Foot Locker (NYSE:FL) Price Target Cut to $20.00

Foot Locker (NYSE:FL) had its price target reduced by equities researchers at Morgan Stanley from $26.00 to $20.00 in a research report issued on Monday, Benzinga reports. The firm presently has an “equal weight” rating on the athletic footwear retailer’s stock. Morgan Stanley’s price target would suggest a potential downside of 12.89% from the stock’s previous close.

A number of other research analysts have also recently weighed in on FL. Telsey Advisory Group restated a “market perform” rating and issued a $28.00 price target (down previously from $38.00) on shares of Foot Locker in a research report on Thursday, March 7th. Jefferies Financial Group reduced their price target on shares of Foot Locker from $25.00 to $24.00 and set a “hold” rating on the stock in a report on Wednesday, March 6th. Citigroup upgraded shares of Foot Locker from a “sell” rating to a “neutral” rating and increased their price target for the company from $19.00 to $24.00 in a research report on Friday, March 22nd. Evercore ISI raised Foot Locker from an “in-line” rating to an “outperform” rating and upped their target price for the company from $28.00 to $32.00 in a research note on Monday, March 25th. Finally, Bank of America lowered their target price on Foot Locker from $31.00 to $27.00 and set a “neutral” rating on the stock in a report on Thursday, March 7th. Four research analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, Foot Locker has a consensus rating of “Hold” and an average target price of $24.56.

Foot Locker Price Performance

FL stock traded up $1.15 during trading on Monday, reaching $22.96. 2,997,137 shares of the company were exchanged, compared to its average volume of 3,589,444. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.55 and a current ratio of 1.72. The stock’s 50 day moving average price is $25.07 and its 200 day moving average price is $26.40. Foot Locker has a 52-week low of $14.84 and a 52-week high of $42.19. The company has a market cap of $2.17 billion, a P/E ratio of -6.57, a PEG ratio of 0.52 and a beta of 1.50.

Foot Locker (NYSE:FL) last announced its quarterly earnings results on Wednesday, March 6th. The athletic footwear retailer reported $0.38 EPS for the quarter, topping the consensus estimate of $0.34 by $0.04. Foot Locker had a positive return on equity of 4.25% and a negative net margin of 4.04%. The business had revenue of $2.38 billion for the quarter, compared to analyst estimates of $2.28 billion. During the same quarter in the previous year, the company earned $0.97 EPS. The company’s quarterly revenue was up 2.0% on a year-over-year basis. As a group, analysts predict that Foot Locker will post 1.55 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC acquired a new position in shares of Foot Locker in the 3rd quarter valued at about $310,000. New York State Teachers Retirement System lifted its position in Foot Locker by 3.2% during the third quarter. New York State Teachers Retirement System now owns 110,967 shares of the athletic footwear retailer’s stock valued at $1,925,000 after buying an additional 3,410 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Foot Locker by 17.4% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,187 shares of the athletic footwear retailer’s stock valued at $281,000 after buying an additional 2,397 shares in the last quarter. Advisor Partners II LLC increased its position in shares of Foot Locker by 550.3% in the third quarter. Advisor Partners II LLC now owns 56,456 shares of the athletic footwear retailer’s stock worth $980,000 after acquiring an additional 47,774 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund raised its stake in shares of Foot Locker by 5.7% in the 3rd quarter. Oregon Public Employees Retirement Fund now owns 24,199 shares of the athletic footwear retailer’s stock valued at $420,000 after acquiring an additional 1,298 shares during the period.

About Foot Locker

Foot Locker, Inc, through its subsidiaries, operates as a footwear and apparel retailer in North America, Europe, Australia, New Zealand, Asia, and the Middle East. Its brand portfolio includes Foot Locker, a brand comprising sneakers and apparel; Kids Foot Locker, which offers athletic footwear, apparel, and accessories for children; and Champs Sports that operates as a mall-based specialty athletic footwear and apparel retailer.