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Buckingham Research Upgrades Foot Locker, Inc. (FL) to "Buy"

20 May 2017, 08:38 | Jan Cross

Buckingham Research Upgrades Foot Locker, Inc. (FL) to "Buy"

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(NYSE:FL) or 2,000 shares. Foot Locker Inc now has $9.13B valuation. Impala Asset Mngmt Ltd Com stated it has 2.03% in Foot Locker, Inc.

CFO Lauren Peters told analysts and investors the company is working aggressively to implement opportunities that will lower its expenses.

In the quarter ending July 2016, Foot Locker, Inc. delivered an even larger earnings beat. Prudential PLC increased its stake in Foot Locker by 20.8% in the fourth quarter. DnB Asset Management AS boosted its position in Foot Locker by 16.8% in the third quarter. For the week, the stock is performing -7.07%. Finally, Nordea Investment Management AB boosted its position in shares of Foot Locker by 2.9% in the third quarter. Analysts, on average, seem bullish as they suggest FL is worth $12.5 more, giving a target price of $82.95/share.

Foot Locker (NYSE:FL) last released its quarterly earnings results on Friday, May 19th.

Revenues rose 0.7% from previous year to $2 billion, slightly missing analysts' view for $2.02 billion. MCKENNA MATTHEW M also sold $482,045 worth of Foot Locker, Inc. Total sales increased 0.7%, to $2 billion, compared with sales of $1.98 billion past year. The Zacks Rank #3 (Hold) stock, which had seen its Zacks consensus earnings per share estimate tumble by 9 cents per share in the last 30 days, was still unable to meet estimates of $1.38 per share, posting just $1.36. The FactSet consensus calls for a same-store-sales increase of 4.4%, with earnings per share of $1.04, up from 94 cents past year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 28th. The ex-dividend date of this dividend was Tuesday, April 11th. Foot Locker's dividend payout ratio (DPR) is now 23.71%. The fact that Foot Locker can withstand the negative impact of online competition so far is a big plus for the company and its owners.

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Disclosure: I/we have no positions in any stocks mentioned, but may initiate a long position in FL over the next 72 hours. If you are reading this piece on another site, it was stolen and republished in violation of United States & global trademark & copyright legislation. The original version of this news story can be accessed at https://sportsperspectives.com/2017/05/19/foot-locker-inc-fl-shares-sold-by-state-treasurer-state-of-michigan-updated.html.

Foot Locker reported first-quarter earnings of $1.36 a share, trailing the $1.38 predicted by analysts. Any way you dice it, a dip below $69.22/share would be very bad news for FL's technical picture in the near-term. Finally, Cowen and Company restated a "market perform" rating and set a $77.00 price target on shares of Foot Locker in a report on Sunday, April 23rd. The ABR is the calculated average of the actual recommendations (strong buy, hold, sell etc) made by the brokerage firms for a given stock. Foot Locker has an average rating of "Buy" and an average price target of $80.91.

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On 4/20/2017 Paulette Alviti, SVP, sold 8,000 with an average share price of $74.50 per share and the total transaction amounting to $596,000.00.

Johnson also said the company didn't "have sufficient quantities of some of the hot running products that adult customers have been snapping up", and the basketball business is soft, "which has been a relatively important component of kids sales in recent years". The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

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