Foot Locker (NYSE:FL) Rating Lowered to Sell at StockNews.com

Foot Locker (NYSE:FL) was downgraded by equities researchers at StockNews.com from a “hold” rating to a “sell” rating in a research note issued on Friday.

FL has been the subject of a number of other research reports. Telsey Advisory Group reissued a “market perform” rating and issued a $27.00 price objective on shares of Foot Locker in a research report on Wednesday, August 28th. Robert W. Baird boosted their target price on Foot Locker from $26.00 to $35.00 and gave the stock a “neutral” rating in a report on Monday, August 26th. Wedbush reaffirmed a “neutral” rating and set a $25.00 price target on shares of Foot Locker in a research report on Wednesday, June 12th. Barclays raised Foot Locker from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $27.00 to $34.00 in a research report on Thursday, August 29th. Finally, Morgan Stanley downgraded shares of Foot Locker from an “equal weight” rating to an “underweight” rating and lowered their target price for the stock from $24.00 to $18.00 in a research note on Thursday, July 18th. Five equities research analysts have rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $26.40.

Foot Locker Price Performance

NYSE:FL opened at $28.35 on Friday. Foot Locker has a 12 month low of $16.68 and a 12 month high of $35.60. The company has a current ratio of 1.66, a quick ratio of 0.49 and a debt-to-equity ratio of 0.15. The business’s 50-day moving average is $28.55 and its 200 day moving average is $25.56. The company has a market capitalization of $2.69 billion, a P/E ratio of -7.48, a P/E/G ratio of 0.65 and a beta of 1.44.

Foot Locker (NYSE:FL) last issued its quarterly earnings results on Wednesday, August 28th. The athletic footwear retailer reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.03. Foot Locker had a positive return on equity of 2.73% and a negative net margin of 4.48%. The firm had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.88 billion. On average, equities research analysts forecast that Foot Locker will post 1.51 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Foot Locker news, major shareholder Vesa Equity Investment S.A R.L sold 539,180 shares of the stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $33.22, for a total value of $17,911,559.60. Following the completion of the transaction, the insider now directly owns 10,393,592 shares of the company’s stock, valued at $345,275,126.24. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders sold 787,566 shares of company stock valued at $26,090,866 over the last ninety days. Corporate insiders own 1.20% of the company’s stock.

Institutional Trading of Foot Locker

Hedge funds have recently bought and sold shares of the company. Patriot Financial Group Insurance Agency LLC raised its stake in shares of Foot Locker by 3.1% in the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 14,235 shares of the athletic footwear retailer’s stock valued at $355,000 after acquiring an additional 431 shares during the period. Nisa Investment Advisors LLC boosted its stake in Foot Locker by 1.2% during the 2nd quarter. Nisa Investment Advisors LLC now owns 41,541 shares of the athletic footwear retailer’s stock valued at $1,035,000 after purchasing an additional 483 shares during the period. Arizona State Retirement System raised its position in shares of Foot Locker by 2.2% during the 2nd quarter. Arizona State Retirement System now owns 23,808 shares of the athletic footwear retailer’s stock worth $593,000 after buying an additional 518 shares in the last quarter. Comerica Bank raised its position in shares of Foot Locker by 1.5% during the 4th quarter. Comerica Bank now owns 41,010 shares of the athletic footwear retailer’s stock worth $1,277,000 after buying an additional 610 shares in the last quarter. Finally, SummerHaven Investment Management LLC raised its holdings in shares of Foot Locker by 2.5% in the 2nd quarter. SummerHaven Investment Management LLC now owns 27,671 shares of the athletic footwear retailer’s stock worth $690,000 after purchasing an additional 667 shares in the last quarter.

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.