Morgan Stanley Cuts Foot Locker (NYSE:FL) Price Target to $20.00

Foot Locker (NYSE:FL) had its price target decreased by equities research analysts at Morgan Stanley from $26.00 to $20.00 in a research report issued on Monday, Benzinga reports. The brokerage presently has an “equal weight” rating on the athletic footwear retailer’s stock. Morgan Stanley’s target price points to a potential downside of 12.89% from the company’s previous close.

A number of other equities research analysts have also recently commented on the stock. Piper Sandler decreased their target price on shares of Foot Locker from $37.00 to $31.00 and set an “overweight” rating for the company in a research report on Thursday, March 7th. Bank of America dropped their target price on Foot Locker from $31.00 to $27.00 and set a “neutral” rating on the stock in a research note on Thursday, March 7th. UBS Group upgraded Foot Locker from a “sell” rating to a “neutral” rating and increased their price target for the company from $12.00 to $23.00 in a research note on Monday, March 11th. Telsey Advisory Group restated a “market perform” rating and set a $28.00 price target (down previously from $38.00) on shares of Foot Locker in a research note on Thursday, March 7th. Finally, Evercore ISI upgraded shares of Foot Locker from an “in-line” rating to an “outperform” rating and upped their price objective for the company from $28.00 to $32.00 in a report on Monday, March 25th. Four research analysts have rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $24.56.

Foot Locker Trading Up 5.3 %

NYSE:FL traded up $1.15 during midday trading on Monday, hitting $22.96. The stock had a trading volume of 2,997,137 shares, compared to its average volume of 3,589,444. The stock has a 50-day moving average of $25.07 and a 200 day moving average of $26.40. The company has a market capitalization of $2.17 billion, a price-to-earnings ratio of -6.57, a PEG ratio of 0.52 and a beta of 1.50. Foot Locker has a one year low of $14.84 and a one year high of $42.19. The company has a quick ratio of 0.55, a current ratio of 1.72 and a debt-to-equity ratio of 0.15.

Foot Locker (NYSE:FL) last released its quarterly earnings data on Wednesday, March 6th. The athletic footwear retailer reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.04. Foot Locker had a positive return on equity of 4.25% and a negative net margin of 4.04%. The firm had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.28 billion. During the same period in the previous year, the company posted $0.97 earnings per share. The firm’s quarterly revenue was up 2.0% on a year-over-year basis. As a group, sell-side analysts forecast that Foot Locker will post 1.55 EPS for the current year.

Institutional Investors Weigh In On Foot Locker

A number of hedge funds have recently modified their holdings of FL. SG Americas Securities LLC acquired a new stake in shares of Foot Locker in the 3rd quarter worth $310,000. New York State Teachers Retirement System increased its position in Foot Locker by 3.2% during the third quarter. New York State Teachers Retirement System now owns 110,967 shares of the athletic footwear retailer’s stock worth $1,925,000 after purchasing an additional 3,410 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Foot Locker by 17.4% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,187 shares of the athletic footwear retailer’s stock worth $281,000 after purchasing an additional 2,397 shares during the period. Advisor Partners II LLC boosted its holdings in Foot Locker by 550.3% in the 3rd quarter. Advisor Partners II LLC now owns 56,456 shares of the athletic footwear retailer’s stock valued at $980,000 after purchasing an additional 47,774 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund grew its stake in shares of Foot Locker by 5.7% in the 3rd quarter. Oregon Public Employees Retirement Fund now owns 24,199 shares of the athletic footwear retailer’s stock valued at $420,000 after buying an additional 1,298 shares during the period.

About Foot Locker

Foot Locker, Inc, through its subsidiaries, operates as a footwear and apparel retailer in North America, Europe, Australia, New Zealand, Asia, and the Middle East. Its brand portfolio includes Foot Locker, a brand comprising sneakers and apparel; Kids Foot Locker, which offers athletic footwear, apparel, and accessories for children; and Champs Sports that operates as a mall-based specialty athletic footwear and apparel retailer.