BNP Paribas Arbitrage SA cut its position in Foot Locker, Inc. (NYSE:FL) by 37.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 45,653 shares of the athletic footwear retailer’s stock after selling 26,898 shares during the period. BNP Paribas Arbitrage SA’s holdings in Foot Locker were worth $2,767,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of the company. CWM LLC boosted its stake in Foot Locker by 264.1% during the 1st quarter. CWM LLC now owns 477 shares of the athletic footwear retailer’s stock valued at $29,000 after purchasing an additional 346 shares during the last quarter. Bremer Trust National Association acquired a new position in Foot Locker during the 4th quarter valued at about $26,000. Investors Research Corp acquired a new position in Foot Locker during the 1st quarter valued at about $30,000. Lindbrook Capital LLC acquired a new position in Foot Locker during the 4th quarter valued at about $38,000. Finally, Executive Wealth Management LLC acquired a new position in Foot Locker during the 4th quarter valued at about $56,000. Institutional investors own 97.88% of the company’s stock.
In other Foot Locker 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 transaction of $4,800,800.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 2.40% of the stock is owned by company insiders.
Foot Locker (NYSE:FL) last posted its earnings results on Friday, March 1st. The athletic footwear retailer reported $1.56 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.39 by $0.17. Foot Locker had a net margin of 6.81% and a return on equity of 21.92%. The firm had revenue of $2.27 billion for the quarter, compared to analysts’ expectations of $2.18 billion. During the same quarter last year, the firm earned $1.26 EPS. The company’s quarterly revenue was up 2.8% compared to the same quarter last year. As a group, sell-side analysts expect that Foot Locker, Inc. will post 5.2 earnings per share for the current fiscal year.
Foot Locker declared that its board has approved a stock buyback program on Wednesday, February 20th that permits the company to buyback $1.20 billion in outstanding shares. This buyback authorization permits the athletic footwear retailer to reacquire up to 17.7% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
The company also recently announced a quarterly dividend, which was paid on Friday, May 3rd. Shareholders of record on Thursday, April 18th were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Wednesday, April 17th. This represents a $1.52 annualized dividend and a dividend yield of 2.75%. This is a boost from Foot Locker’s previous quarterly dividend of $0.35. Foot Locker’s dividend payout ratio (DPR) is currently 32.27%.
FL has been the subject of a number of analyst reports. Jefferies Financial Group set a $80.00 price target on Foot Locker and gave the company a “buy” rating in a research note on Friday, April 12th. Robert W. Baird lifted their price target on Foot Locker from $65.00 to $77.00 and gave the company an “outperform” rating in a research note on Monday, March 4th. They noted that the move was a valuation call. Pivotal Research downgraded Foot Locker from a “buy” rating to a “hold” rating and set a $64.00 price target for the company. in a research note on Tuesday, February 26th. Citigroup downgraded Foot Locker from a “buy” rating to a “neutral” rating and cut their price target for the company from $72.00 to $68.00 in a research note on Wednesday, April 10th. Finally, Wedbush reiterated a “buy” rating and set a $73.00 price target on shares of Foot Locker in a research note on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $65.85.
Foot Locker Company Profile
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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