Foot Locker (NYSE:FL) Trading Down 2.7% After Analyst Downgrade

Shares of Foot Locker, Inc. (NYSE:FL) dropped 2.7% during mid-day trading on Monday after Evercore ISI lowered their price target on the stock from $22.00 to $15.00. Evercore ISI currently has an outperform rating on the stock. Foot Locker traded as low as $11.40 and last traded at $11.49. Approximately 1,486,345 shares were traded during trading, a decline of 63% from the average daily volume of 4,006,554 shares. The stock had previously closed at $11.81.

A number of other equities analysts have also recently issued reports on FL. JPMorgan Chase & Co. dropped their target price on Foot Locker from $23.00 to $20.00 and set an “underweight” rating for the company in a report on Friday, January 24th. 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, March 5th. Robert W. Baird reduced their target price on shares of Foot Locker from $24.00 to $20.00 and set a “neutral” rating on the stock in a research note on Thursday, March 6th. StockNews.com cut shares of Foot Locker from a “hold” rating to a “sell” rating in a research report on Friday. Finally, Needham & Company LLC restated a “buy” rating and issued a $24.00 price target on shares of Foot Locker in a research report on Wednesday, March 5th. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Foot Locker presently has an average rating of “Hold” and a consensus target price of $21.94.

Hedge Funds Weigh In On Foot Locker

Several large investors have recently made changes to their positions in the company. Summit Investment Advisors Inc. increased its position in 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 period. Harbour Investments Inc. grew its position 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 worth $31,000 after buying an additional 648 shares during the period. Foundry Partners LLC raised its stake in shares of Foot Locker by 8.8% during 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 during the last quarter. Aster Capital Management DIFC Ltd bought a new stake in shares of Foot Locker during the fourth quarter worth approximately $32,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Foot Locker by 3.9% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 47,462 shares of the athletic footwear retailer’s stock valued at $1,033,000 after buying an additional 1,786 shares during the period.

Foot Locker Trading Down 2.7 %

The business’s 50 day simple moving average is $16.42 and its 200-day simple moving average is $20.49. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.67 and a quick ratio of 0.45. The stock has a market capitalization of $1.09 billion, a P/E ratio of -2.55, a PEG ratio of 0.53 and a beta of 1.41.

Foot Locker (NYSE:FL) last announced its quarterly earnings data on Wednesday, March 5th. The athletic footwear retailer reported $0.86 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 analysts’ expectations of $2.32 billion. During the same period in the previous year, the firm earned $0.38 earnings per share. The firm’s quarterly revenue was down 5.7% compared to the same quarter last year. As a group, analysts forecast that Foot Locker, Inc. will post 1.23 EPS for the current year.

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.