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 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
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.
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