Morgan Stanley Lowers Foot Locker (NYSE:FL) Price Target to $14.00

Foot Locker (NYSE:FL - Get Free Report) had its price target lowered by equities research analysts at Morgan Stanley from $16.00 to $14.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has an "underweight" rating on the athletic footwear retailer's stock. Morgan Stanley's price target indicates a potential upside of 19.45% from the company's current price.

A number of other brokerages have also recently issued reports on FL. Barclays set a $24.00 price objective on Foot Locker in a report on Wednesday, March 5th. Telsey Advisory Group reaffirmed a "market perform" rating and issued a $24.00 price objective on shares of Foot Locker in a research note on Wednesday, March 5th. Evercore ISI dropped their price objective on shares of Foot Locker from $22.00 to $15.00 and set an "outperform" rating on the stock in a research note on Friday, April 11th. Robert W. Baird decreased their price objective 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. Finally, StockNews.com lowered shares of Foot Locker from a "hold" rating to a "sell" rating in a research report on Friday, April 11th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $21.25.

Foot Locker Price Performance

Shares of FL traded down $0.32 on Tuesday, hitting $11.72. The company's stock had a trading volume of 766,887 shares, compared to its average volume of 3,483,259. Foot Locker has a fifty-two week low of $11.00 and a fifty-two week high of $33.94. The company has a 50 day moving average price of $14.19 and a 200 day moving average price of $19.12. The company has a market capitalization of $1.12 billion, a PE ratio of -2.60, a PEG ratio of 0.53 and a beta of 1.42. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.67 and a quick ratio of 0.45.

Foot Locker (NYSE:FL - Get Free Report) last posted its quarterly earnings data 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. Foot Locker had a positive return on equity of 2.91% and a negative net margin of 5.24%. The business had revenue of $2.25 billion during the quarter, compared to the consensus estimate of $2.32 billion. During the same period last year, the company earned $0.38 earnings per share. Foot Locker's quarterly revenue was down 5.7% on a year-over-year basis. On average, research analysts anticipate that Foot Locker will post 1.23 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Foot Locker

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Harbour Investments Inc. grew its position in Foot Locker by 81.6% during the 4th quarter. Harbour Investments Inc. now owns 1,442 shares of the athletic footwear retailer's stock worth $31,000 after purchasing an additional 648 shares during the period. Aster Capital Management DIFC Ltd purchased a new position in shares of Foot Locker in the 4th quarter valued at about $32,000. GAMMA Investing LLC boosted its position in Foot Locker by 250.6% during the first quarter. GAMMA Investing LLC now owns 2,468 shares of the athletic footwear retailer's stock worth $35,000 after purchasing an additional 1,764 shares in the last quarter. R Squared Ltd purchased a new position in shares of Foot Locker during the 4th quarter valued at approximately $50,000. Finally, Sterling Capital Management LLC raised its position in Foot Locker by 819.2% during the fourth quarter. Sterling Capital Management LLC now owns 2,629 shares of the athletic footwear retailer's stock worth $57,000 after acquiring an additional 2,343 shares during the period.

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.

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