Foot Locker (FL) Price Target Raised to $72.00 at Citigroup

Foot Locker (NYSE:FL) had its target price raised by Citigroup from $63.00 to $72.00 in a report issued on Wednesday morning. Citigroup currently has a buy rating on the athletic footwear retailer’s stock.

A number of other equities analysts also recently issued reports on FL. Zacks Investment Research raised shares of Foot Locker from a hold rating to a buy rating and set a $59.00 price objective on the stock in a report on Tuesday, December 11th. ValuEngine raised shares of Foot Locker from a hold rating to a buy rating in a report on Friday, March 1st. B. Riley raised their price objective on shares of Foot Locker from $57.00 to $62.00 and gave the stock a neutral rating in a report on Monday. Guggenheim reissued a buy rating and issued a $66.00 price objective on shares of Foot Locker in a report on Thursday, February 21st. Finally, Canaccord Genuity set a $64.00 price objective on shares of Foot Locker and gave the stock a buy rating in a report on Tuesday, February 26th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seventeen have given a buy rating to the stock. The company currently has a consensus rating of Buy and an average target price of $64.24.

Shares of NYSE FL opened at $62.14 on Wednesday. The company has a current ratio of 3.42, a quick ratio of 1.54 and a debt-to-equity ratio of 0.05. The stock has a market cap of $6.73 billion, a PE ratio of 13.19, a P/E/G ratio of 1.63 and a beta of 0.77. Foot Locker has a 52-week low of $40.02 and a 52-week high of $68.00.

Foot Locker (NYSE:FL) last announced its quarterly 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 $1.40 by $0.16. The firm had revenue of $2.27 billion for the quarter, compared to the consensus estimate of $2.18 billion. Foot Locker had a net margin of 4.24% and a return on equity of 21.01%. The business’s quarterly revenue was up 2.8% compared to the same quarter last year. During the same quarter last year, the firm posted $1.26 EPS. On average, equities research analysts forecast that Foot Locker will post 4.91 earnings per share for the current fiscal year.

Foot Locker announced that its board has approved a share repurchase 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 stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its shares are undervalued.

The company also recently announced a quarterly dividend, which will be paid on Friday, May 3rd. Shareholders of record on Thursday, April 18th will be paid a dividend of $0.38 per share. This is a boost from Foot Locker’s previous quarterly dividend of $0.35. The ex-dividend date is Wednesday, April 17th. This represents a $1.52 dividend on an annualized basis and a yield of 2.45%. Foot Locker’s dividend payout ratio (DPR) is presently 29.30%.

In other news, VP John A. Maurer sold 2,041 shares of Foot Locker stock in a transaction that occurred on Friday, December 28th. The shares were sold at an average price of $52.00, for a total transaction of $106,132.00. Following the sale, the vice president now owns 18,540 shares in the company, valued at $964,080. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, 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 disclosure for this sale can be found here. In the last 90 days, insiders have sold 84,082 shares of company stock worth $5,013,064. 2.10% of the stock is owned by company insiders.

Several institutional investors have recently added to or reduced their stakes in the company. Hancock Whitney Corp raised its position in shares of Foot Locker by 0.8% during the fourth quarter. Hancock Whitney Corp now owns 27,030 shares of the athletic footwear retailer’s stock valued at $1,438,000 after buying an additional 209 shares during the last quarter. Boston Partners raised its position in shares of Foot Locker by 1.9% during the fourth quarter. Boston Partners now owns 12,290 shares of the athletic footwear retailer’s stock valued at $654,000 after buying an additional 225 shares during the last quarter. United Services Automobile Association raised its position in shares of Foot Locker by 0.6% during the fourth quarter. United Services Automobile Association now owns 48,080 shares of the athletic footwear retailer’s stock valued at $2,558,000 after buying an additional 270 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Foot Locker by 4.3% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,899 shares of the athletic footwear retailer’s stock valued at $420,000 after buying an additional 323 shares during the last quarter. Finally, First Mercantile Trust Co. raised its position in shares of Foot Locker by 20.7% during the fourth quarter. First Mercantile Trust Co. now owns 1,980 shares of the athletic footwear retailer’s stock valued at $105,000 after buying an additional 340 shares during the last quarter. Hedge funds and other institutional investors own 98.51% 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.

Further Reading: Price-Sales Ratio

Analyst Recommendations for Foot Locker (NYSE:FL)

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