Foot Locker (NYSE:FL) Hits New 1-Year Low Following Analyst Downgrade

Foot Locker, Inc. (NYSE:FL) reached a new 52-week low during trading on Tuesday after Evercore ISI lowered their price target on the stock from $30.00 to $22.00. Evercore ISI currently has an outperform rating on the stock. Foot Locker traded as low as $17.01 and last traded at $17.28, with a volume of 529095 shares traded. The stock had previously closed at $17.88.

Other equities analysts have also recently issued research reports about the company. Jefferies Financial Group lowered their target price on Foot Locker from $27.00 to $22.00 and set a “hold” rating for the company in a report on Wednesday, December 4th. Robert W. Baird dropped their target price on Foot Locker from $27.00 to $24.00 and set a “neutral” rating on the stock in a research report on Thursday, December 5th. JPMorgan Chase & Co. reduced their price target on Foot Locker from $23.00 to $20.00 and set an “underweight” rating for the company in a research report on Friday, January 24th. Guggenheim decreased their price target on shares of Foot Locker from $34.00 to $28.00 and set a “buy” rating for the company in a research note on Thursday, December 5th. Finally, Morgan Stanley reduced their target price on shares of Foot Locker from $17.00 to $16.00 and set an “underweight” rating for the company in a report on Friday, December 6th. Four research analysts have rated the stock with a sell rating, nine have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $24.35.

Institutional Investors Weigh In On Foot Locker

Several hedge funds have recently added to or reduced their stakes in FL. Creative Planning raised its position in shares of Foot Locker by 42.1% in the third quarter. Creative Planning now owns 13,823 shares of the athletic footwear retailer’s stock valued at $357,000 after purchasing an additional 4,093 shares during the period. State of New Jersey Common Pension Fund D bought a new position in Foot Locker in the 3rd quarter valued at about $1,563,000. Chartwell Investment Partners LLC lifted its position in Foot Locker by 2.4% during the third quarter. Chartwell Investment Partners LLC now owns 33,685 shares of the athletic footwear retailer’s stock worth $870,000 after acquiring an additional 782 shares during the last quarter. Versor Investments LP bought a new stake in shares of Foot Locker during the third quarter worth approximately $793,000. Finally, Empowered Funds LLC grew its position in shares of Foot Locker by 5.4% in the third quarter. Empowered Funds LLC now owns 385,521 shares of the athletic footwear retailer’s stock valued at $9,962,000 after purchasing an additional 19,612 shares during the last quarter.

Foot Locker Stock Performance

The stock has a 50 day moving average price of $20.07 and a two-hundred day moving average price of $23.48. The company has a market cap of $1.63 billion, a P/E ratio of -3.81, a price-to-earnings-growth ratio of 0.53 and a beta of 1.48. The company has a quick ratio of 0.45, a current ratio of 1.67 and a debt-to-equity ratio of 0.15.

Foot Locker (NYSE:FL) last posted its earnings results on Wednesday, December 4th. The athletic footwear retailer reported $0.33 earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.07). Foot Locker had a positive return on equity of 2.91% and a negative net margin of 5.24%. The firm had revenue of $1.96 billion for the quarter, compared to analyst estimates of $2.01 billion. During the same period in the prior year, the business posted $0.30 EPS. The firm’s quarterly revenue was down 1.4% compared to the same quarter last year. On average, research analysts predict that Foot Locker, Inc. will post 1.23 earnings per share for the current fiscal year.

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.