Robert W. Baird Trims Foot Locker (NYSE:FL) Target Price to $27.00

Foot Locker (NYSE:FL) had its price objective reduced by Robert W. Baird from $35.00 to $27.00 in a report published on Wednesday morning, Benzinga reports. They currently have a neutral rating on the athletic footwear retailer’s stock.

Several other brokerages also recently issued reports on FL. Piper Sandler reissued a neutral rating and set a $30.00 price target on shares of Foot Locker in a report on Friday, August 23rd. Morgan Stanley cut shares of Foot Locker from an equal weight rating to an underweight rating and decreased their target price for the stock from $24.00 to $18.00 in a research report on Thursday, July 18th. Telsey Advisory Group reaffirmed a market perform rating and set a $27.00 price target on shares of Foot Locker in a report on Wednesday, August 28th. Barclays raised Foot Locker from an equal weight rating to an overweight rating and increased their price objective for the stock from $27.00 to $34.00 in a report on Thursday, August 29th. Finally, StockNews.com lowered Foot Locker from a hold rating to a sell rating in a report on Friday, September 20th. Five investment analysts have rated the stock with a sell rating, nine have issued a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of Hold and an average target price of $25.87.

Foot Locker Price Performance

FL opened at $26.41 on Wednesday. The company has a quick ratio of 0.49, a current ratio of 1.66 and a debt-to-equity ratio of 0.15. The company’s 50-day moving average price is $28.69 and its 200 day moving average price is $25.64. Foot Locker has a fifty-two week low of $16.73 and a fifty-two week high of $35.60. The firm has a market cap of $2.50 billion, a price-to-earnings ratio of -6.97, a price-to-earnings-growth ratio of 0.67 and a beta of 1.44.

Foot Locker (NYSE:FL) last announced its quarterly earnings results on Wednesday, August 28th. The athletic footwear retailer reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.03. Foot Locker had a positive return on equity of 2.73% and a negative net margin of 4.48%. The business had revenue of $1.90 billion for the quarter, compared to analysts’ expectations of $1.88 billion. As a group, sell-side analysts expect that Foot Locker will post 1.51 earnings per share for the current year.

Insider Transactions at Foot Locker

In other news, major shareholder Vesa Equity Investment S.A R.L sold 539,180 shares of the business’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $33.22, for a total transaction of $17,911,559.60. Following the sale, the insider now directly owns 10,393,592 shares of the company’s stock, valued at $345,275,126.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 787,566 shares of company stock valued at $26,090,866 in the last three months. 1.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Dimensional Fund Advisors LP lifted its position in shares of Foot Locker by 1.5% in the second quarter. Dimensional Fund Advisors LP now owns 4,700,102 shares of the athletic footwear retailer’s stock worth $117,123,000 after purchasing an additional 71,152 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Foot Locker by 23.8% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,900,439 shares of the athletic footwear retailer’s stock valued at $72,279,000 after buying an additional 557,489 shares during the period. Jacobs Levy Equity Management Inc. grew its holdings in shares of Foot Locker by 326.4% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 921,273 shares of the athletic footwear retailer’s stock valued at $26,256,000 after acquiring an additional 705,237 shares in the last quarter. Invenomic Capital Management LP increased its stake in shares of Foot Locker by 54.3% in the first quarter. Invenomic Capital Management LP now owns 752,320 shares of the athletic footwear retailer’s stock worth $21,441,000 after acquiring an additional 264,598 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in shares of Foot Locker by 0.7% during the second quarter. Bank of New York Mellon Corp now owns 689,542 shares of the athletic footwear retailer’s stock worth $17,183,000 after acquiring an additional 4,891 shares in the last quarter.

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.