, Inc. will post 1.23 EPS for the current fiscal year.

Foot Locker 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.