Foot Locker (NYSE:FL) Issues FY24 Earnings Guidance

Foot Locker (NYSE:FL – Get Rating) updated its FY24 earnings guidance on Friday. The company provided earnings per share guidance of $2.00-2.25 for the period, compared to the consensus earnings per share estimate of $3.45. The company issued revenue guidance of down 6.5-8.0% yr/yr to ~$8.05-8.18 billion, compared to the consensus revenue estimate of $8.36 billion.

Analysts Set New Price Targets

Several research firms have commented on FL. Citigroup lowered their price target on Foot Locker from $50.00 to $48.00 in a report on Friday, May 12th. Guggenheim restated a buy rating and issued a $60.00 price target on shares of Foot Locker in a report on Tuesday, March 21st. Seaport Res Ptn restated a neutral rating on shares of Foot Locker in a report on Tuesday, March 14th. TD Securities lifted their price target on Foot Locker from $39.00 to $43.00 and gave the company a market perform rating in a report on Tuesday, March 21st. Finally, Williams Trading cut Foot Locker from a hold rating to a sell rating in a report on Sunday. Three analysts have rated the stock with a sell rating, thirteen have given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, Foot Locker currently has an average rating of Hold and an average target price of $42.20.

Foot Locker Stock Performance

Shares of FL opened at $30.21 on Monday. The firm has a market cap of $2.82 billion, a price-to-earnings ratio of 11.71 and a beta of 1.23. The company has a quick ratio of 0.55, a current ratio of 1.57 and a debt-to-equity ratio of 0.14. The business’s 50 day moving average is $40.30 and its two-hundred day moving average is $39.63. Foot Locker has a 52-week low of $23.85 and a 52-week high of $47.22.

Foot Locker (NYSE:FL – Get Rating) last released its quarterly earnings results on Friday, May 19th. The athletic footwear retailer reported $0.70 earnings per share for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.08). Foot Locker had a return on equity of 14.57% and a net margin of 3.91%. The company had revenue of $1.93 billion for the quarter, compared to analyst estimates of $1.99 billion. During the same period in the previous year, the business posted $1.60 EPS. The firm’s quarterly revenue was down 11.3% compared to the same quarter last year. Analysts forecast that Foot Locker will post 2.13 EPS for the current fiscal year.

Foot Locker Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 28th. Stockholders of record on Friday, July 14th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 5.30%. The ex-dividend date of this dividend is Thursday, July 13th. Foot Locker’s payout ratio is currently 62.02%.

Institutional Trading of Foot Locker

A number of hedge funds have recently made changes to their positions in FL. Renaissance Technologies LLC grew its position in shares of Foot Locker by 5,122.3% during the first quarter. Renaissance Technologies LLC now owns 913,900 shares of the athletic footwear retailer’s stock worth $27,106,000 after buying an additional 896,400 shares in the last quarter. Northern Trust Corp boosted its holdings in Foot Locker by 56.5% in the second quarter. Northern Trust Corp now owns 1,103,775 shares of the athletic footwear retailer’s stock worth $27,871,000 after purchasing an additional 398,312 shares during the period. BlackRock Inc. boosted its holdings in Foot Locker by 5.0% in the first quarter. BlackRock Inc. now owns 8,129,401 shares of the athletic footwear retailer’s stock worth $241,118,000 after purchasing an additional 386,775 shares during the period. Norges Bank acquired a new position in Foot Locker in the fourth quarter worth $10,216,000. Finally, Victory Capital Management Inc. boosted its holdings in Foot Locker by 33.8% in the fourth quarter. Victory Capital Management Inc. now owns 996,756 shares of the athletic footwear retailer’s stock worth $37,667,000 after purchasing an additional 251,574 shares during the period. Institutional investors and hedge funds own 95.06% of the company’s stock.

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.