Foot Locker (NYSE:FL) Receives “Buy” Rating from Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Foot Locker (NYSE:FL) in a report published on Wednesday morning,Benzinga reports. Needham & Company LLC currently has a $27.00 price target on the athletic footwear retailer’s stock.

Several other equities analysts have also recently weighed in on the stock. Williams Trading raised shares of Foot Locker from a “sell” rating to a “hold” rating and raised their target price for the company from $17.00 to $21.00 in a research note on Wednesday, November 27th. Robert W. Baird decreased their target price on shares of Foot Locker from $35.00 to $27.00 and set a “neutral” rating for the company in a research note on Wednesday, September 25th. Piper Sandler decreased their target price on shares of Foot Locker from $30.00 to $28.00 and set a “neutral” rating for the company in a research note on Monday. Gordon Haskett initiated coverage on shares of Foot Locker in a research note on Monday, October 7th. They issued an “accumulate” rating and a $27.00 target price for the company. Finally, Barclays upgraded Foot Locker from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $27.00 to $34.00 in a research note on Thursday, August 29th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $26.87.

Foot Locker Price Performance

Shares of FL opened at $22.00 on Wednesday. The stock has a market capitalization of $2.09 billion, a P/E ratio of -5.68, a P/E/G ratio of 0.74 and a beta of 1.46. Foot Locker has a twelve month low of $19.33 and a twelve month high of $35.60. The company has a 50 day moving average of $24.15 and a 200-day moving average of $25.87. The company has a quick ratio of 0.49, a current ratio of 1.66 and a debt-to-equity ratio of 0.15.

Foot Locker (NYSE:FL) last released its earnings results on Wednesday, December 4th. The athletic footwear retailer reported $0.33 earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.07). Foot Locker had a negative net margin of 4.48% and a positive return on equity of 2.73%. The firm had revenue of $1.96 billion during the quarter, compared to the consensus estimate of $2.01 billion. During the same period in the prior year, the business posted $0.30 earnings per share. Foot Locker’s quarterly revenue was down 1.4% compared to the same quarter last year. As a group, equities research analysts forecast that Foot Locker will post 1.48 EPS for the current fiscal year.

Hedge Funds Weigh In On Foot Locker

A number of hedge funds have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP increased 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 worth $117,123,000 after acquiring an additional 71,152 shares during the period. Allspring Global Investments Holdings LLC increased its stake in Foot Locker by 23.8% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,900,439 shares of the athletic footwear retailer’s stock worth $72,279,000 after acquiring an additional 557,489 shares during the period. Geode Capital Management LLC increased its stake in Foot Locker by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 1,908,253 shares of the athletic footwear retailer’s stock worth $49,319,000 after acquiring an additional 25,394 shares during the period. Jacobs Levy Equity Management Inc. lifted its stake in Foot Locker by 10.3% during the third quarter. Jacobs Levy Equity Management Inc. now owns 1,135,474 shares of the athletic footwear retailer’s stock worth $29,341,000 after purchasing an additional 106,402 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in Foot Locker by 3.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,113,583 shares of the athletic footwear retailer’s stock worth $28,775,000 after purchasing an additional 38,318 shares during the last quarter.

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.