Foot Locker (NYSE:FL) Shares Gap Down After Earnings Miss

Foot Locker, Inc. (NYSE:FL – Get Rating) shares gapped down before the market opened on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $41.52, but opened at $30.65. Foot Locker shares last traded at $31.26, with a volume of 17,470,195 shares trading hands.

The athletic footwear retailer reported $0.70 EPS for the quarter, missing the consensus estimate of $0.78 by ($0.08). Foot Locker had a net margin of 3.91% and a return on equity of 14.57%. The business had revenue of $1.93 billion during the quarter, compared to analyst estimates of $1.99 billion. During the same quarter last year, the company posted $1.60 earnings per share. The company’s revenue was down 11.3% on a year-over-year basis.

Foot Locker Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 28th. Investors of record on Friday, July 14th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Thursday, July 13th. This represents a $1.60 annualized dividend and a yield of 5.30%. Foot Locker’s dividend payout ratio is 44.82%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Seaport Res Ptn reissued a “neutral” rating on shares of Foot Locker in a report on Tuesday, March 14th. Wedbush reissued a “neutral” rating on shares of Foot Locker in a report on Tuesday, March 21st. Deutsche Bank Aktiengesellschaft increased their target price on shares of Foot Locker from $36.00 to $42.00 and gave the stock a “hold” rating in a report on Tuesday, March 21st. BTIG Research dropped their target price on shares of Foot Locker from $55.00 to $53.00 in a report on Tuesday, March 21st. Finally, Citigroup dropped their price objective on shares of Foot Locker from $50.00 to $48.00 in a report on Friday, May 12th. Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Foot Locker presently has a consensus rating of “Hold” and a consensus price target of $44.15.

Institutional Investors Weigh In On Foot Locker

A number of hedge funds have recently made changes to their positions in the business. Investors Research Corp raised its stake in shares of Foot Locker by 1.5% during the 1st quarter. Investors Research Corp now owns 18,092 shares of the athletic footwear retailer’s stock worth $718,000 after purchasing an additional 267 shares during the period. Envestnet Asset Management Inc. increased its holdings in Foot Locker by 2.6% in the 4th quarter. Envestnet Asset Management Inc. now owns 10,853 shares of the athletic footwear retailer’s stock worth $410,000 after acquiring an additional 279 shares during the last quarter. Perritt Capital Management Inc. increased its holdings in Foot Locker by 2.3% in the 1st quarter. Perritt Capital Management Inc. now owns 13,212 shares of the athletic footwear retailer’s stock worth $524,000 after acquiring an additional 300 shares during the last quarter. SummerHaven Investment Management LLC increased its holdings in Foot Locker by 1.0% in the 4th quarter. SummerHaven Investment Management LLC now owns 30,793 shares of the athletic footwear retailer’s stock worth $1,164,000 after acquiring an additional 314 shares during the last quarter. Finally, Arizona State Retirement System increased its holdings in Foot Locker by 1.4% in the 1st quarter. Arizona State Retirement System now owns 24,331 shares of the athletic footwear retailer’s stock worth $966,000 after acquiring an additional 330 shares during the last quarter. 95.06% of the stock is currently owned by institutional investors.

Foot Locker Trading Down 27.2 %

The firm has a fifty day moving average of $40.30 and a two-hundred day moving average of $39.58. The company has a market cap of $2.82 billion, a PE ratio of 8.46 and a beta of 1.23. The company has a current ratio of 1.57, a quick ratio of 0.55 and a debt-to-equity ratio of 0.14.

About Foot Locker

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Foot Locker, Inc engages in the retail of athletic shoes and apparel. The firm uses its omni-channel capabilities to bridge the digital world and physical stores, including order-in-store, buy online and pickup-in-store, and buy online and ship-from-store, as well as e-commerce. It operates through following segments: North America, EMEA (Europe, Middle East, and Africa, and Asia Pacific.