Foot Locker (NYSE:FL) Downgraded to Sell at StockNews.com

StockNews.com downgraded shares of Foot Locker (NYSE:FL) from a hold rating to a sell rating in a research note issued to investors on Friday.

Several other brokerages have also recently issued reports on FL. Evercore ISI increased their price objective on Foot Locker from $34.00 to $38.00 and gave the company an outperform rating in a research note on Monday, August 26th. Piper Sandler reiterated a neutral rating and issued a $30.00 price objective on shares of Foot Locker in a research note on Friday, August 23rd. Barclays raised Foot Locker from an equal weight rating to an overweight rating and boosted their price objective for the stock from $27.00 to $34.00 in a research report on Thursday, August 29th. Wedbush reaffirmed a neutral rating and issued a $25.00 target price on shares of Foot Locker in a report on Wednesday, June 12th. Finally, Telsey Advisory Group reiterated a market perform rating and set a $27.00 price target on shares of Foot Locker in a report on Wednesday, August 28th. Five research analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of Hold and an average price target of $26.40.

Foot Locker Stock Down 1.9 %

Shares of NYSE:FL opened at $28.35 on Friday. Foot Locker has a 1 year low of $16.68 and a 1 year high of $35.60. The firm’s 50-day moving average is $28.48 and its two-hundred day moving average is $25.66. The firm has a market capitalization of $2.69 billion, a PE ratio of -7.48, a price-to-earnings-growth ratio of 0.65 and a beta of 1.44. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.66 and a quick ratio of 0.49.

Insider Transactions at Foot Locker

In other news, major shareholder Vesa Equity Investment S.A R.L sold 539,180 shares of the business’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $33.22, for a total value of $17,911,559.60. Following the completion of the sale, the insider now directly owns 10,393,592 shares of the company’s stock, valued at approximately $345,275,126.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last 90 days, insiders have sold 787,566 shares of company stock worth $26,090,866. Corporate insiders own 1.20% of the company’s stock.

Institutional Trading of Foot Locker

Several institutional investors and hedge funds have recently bought and sold shares of the business. Dimensional Fund Advisors LP raised its stake in Foot Locker by 1.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,700,102 shares of the athletic footwear retailer’s stock valued at $117,123,000 after acquiring an additional 71,152 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of Foot Locker by 23.8% during the second quarter. Allspring Global Investments Holdings LLC now owns 2,900,439 shares of the athletic footwear retailer’s stock worth $72,279,000 after purchasing an additional 557,489 shares during the period. Jacobs Levy Equity Management Inc. grew its position in Foot Locker by 326.4% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 921,273 shares of the athletic footwear retailer’s stock valued at $26,256,000 after buying an additional 705,237 shares during the last quarter. Invenomic Capital Management LP increased its stake in Foot Locker by 54.3% in the 1st quarter. Invenomic Capital Management LP now owns 752,320 shares of the athletic footwear retailer’s stock valued at $21,441,000 after buying an additional 264,598 shares during the period. Finally, Bank of New York Mellon Corp raised its position in Foot Locker by 0.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 689,542 shares of the athletic footwear retailer’s stock worth $17,183,000 after buying an additional 4,891 shares during the last quarter.

Foot Locker Company Profile

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.