Eqis Capital Management Inc. cut its position in shares of Foot Locker, Inc. (NYSE:FL) by 52.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,777 shares of the athletic footwear retailer’s stock after selling 18,295 shares during the period. Eqis Capital Management Inc.’s holdings in Foot Locker were worth $1,017,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of FL. Bank of New York Mellon Corp increased its position in shares of Foot Locker by 2.8% during the third quarter. Bank of New York Mellon Corp now owns 5,248,477 shares of the athletic footwear retailer’s stock valued at $267,569,000 after acquiring an additional 144,290 shares during the last quarter. Martingale Asset Management L P increased its position in shares of Foot Locker by 3.9% during the third quarter. Martingale Asset Management L P now owns 84,329 shares of the athletic footwear retailer’s stock valued at $4,300,000 after acquiring an additional 3,203 shares during the last quarter. Standard Life Aberdeen plc increased its position in shares of Foot Locker by 22.4% during the third quarter. Standard Life Aberdeen plc now owns 224,529 shares of the athletic footwear retailer’s stock valued at $11,448,000 after acquiring an additional 41,134 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Foot Locker during the third quarter valued at about $423,000. Finally, JPMorgan Chase & Co. increased its position in shares of Foot Locker by 452.7% during the third quarter. JPMorgan Chase & Co. now owns 443,716 shares of the athletic footwear retailer’s stock valued at $22,620,000 after acquiring an additional 363,439 shares during the last quarter. 97.88% of the stock is currently owned by institutional investors.
Shares of FL stock opened at $61.82 on Friday. The company has a quick ratio of 1.63, a current ratio of 3.30 and a debt-to-equity ratio of 0.05. The company has a market capitalization of $6.94 billion, a P/E ratio of 13.13, a price-to-earnings-growth ratio of 1.26 and a beta of 0.76. Foot Locker, Inc. has a fifty-two week low of $40.02 and a fifty-two week high of $68.00.
Foot Locker declared that its board has approved a stock repurchase program on Wednesday, February 20th that permits the company to buyback $1.20 billion in shares. This buyback authorization permits the athletic footwear retailer to reacquire up to 17.7% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 3rd. Investors of record on Thursday, April 18th will be issued a $0.38 dividend. The ex-dividend date of this dividend is Wednesday, April 17th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.46%. This is a boost from Foot Locker’s previous quarterly dividend of $0.35. Foot Locker’s payout ratio is 32.27%.
In related news, CEO Richard A. Johnson sold 80,000 shares of Foot Locker stock in a transaction that occurred on Wednesday, February 20th. The shares were sold at an average price of $60.01, for a total value of $4,800,800.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.40% of the company’s stock.
FL has been the subject of a number of recent analyst reports. Zacks Investment Research reiterated a “hold” rating and set a $55.00 price target on shares of Foot Locker in a research report on Monday, December 31st. Robert W. Baird upgraded shares of Foot Locker from a “neutral” rating to an “outperform” rating in a research report on Wednesday, January 9th. Jefferies Financial Group lifted their price target on shares of Foot Locker from $62.00 to $67.00 and gave the company a “buy” rating in a research report on Friday, January 25th. Cowen reiterated a “hold” rating and set a $60.00 price target on shares of Foot Locker in a research report on Wednesday, February 6th. Finally, Guggenheim reiterated a “buy” rating and set a $66.00 price target on shares of Foot Locker in a research report on Thursday, February 21st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and fourteen have assigned a buy rating to the company. Foot Locker has an average rating of “Buy” and a consensus target price of $65.85.
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About Foot Locker
Foot Locker, Inc, through its subsidiaries, operates as an athletic shoes and apparel retailer. The company operates in two segments, Athletic Stores and Direct-to-Customers. The Athletic Stores segment retails athletic footwear, apparel, accessories, and equipment under various formats, including Foot Locker, Kids Foot Locker, Lady Foot Locker, Champs Sports, Footaction, Runners Point, Sidestep, and SIX:02.
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