Foot Locker (NYSE:FL) Shares Down 14.9% – Here’s What Happened

Foot Locker, Inc. (NYSE:FL) dropped 14.9% during mid-day trading on Thursday . The company traded as low as $12.70 and last traded at $12.52. Approximately 1,152,298 shares were traded during trading, a decline of 65% from the average daily volume of 3,305,900 shares. The stock had previously closed at $14.72.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. UBS Group cut their price target on shares of Foot Locker from $22.00 to $21.00 and set a “neutral” rating on the stock in a report on Thursday, March 6th. Robert W. Baird lowered their price objective on Foot Locker from $24.00 to $20.00 and set a “neutral” rating for the company in a report on Thursday, March 6th. JPMorgan Chase & Co. lowered their price target on Foot Locker from $23.00 to $20.00 and set an “underweight” rating for the company in a report on Friday, January 24th. Barclays set a $24.00 price objective on shares of Foot Locker in a report on Wednesday, March 5th. Finally, Telsey Advisory Group reissued a “market perform” rating and issued a $24.00 target price on shares of Foot Locker in a report on Wednesday, March 5th. Four analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, Foot Locker currently has an average rating of “Hold” and an average target price of $22.81.

Foot Locker Price Performance

The company has a 50-day moving average of $17.78 and a 200 day moving average of $21.44. The firm has a market cap of $1.15 billion, a P/E ratio of -2.69, a P/E/G ratio of 0.53 and a beta of 1.55. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.45 and a current ratio of 1.67.

Foot Locker (NYSE:FL) last issued its quarterly earnings data on Wednesday, March 5th. The athletic footwear retailer reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.13. Foot Locker had a negative net margin of 5.24% and a positive return on equity of 2.91%. The firm had revenue of $2.25 billion for the quarter, compared to analysts’ expectations of $2.32 billion. During the same period in the prior year, the firm earned $0.38 earnings per share. The company’s quarterly revenue was down 5.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Foot Locker, Inc. will post 1.23 EPS for the current year.

Institutional Trading of Foot Locker

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Harbour Investments Inc. lifted its stake in Foot Locker by 81.6% in the fourth quarter. Harbour Investments Inc. now owns 1,442 shares of the athletic footwear retailer’s stock valued at $31,000 after buying an additional 648 shares during the period. Aster Capital Management DIFC Ltd bought a new position in shares of Foot Locker in the fourth quarter valued at $32,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Foot Locker during the 3rd quarter worth about $58,000. R Squared Ltd acquired a new stake in shares of Foot Locker in the fourth quarter valued at approximately $50,000. Finally, Sterling Capital Management LLC boosted 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 purchasing 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.