Jennison Associates LLC Reduces Stake in Foot Locker, Inc. (NYSE:FL)

Jennison Associates LLC lowered its stake in shares of Foot Locker, Inc. (NYSE:FL - Free Report) by 21.9% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 500,073 shares of the athletic footwear retailer's stock after selling 140,278 shares during the quarter. Jennison Associates LLC owned 0.53% of Foot Locker worth $7,051,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Summit Investment Advisors Inc. grew its holdings in shares of Foot Locker by 6.9% in the fourth quarter. Summit Investment Advisors Inc. now owns 8,728 shares of the athletic footwear retailer's stock worth $190,000 after purchasing an additional 562 shares during the last quarter. Harbour Investments Inc. boosted its stake in shares of Foot Locker by 81.6% during the 4th quarter. Harbour Investments Inc. now owns 1,442 shares of the athletic footwear retailer's stock valued at $31,000 after purchasing an additional 648 shares in the last quarter. Signaturefd LLC increased its position in shares of Foot Locker by 27.2% during the first quarter. Signaturefd LLC now owns 4,579 shares of the athletic footwear retailer's stock valued at $65,000 after buying an additional 980 shares during the period. Foundry Partners LLC raised its stake in Foot Locker by 8.8% in the fourth quarter. Foundry Partners LLC now owns 12,784 shares of the athletic footwear retailer's stock worth $278,000 after buying an additional 1,031 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd bought a new position in Foot Locker in the fourth quarter worth about $32,000.

Insider Activity

In other news, CAO Giovanna Cipriano sold 22,383 shares of Foot Locker stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $24.90, for a total value of $557,336.70. Following the completion of the sale, the chief accounting officer directly owned 93,895 shares in the company, valued at $2,337,985.50. The trade was a 19.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.89% of the stock is currently owned by insiders.

Foot Locker Stock Down 1.3%

Shares of Foot Locker stock traded down $0.33 on Thursday, reaching $25.16. The company's stock had a trading volume of 1,793,090 shares, compared to its average volume of 3,713,117. Foot Locker, Inc. has a 52 week low of $11.00 and a 52 week high of $33.94. The firm's fifty day simple moving average is $24.37 and its two-hundred day simple moving average is $19.11. The company has a quick ratio of 0.49, a current ratio of 1.64 and a debt-to-equity ratio of 0.17. The company has a market capitalization of $2.40 billion, a price-to-earnings ratio of -6.67, a P/E/G ratio of 2.13 and a beta of 1.72.

Foot Locker (NYSE:FL - Get Free Report) last released its quarterly earnings data on Thursday, May 29th. The athletic footwear retailer reported ($0.07) EPS for the quarter, hitting the consensus estimate of ($0.07). Foot Locker had a positive return on equity of 3.65% and a negative net margin of 4.54%. The company had revenue of $1.79 billion during the quarter, compared to the consensus estimate of $1.86 billion. During the same period last year, the company earned $0.22 EPS. Foot Locker's revenue for the quarter was down 4.6% on a year-over-year basis. Equities analysts anticipate that Foot Locker, Inc. will post 1.23 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Wall Street Zen cut Foot Locker from a "hold" rating to a "sell" rating in a research report on Friday, April 11th. Piper Sandler dropped 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, April 11th. Gordon Haskett cut Foot Locker from a "moderate buy" rating to a "hold" rating in a research note on Thursday, May 15th. JPMorgan Chase & Co. upgraded shares of Foot Locker from an "underweight" rating to a "neutral" rating and boosted their target price for the company from $16.00 to $24.00 in a report on Thursday, May 15th. Finally, Telsey Advisory Group reissued a "market perform" rating and set a $24.00 price target on shares of Foot Locker in a research report on Friday, May 30th. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Foot Locker has a consensus rating of "Hold" and a consensus target price of $21.20.

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.