Foot Locker (NYSE:FL) Price Target Lowered to $32.00 at Robert W. Baird

Posted by Matthew Steigler on May 26th, 2023

Foot Locker (NYSE:FL – Get Rating) had its price target cut by Robert W. Baird from $40.00 to $32.00 in a research report report published on Monday, The Fly reports.

A number of other equities research analysts also recently issued reports on the stock. BTIG Research reduced their price target on shares of Foot Locker from $53.00 to $42.00 in a research note on Sunday, May 21st. Citigroup downgraded shares of Foot Locker from a buy rating to a neutral rating and reduced their price target for the company from $48.00 to $30.00 in a research note on Monday. Williams Trading downgraded shares of Foot Locker from a hold rating to a sell rating in a research note on Sunday, May 21st. Barclays reduced their price target on shares of Foot Locker from $42.00 to $31.00 in a research note on Sunday, May 21st. Finally, Evercore ISI raised shares of Foot Locker from an in-line rating to an outperform rating and set a $60.00 target price on the stock in a research note on Tuesday, March 21st. Three research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Foot Locker has a consensus rating of Hold and a consensus price target of $38.80.

Foot Locker Stock Performance

NYSE:FL opened at $25.82 on Monday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.62 and a quick ratio of 0.46. The firm has a market capitalization of $2.41 billion, a price-to-earnings ratio of 10.01 and a beta of 1.23. The company’s 50-day moving average is $39.14 and its two-hundred day moving average is $39.39. Foot Locker has a 1-year low of $23.85 and a 1-year high of $47.22.

Foot Locker (NYSE:FL – Get Rating) last posted its earnings results on Friday, May 19th. The athletic footwear retailer reported $0.70 earnings per share for the quarter, missing the consensus estimate of $0.78 by ($0.08). The firm had revenue of $1.93 billion during the quarter, compared to analyst estimates of $1.99 billion. Foot Locker had a net margin of 2.88% and a return on equity of 11.77%. The business’s revenue for the quarter was down 11.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.60 earnings per share. Analysts forecast that Foot Locker will post 2.1 EPS for the current year.

Foot Locker Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 28th. Stockholders of record on Friday, July 14th will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 6.20%. The ex-dividend date of this dividend is Thursday, July 13th. Foot Locker’s payout ratio is 62.02%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Brandywine Global Investment Management LLC boosted its holdings in shares of Foot Locker by 1.4% in the 1st quarter. Brandywine Global Investment Management LLC now owns 248,425 shares of the athletic footwear retailer’s stock valued at $9,860,000 after buying an additional 3,453 shares in the last quarter. Ameriprise Financial Inc. boosted its holdings in shares of Foot Locker by 67.3% in the 1st quarter. Ameriprise Financial Inc. now owns 767,319 shares of the athletic footwear retailer’s stock valued at $30,455,000 after buying an additional 308,633 shares in the last quarter. New York State Common Retirement Fund boosted its holdings in shares of Foot Locker by 16.1% in the 1st quarter. New York State Common Retirement Fund now owns 67,704 shares of the athletic footwear retailer’s stock valued at $2,687,000 after buying an additional 9,405 shares in the last quarter. Rockefeller Capital Management L.P. boosted its holdings in shares of Foot Locker by 49.8% in the 1st quarter. Rockefeller Capital Management L.P. now owns 547,753 shares of the athletic footwear retailer’s stock valued at $21,739,000 after buying an additional 181,978 shares in the last quarter. Finally, Sunbelt Securities Inc. acquired a new stake in Foot Locker during the 1st quarter worth $56,000. Institutional investors and hedge funds own 95.06% of the company’s stock.

Foot Locker Company Profile

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Foot Locker, Inc engages in the retail of athletic shoes and apparel. The firm uses its omni-channel capabilities to bridge the digital world and physical stores, including order-in-store, buy online and pickup-in-store, and buy online and ship-from-store, as well as e-commerce. It operates through following segments: North America, EMEA (Europe, Middle East, and Africa, and Asia Pacific.