Credit Suisse Group Raises Foot Locker (NYSE:FL) Price Target to $77.00

Foot Locker (NYSE:FL) had its price objective hoisted by investment analysts at Credit Suisse Group from $75.00 to $77.00 in a report released on Friday, March 29th, The Fly reports. The brokerage presently has an “outperform” rating on the athletic footwear retailer’s stock. Credit Suisse Group’s target price would indicate a potential upside of 24.56% from the company’s previous close.

A number of other equities analysts also recently issued reports on FL. Barclays increased their price target on shares of Foot Locker to $85.00 and gave the company an “overweight” rating in a report on Monday, March 4th. Robert W. Baird raised their target price on shares of Foot Locker from $65.00 to $77.00 and gave the company an “outperform” rating in a report on Monday, March 4th. They noted that the move was a valuation call. B. Riley raised their target price on shares of Foot Locker from $57.00 to $62.00 and gave the company a “neutral” rating in a report on Monday, March 4th. Zacks Investment Research downgraded shares of Foot Locker from a “buy” rating to a “hold” rating in a report on Monday, December 10th. Finally, Wedbush restated an “outperform” rating and set a $73.00 target price on shares of Foot Locker in a report on Tuesday, March 26th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and fourteen have issued a buy rating to the stock. Foot Locker has a consensus rating of “Buy” and a consensus target price of $65.85.

Shares of Foot Locker stock traded down $0.94 during trading hours on Friday, hitting $61.82. The company had a trading volume of 1,472,214 shares, compared to its average volume of 2,712,162. Foot Locker has a twelve month low of $40.02 and a twelve month high of $68.00. The company has a current ratio of 3.30, a quick ratio of 1.63 and a debt-to-equity ratio of 0.05. The stock has a market cap of $6.94 billion, a price-to-earnings ratio of 13.13, a PEG ratio of 1.26 and a beta of 0.76.

Foot Locker (NYSE:FL) last issued its quarterly earnings results on Friday, March 1st. The athletic footwear retailer reported $1.56 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.39 by $0.17. The firm had revenue of $2.27 billion during the quarter, compared to analysts’ expectations of $2.18 billion. Foot Locker had a net margin of 6.81% and a return on equity of 21.92%. Foot Locker’s quarterly revenue was up 2.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.26 EPS. On average, analysts forecast that Foot Locker will post 5.2 earnings per share for the current fiscal year.

Foot Locker announced that its Board of Directors has initiated a share repurchase program on Wednesday, February 20th that authorizes the company to repurchase $1.20 billion in shares. This repurchase authorization authorizes the athletic footwear retailer to buy up to 17.7% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

In related news, CEO Richard A. Johnson sold 80,000 shares of Foot Locker stock in a transaction 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.40% of the stock is currently owned by insiders.

A number of hedge funds have recently added to or reduced their stakes in FL. Private Advisor Group LLC acquired a new position in shares of Foot Locker during the fourth quarter valued at $529,000. Canada Pension Plan Investment Board boosted its holdings in shares of Foot Locker by 39.0% during the fourth quarter. Canada Pension Plan Investment Board now owns 558,510 shares of the athletic footwear retailer’s stock valued at $29,710,000 after acquiring an additional 156,800 shares during the period. Putnam Investments LLC acquired a new position in shares of Foot Locker during the third quarter valued at $3,825,000. O Shaughnessy Asset Management LLC boosted its holdings in shares of Foot Locker by 106.4% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 5,068 shares of the athletic footwear retailer’s stock valued at $270,000 after acquiring an additional 2,612 shares during the period. Finally, Sanders Morris Harris LLC boosted its holdings in shares of Foot Locker by 140.0% during the fourth quarter. Sanders Morris Harris LLC now owns 12,000 shares of the athletic footwear retailer’s stock valued at $638,000 after acquiring an additional 7,000 shares during the period. Hedge funds and other institutional investors own 97.88% of the company’s stock.

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.

Further Reading: What is a balanced fund?

The Fly

Analyst Recommendations for Foot Locker (NYSE:FL)

Receive News & Ratings for Foot Locker Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Foot Locker and related companies with MarketBeat.com's FREE daily email newsletter.