Foot Locker (NYSE:FL) saw an uptick in trading volume on Friday after the company announced better than expected quarterly earnings. 30,766,910 shares were traded during trading, an increase of 746% from the previous session’s volume of 3,634,677 shares.The stock last traded at $55.74 and had previously closed at $55.74.
The athletic footwear retailer reported $1.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.20. The firm had revenue of $2.03 billion for the quarter, compared to analysts’ expectations of $1.96 billion. Foot Locker had a net margin of 3.65% and a return on equity of 19.32%. The firm’s quarterly revenue was up 1.2% on a year-over-year basis. During the same period in the prior year, the company posted $1.36 earnings per share.
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 3rd. Shareholders of record on Friday, July 20th will be paid a dividend of $0.345 per share. The ex-dividend date of this dividend is Thursday, July 19th. This represents a $1.38 annualized dividend and a yield of 2.48%. Foot Locker’s payout ratio is 33.58%.
Several research firms have weighed in on FL. Credit Suisse Group began coverage on shares of Foot Locker in a research note on Monday, March 12th. They set an “outperform” rating and a $50.00 target price for the company. Barclays boosted their target price on shares of Foot Locker from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Tuesday, January 30th. OTR Global upgraded shares of Foot Locker to a “positive” rating in a research note on Friday, February 9th. ValuEngine lowered shares of Foot Locker from a “sell” rating to a “strong sell” rating in a research note on Wednesday, May 2nd. Finally, Zacks Investment Research lowered shares of Foot Locker from a “hold” rating to a “sell” rating in a research note on Monday, May 7th. Four investment analysts have rated the stock with a sell rating, ten have issued a hold rating and sixteen have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $54.49.
In related news, Director Jarobin Gilbert, Jr. sold 1,500 shares of the company’s stock in a transaction dated Monday, March 12th. The shares were sold at an average price of $43.44, for a total value of $65,160.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Lewis Phillip Kimble sold 11,043 shares of the company’s stock in a transaction dated Monday, March 12th. The stock was sold at an average price of $42.71, for a total transaction of $471,646.53. The disclosure for this sale can be found here. Corporate insiders own 2.90% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of FL. Signaturefd LLC acquired a new stake in Foot Locker in the 1st quarter valued at about $103,000. CenterStar Asset Management LLC purchased a new stake in Foot Locker during the fourth quarter valued at about $138,000. Synovus Financial Corp purchased a new stake in Foot Locker during the first quarter valued at about $158,000. Rampart Investment Management Company LLC lifted its stake in Foot Locker by 119.0% during the first quarter. Rampart Investment Management Company LLC now owns 3,626 shares of the athletic footwear retailer’s stock valued at $165,000 after buying an additional 1,970 shares in the last quarter. Finally, Truewealth LLC purchased a new stake in Foot Locker during the fourth quarter valued at about $169,000. 91.31% of the stock is owned by institutional investors.
The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.07 and a current ratio of 4.14. The company has a market cap of $5.46 billion, a P/E ratio of 13.56, a PEG ratio of 1.56 and a beta of 0.86.
About Foot Locker
Foot Locker, Inc, through its subsidiaries, operates as an athletic shoes and apparel retailer. The company operates in two segments, Athletic Stores and Direct-to-Customers. The Athletic Stores segment retails athletic footwear, apparel, accessories, and equipment under various formats, including Foot Locker, Kids Foot Locker, Lady Foot Locker, Champs Sports, Footaction, Runners Point, Sidestep, and SIX:02.
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