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

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

FL has been the topic of several other reports. Canaccord Genuity set a $64.00 target price on Foot Locker and gave the stock a buy rating in a report on Tuesday, February 26th. Jefferies Financial Group lifted their target price on Foot Locker from $62.00 to $67.00 and gave the stock a buy rating in a report on Friday, January 25th. Guggenheim reaffirmed a buy rating and issued a $66.00 target price on shares of Foot Locker in a report on Thursday, February 21st. Wedbush reaffirmed a buy rating and issued a $73.00 target price on shares of Foot Locker in a report on Monday, April 1st. Finally, Zacks Investment Research cut Foot Locker from a buy rating to a hold rating in a report on Friday, February 1st. One 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’s stock. The stock has a consensus rating of Buy and a consensus target price of $66.05.

Shares of Foot Locker stock opened at $56.16 on Tuesday. Foot Locker has a 52 week low of $43.84 and a 52 week high of $68.00. The stock has a market capitalization of $6.22 billion, a PE ratio of 11.92, a price-to-earnings-growth ratio of 1.12 and a beta of 0.71. 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 (NYSE:FL) last announced its quarterly earnings data on Friday, March 1st. The athletic footwear retailer reported $1.56 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 business had revenue of $2.27 billion for the quarter, compared to the consensus estimate of $2.18 billion. During the same period in the previous year, the business earned $1.26 earnings per share. The business’s revenue was up 2.8% on a year-over-year basis. On average, equities research analysts anticipate that Foot Locker will post 5.19 EPS for the current fiscal year.

Foot Locker announced that its Board of Directors has authorized 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 purchase up to 17.7% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 2nd. Shareholders of record on Friday, July 19th will be paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 2.71%. Foot Locker’s payout ratio is currently 32.27%.

A number of hedge funds and other institutional investors have recently modified their holdings of FL. Private Advisor Group LLC bought a new position in shares of Foot Locker during the fourth quarter valued at approximately $529,000. Canada Pension Plan Investment Board grew its stake in shares of Foot Locker by 39.0% during the fourth quarter. Canada Pension Plan Investment Board now owns 558,510 shares of the athletic footwear retailer’s stock valued at $29,710,000 after buying an additional 156,800 shares during the last quarter. O Shaughnessy Asset Management LLC grew its stake in shares of Foot Locker by 106.4% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 5,068 shares of the athletic footwear retailer’s stock valued at $270,000 after buying an additional 2,612 shares during the last quarter. Natixis Advisors L.P. grew its stake in shares of Foot Locker by 71.6% during the fourth quarter. Natixis Advisors L.P. now owns 25,880 shares of the athletic footwear retailer’s stock valued at $1,376,000 after buying an additional 10,802 shares during the last quarter. Finally, Empirical Finance LLC grew its stake in shares of Foot Locker by 55.4% during the fourth quarter. Empirical Finance LLC now owns 48,494 shares of the athletic footwear retailer’s stock valued at $2,580,000 after buying an additional 17,280 shares during the last quarter. 97.88% of the stock is currently owned by institutional investors.

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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