Foot Locker’s (FL) Buy Rating Reiterated at Pivotal Research

Pivotal Research reissued their buy rating on shares of Foot Locker (NYSE:FL) in a research note released on Tuesday morning, AnalystRatings.com reports. Pivotal Research currently has a $66.00 price target on the athletic footwear retailer’s stock, down from their previous price target of $73.00.

FL has been the topic of a number of other research reports. ValuEngine upgraded Foot Locker from a hold rating to a buy rating in a research report on Friday, March 1st. Canaccord Genuity set a $64.00 price objective on Foot Locker and gave the stock a buy rating in a research report on Tuesday, February 26th. Guggenheim restated a buy rating and set a $66.00 price objective on shares of Foot Locker in a research report on Thursday, February 21st. Jefferies Financial Group boosted their price objective on Foot Locker from $62.00 to $67.00 and gave the stock a buy rating in a research report on Friday, January 25th. Finally, Zacks Investment Research upgraded Foot Locker from a hold rating to a buy rating and set a $62.00 price objective on the stock in a research report on Monday, February 4th. 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. The company has a consensus rating of Buy and a consensus target price of $66.05.

Shares of FL opened at $52.83 on Tuesday. Foot Locker has a 52-week low of $43.84 and a 52-week high of $68.00. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.63 and a current ratio of 3.30. The firm has a market capitalization of $6.31 billion, a PE ratio of 11.22, a price-to-earnings-growth ratio of 1.15 and a beta of 0.71.

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

The business also recently announced a quarterly dividend, which will be paid on Friday, August 2nd. Shareholders of record on Friday, July 19th will be issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 2.88%. The ex-dividend date is Thursday, July 18th. Foot Locker’s payout ratio is presently 32.27%.

Foot Locker declared that its Board of Directors has approved a stock buyback program on Wednesday, February 20th that authorizes the company to buyback $1.20 billion in outstanding shares. This buyback authorization authorizes the athletic footwear retailer to repurchase up to 17.7% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

A number of institutional investors and hedge funds have recently made changes to their positions in FL. Vanguard Group Inc lifted its stake in shares of Foot Locker by 0.7% in the 3rd quarter. Vanguard Group Inc now owns 12,178,329 shares of the athletic footwear retailer’s stock valued at $620,851,000 after purchasing an additional 85,314 shares during the period. BlackRock Inc. lifted its stake in shares of Foot Locker by 2.1% in the 4th quarter. BlackRock Inc. now owns 7,046,767 shares of the athletic footwear retailer’s stock valued at $374,890,000 after purchasing an additional 146,138 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Foot Locker by 2.1% in the 4th quarter. Bank of New York Mellon Corp now owns 5,361,255 shares of the athletic footwear retailer’s stock valued at $285,219,000 after purchasing an additional 112,778 shares during the period. LSV Asset Management lifted its stake in shares of Foot Locker by 23.5% in the 1st quarter. LSV Asset Management now owns 4,199,887 shares of the athletic footwear retailer’s stock valued at $254,513,000 after purchasing an additional 798,850 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Foot Locker by 9.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,938,679 shares of the athletic footwear retailer’s stock valued at $178,084,000 after purchasing an additional 253,350 shares during the period. 99.09% of the stock is currently owned by hedge funds and other institutional investors.

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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Analyst Recommendations for Foot Locker (NYSE:FL)

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