Foot Locker (FL) Rating Increased to Buy at B. Riley

B. Riley upgraded shares of Foot Locker (NYSE:FL) from a neutral rating to a buy rating in a research report sent to investors on Friday morning, BenzingaRatingsTable reports. The firm currently has $73.00 price target on the athletic footwear retailer’s stock, up from their prior price target of $62.00.

A number of other research firms also recently issued reports on FL. Citigroup upped their target price on shares of Foot Locker from $63.00 to $72.00 and gave the company a buy rating in a research report on Wednesday, March 6th. Wedbush upped their target price on shares of Foot Locker from $67.00 to $73.00 and gave the company an outperform rating in a research report on Monday, March 4th. Imperial Capital restated an outperform rating and set a $70.00 target price (up from $66.00) on shares of Foot Locker in a research report on Monday, March 4th. Pivotal Research upgraded shares of Foot Locker from a hold rating to a buy rating and upped their target price for the company from $64.00 to $73.00 in a research report on Monday, March 4th. Finally, ValuEngine upgraded shares of Foot Locker from a hold rating to a buy rating in a research report on Friday, March 1st. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and fifteen have given a buy rating to the company. Foot Locker presently has a consensus rating of Buy and a consensus price target of $66.40.

Foot Locker stock traded down $0.27 during trading hours on Friday, reaching $55.20. 2,899,011 shares of the company’s stock traded hands, compared to its average volume of 2,618,682. The company has a current ratio of 3.30, a quick ratio of 1.63 and a debt-to-equity ratio of 0.05. Foot Locker has a fifty-two week low of $43.34 and a fifty-two week high of $68.00. The company has a market cap of $6.23 billion, a PE ratio of 11.72, a PEG ratio of 1.13 and a beta of 0.71.

Foot Locker (NYSE:FL) last released its earnings results on Friday, March 1st. The athletic footwear retailer reported $1.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.17. Foot Locker had a net margin of 6.81% and a return on equity of 21.92%. The company had revenue of $2.27 billion for the quarter, compared to the consensus estimate of $2.18 billion. During the same period in the prior year, the company posted $1.26 EPS. The company’s revenue was up 2.8% compared to the same quarter last year. Research analysts forecast that Foot Locker will post 5.19 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, May 3rd. Investors of record on Thursday, April 18th were given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.75%. This is an increase from Foot Locker’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend was Wednesday, April 17th. Foot Locker’s dividend payout ratio (DPR) is currently 32.27%.

Foot Locker announced that its Board of Directors has authorized a share repurchase plan on Wednesday, February 20th that permits the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization permits the athletic footwear retailer to purchase up to 17.7% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.

In other Foot Locker news, CEO Richard A. Johnson sold 80,000 shares of the firm’s 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 2.40% of the company’s stock.

A number of hedge funds have recently made changes to their positions in FL. JPMorgan Chase & Co. raised its holdings in Foot Locker by 452.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 443,716 shares of the athletic footwear retailer’s stock worth $22,620,000 after buying an additional 363,439 shares during the period. Neuberger Berman Group LLC acquired a new stake in Foot Locker during the 3rd quarter worth approximately $37,272,000. Vanguard Group Inc raised its holdings in Foot Locker by 0.7% during the 3rd quarter. Vanguard Group Inc now owns 12,178,329 shares of the athletic footwear retailer’s stock worth $620,851,000 after buying an additional 85,314 shares during the period. Meeder Asset Management Inc. raised its holdings in Foot Locker by 5.8% during the 4th quarter. Meeder Asset Management Inc. now owns 28,819 shares of the athletic footwear retailer’s stock worth $1,531,000 after buying an additional 1,570 shares during the period. Finally, Nisa Investment Advisors LLC raised its holdings in Foot Locker by 22.2% during the 4th quarter. Nisa Investment Advisors LLC now owns 68,700 shares of the athletic footwear retailer’s stock worth $3,655,000 after buying an additional 12,500 shares during the period. Hedge funds and other institutional investors own 97.88% of the company’s stock.

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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Analyst Recommendations for Foot Locker (NYSE:FL)

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