Foot Locker (NYSE:FL) Hits New 12-Month Low Following Analyst Downgrade

Foot Locker, Inc. (NYSE:FL)’s stock price hit a new 52-week low during mid-day trading on Tuesday after Evercore ISI lowered their price target on the stock from $30.00 to $22.00. Evercore ISI currently has an outperform rating on the stock. Foot Locker traded as low as $17.01 and last traded at $17.28, with a volume of 529095 shares. The stock had previously closed at $17.88.

Several other research firms have also issued reports on FL. The Goldman Sachs Group reduced their target price on Foot Locker from $25.00 to $22.00 and set a “sell” rating on the stock in a report on Thursday, December 5th. Barclays reduced their price objective on shares of Foot Locker from $34.00 to $29.00 and set an “overweight” rating on the stock in a research note on Friday, December 6th. Williams Trading upgraded shares of Foot Locker from a “sell” rating to a “hold” rating and boosted their target price for the company from $17.00 to $21.00 in a research report on Wednesday, November 27th. Piper Sandler reduced their price target on shares of Foot Locker from $30.00 to $28.00 and set a “neutral” rating on the stock in a research report on Monday, December 2nd. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Foot Locker from $23.00 to $20.00 and set an “underweight” rating for the company in a research report on Friday, January 24th. Four investment analysts have rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $24.35.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in FL. Public Employees Retirement System of Ohio grew its holdings in Foot Locker by 173.6% during the 4th quarter. Public Employees Retirement System of Ohio now owns 112,028 shares of the athletic footwear retailer’s stock worth $2,438,000 after acquiring an additional 71,083 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Foot Locker by 17.5% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 263,466 shares of the athletic footwear retailer’s stock worth $5,733,000 after purchasing an additional 39,232 shares during the last quarter. Voloridge Investment Management LLC increased its holdings in Foot Locker by 66.8% in the fourth quarter. Voloridge Investment Management LLC now owns 737,299 shares of the athletic footwear retailer’s stock valued at $16,044,000 after purchasing an additional 295,243 shares during the period. Vision One Management Partners LP bought a new position in Foot Locker during the 4th quarter worth $1,205,000. Finally, Twinbeech Capital LP acquired a new position in Foot Locker during the 4th quarter worth about $5,715,000.

Foot Locker Price Performance

The company has a current ratio of 1.67, a quick ratio of 0.45 and a debt-to-equity ratio of 0.15. The stock has a market cap of $1.63 billion, a P/E ratio of -3.81, a price-to-earnings-growth ratio of 0.53 and a beta of 1.48. The business has a 50-day simple moving average of $20.07 and a 200 day simple moving average of $23.48.

Foot Locker (NYSE:FL) last announced its earnings results on Wednesday, December 4th. The athletic footwear retailer reported $0.33 EPS for the quarter, missing the consensus estimate of $0.40 by ($0.07). The company had revenue of $1.96 billion during the quarter, compared to the consensus estimate of $2.01 billion. Foot Locker had a negative net margin of 5.24% and a positive return on equity of 2.91%. The business’s revenue was down 1.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.30 earnings per share. On average, analysts forecast that Foot Locker, Inc. will post 1.23 earnings per share for the current year.

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.