Foot Locker (NYSE:FL) Price Target Raised to $26.00

Key Points

• Foot Locker's price target was raised from $24.00 to $26.00 by analysts at Robert W. Baird, suggesting a potential upside of 4.25% from its previous closing.
• The retailer reported a loss of ($0.27) EPS for the last quarter, missing the consensus estimate by $0.32, with year-over-year revenue down by 2.3%.
• Currently, Foot Locker has a consensus rating of "Hold" with analysts varying in their outlooks, with two ratings as "Buy" and twelve as "Hold".

Foot Locker (NYSE:FL - Get Free Report) had its price target increased by research analysts at Robert W. Baird from $24.00 to $26.00 in a report released on Thursday, MarketBeat Ratings reports. The brokerage presently has a "neutral" rating on the athletic footwear retailer's stock. Robert W. Baird's price target would indicate a potential upside of 7.82% from the company's previous close.

FL has been the topic of several other research reports. Telsey Advisory Group reiterated a "market perform" rating and issued a $24.00 price target on shares of Foot Locker in a report on Wednesday, August 27th. Barclays lowered Foot Locker from an "overweight" rating to an "equal weight" rating in a research report on Thursday, May 29th. JPMorgan Chase & Co. upgraded Foot Locker from an "underweight" rating to a "neutral" rating and raised their price objective for the company from $16.00 to $24.00 in a report on Thursday, May 15th. Morgan Stanley decreased their price objective on Foot Locker from $16.00 to $14.00 and set an "underweight" rating on the stock in a report on Tuesday, May 6th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Foot Locker in a research note on Wednesday, August 27th. Two equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Foot Locker currently has an average rating of "Hold" and an average price target of $21.33.

Foot Locker Trading Down 2.4%

FL stock traded down $0.59 during mid-day trading on Thursday, reaching $24.12. 1,218,275 shares of the stock traded hands, compared to its average volume of 4,707,658. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.45 and a current ratio of 1.59. Foot Locker has a one year low of $11.00 and a one year high of $30.87. The stock has a market capitalization of $2.30 billion, a PE ratio of -5.98, a PEG ratio of 2.23 and a beta of 1.79. The business has a 50-day moving average price of $25.19 and a two-hundred day moving average price of $20.11.

Foot Locker (NYSE:FL - Get Free Report) last released its quarterly earnings data on Wednesday, August 27th. The athletic footwear retailer reported ($0.27) earnings per share for the quarter, missing analysts' consensus estimates of $0.05 by ($0.32). The business had revenue of $1.86 billion during 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 firm's revenue was down 2.3% compared to the same quarter last year. During the same period last year, the company earned ($0.05) earnings per share. Equities research analysts expect that Foot Locker will post 1.23 EPS for the current year.

Insiders Place Their Bets

In other news, CAO Giovanna Cipriano sold 22,383 shares of Foot Locker stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $24.90, for a total value of $557,336.70. Following the completion of the transaction, the chief accounting officer owned 93,895 shares in the company, valued at approximately $2,337,985.50. This trade represents a 19.25% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Foot Locker

Several hedge funds and other institutional investors have recently made changes to their positions in FL. Norges Bank purchased a new position in shares of Foot Locker in the 2nd quarter valued at about $37,975,000. Alliancebernstein L.P. lifted its stake in Foot Locker by 1,249.5% during the second quarter. Alliancebernstein L.P. now owns 1,510,886 shares of the athletic footwear retailer's stock worth $37,017,000 after purchasing an additional 1,398,924 shares during the last quarter. AQR Arbitrage LLC purchased a new stake in Foot Locker during the second quarter worth approximately $29,349,000. Man Group plc lifted its stake in Foot Locker by 890.3% during the second quarter. Man Group plc now owns 1,047,369 shares of the athletic footwear retailer's stock worth $25,661,000 after purchasing an additional 941,601 shares during the last quarter. Finally, P Schoenfeld Asset Management LP purchased a new stake in Foot Locker during the second quarter worth approximately $19,562,000.

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.