Brokers Set Expectations for Foot Locker, Inc.’s Q3 2023 Earnings (NYSE:FL)

Foot Locker, Inc. (NYSE:FLGet Rating) – Research analysts at Wedbush reduced their Q3 2023 earnings per share estimates for Foot Locker in a report released on Tuesday, September 20th. Wedbush analyst T. Nikic now anticipates that the athletic footwear retailer will earn $1.37 per share for the quarter, down from their previous forecast of $1.38. The consensus estimate for Foot Locker’s current full-year earnings is $4.38 per share. Wedbush also issued estimates for Foot Locker’s Q4 2023 earnings at $0.28 EPS and FY2023 earnings at $4.37 EPS.

Foot Locker (NYSE:FLGet Rating) last released its quarterly earnings data on Friday, August 19th. The athletic footwear retailer reported $1.10 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.29. The firm had revenue of $2.07 billion for the quarter, compared to analyst estimates of $2.07 billion. Foot Locker had a net margin of 5.56% and a return on equity of 19.33%. Foot Locker’s quarterly revenue was down 9.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.21 earnings per share.

A number of other equities analysts have also issued reports on FL. Morgan Stanley raised Foot Locker from an “underweight” rating to an “equal weight” rating and increased their price objective for the stock from $24.00 to $36.00 in a report on Sunday, August 21st. Robert W. Baird raised their price target on Foot Locker from $32.00 to $40.00 in a report on Monday, August 22nd. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Foot Locker from $31.00 to $34.00 in a research note on Tuesday, August 23rd. B. Riley raised their target price on shares of Foot Locker from $33.00 to $36.00 and gave the company a “neutral” rating in a research note on Monday, August 22nd. Finally, Williams Trading upgraded shares of Foot Locker from a “sell” rating to a “hold” rating in a research report on Monday, August 22nd. Two analysts have rated the stock with a sell rating, nineteen have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $41.70.

Foot Locker Stock Performance

FL stock opened at $35.99 on Thursday. The stock’s fifty day moving average is $33.05 and its two-hundred day moving average is $30.80. The stock has a market capitalization of $3.36 billion, a price-to-earnings ratio of 7.34, a PEG ratio of 0.27 and a beta of 1.23. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.42 and a current ratio of 1.46. Foot Locker has a 1 year low of $23.85 and a 1 year high of $57.76.

Institutional Investors Weigh In On Foot Locker

Hedge funds and other institutional investors have recently made changes to their positions in the company. Meeder Asset Management Inc. acquired a new stake in shares of Foot Locker in the 1st quarter valued at $25,000. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Foot Locker by 173.9% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 849 shares of the athletic footwear retailer’s stock worth $25,000 after acquiring an additional 539 shares in the last quarter. C M Bidwell & Associates Ltd. acquired a new position in shares of Foot Locker during the 2nd quarter valued at about $30,000. Advisors Asset Management Inc. raised its stake in shares of Foot Locker by 68.3% in the 1st quarter. Advisors Asset Management Inc. now owns 1,336 shares of the athletic footwear retailer’s stock valued at $40,000 after acquiring an additional 542 shares in the last quarter. Finally, CX Institutional acquired a new stake in Foot Locker in the 2nd quarter worth approximately $44,000. 98.06% of the stock is owned by hedge funds and other institutional investors.

Foot Locker Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 28th. Investors of record on Friday, October 14th will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Thursday, October 13th. This represents a $1.60 annualized dividend and a dividend yield of 4.45%. Foot Locker’s dividend payout ratio is 32.65%.

About Foot Locker

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Foot Locker, Inc, through its subsidiaries, operates as an athletic footwear and apparel retailer. The company engages in the retail of athletic footwear, apparel, accessories, equipment, and team licensed merchandise under the Foot Locker, Lady Foot Locker, Kids Foot Locker, Champs Sports, Eastbay, atmos, WSS, Footaction, and Sidestep brand names.

See Also

Earnings History and Estimates for Foot Locker (NYSE:FL)

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