Foot Locker (NYSE:FL) Upgraded by Zacks Research to Hold Rating

Key Points

• Foot Locker has been upgraded by Zacks Research from a "strong sell" rating to a "hold" rating, reflecting a potential shift in market sentiment.
• The company's share price target has been set at $24.00 by multiple brokerages, while Goldman Sachs has lowered their price objective to $17.00 with a sell rating.
• Foot Locker reported earnings of ($0.07) per share, matching analysts' consensus estimates, with a revenue decrease of 4.6% year-over-year, totaling $1.79 billion for the quarter.

Foot Locker (NYSE:FL - Get Free Report) was upgraded by stock analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research report issued on Monday,Zacks.com reports.

Several other brokerages have also commented on FL. Telsey Advisory Group reissued a "market perform" rating and set a $24.00 price objective on shares of Foot Locker in a report on Friday, May 30th. Gordon Haskett lowered shares of Foot Locker from a "moderate buy" rating to a "hold" rating in a research report on Thursday, May 15th. Robert W. Baird set a $24.00 price target on Foot Locker in a research report on Thursday, May 29th. The Goldman Sachs Group reduced their price objective on Foot Locker from $19.00 to $17.00 and set a "sell" rating on the stock in a research report on Tuesday, April 22nd. Finally, JPMorgan Chase & Co. upgraded Foot Locker from an "underweight" rating to a "neutral" rating and boosted their target price for the stock from $16.00 to $24.00 in a research report on Thursday, May 15th. Two investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Foot Locker presently has an average rating of "Hold" and an average target price of $21.20.

Foot Locker Stock Performance

Shares of Foot Locker stock traded down $0.5140 during trading hours on Monday, reaching $25.6660. The company had a trading volume of 245,754 shares, compared to its average volume of 4,510,603. Foot Locker has a one year low of $11.00 and a one year high of $33.94. The business has a fifty day simple moving average of $24.88 and a 200 day simple moving average of $19.69. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.64 and a quick ratio of 0.49. The firm has a market cap of $2.45 billion, a PE ratio of -6.80, a price-to-earnings-growth ratio of 2.15 and a beta of 1.75.

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

Insider Transactions at Foot Locker

In other Foot Locker news, CAO Giovanna Cipriano sold 22,383 shares of the stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $24.90, for a total transaction of $557,336.70. Following the sale, the chief accounting officer directly 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 document filed with the SEC, which is accessible through this hyperlink. Company insiders own 1.20% of the company's stock.

Hedge Funds Weigh In On Foot Locker

A number of hedge funds have recently bought and sold shares of FL. Norges Bank bought a new position in Foot Locker during the second quarter valued at approximately $37,975,000. Alliancebernstein L.P. grew its holdings in shares of Foot Locker by 1,249.5% in the second quarter. Alliancebernstein L.P. now owns 1,510,886 shares of the athletic footwear retailer's stock worth $37,017,000 after acquiring an additional 1,398,924 shares during the period. AQR Arbitrage LLC purchased a new stake in Foot Locker during the second quarter valued at $29,349,000. Man Group plc lifted its holdings in Foot Locker by 890.3% in the second quarter. Man Group plc now owns 1,047,369 shares of the athletic footwear retailer's stock valued at $25,661,000 after acquiring an additional 941,601 shares during the period. Finally, P Schoenfeld Asset Management LP purchased a new position in Foot Locker in the second quarter worth about $19,562,000.

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.

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