Morgan Stanley Issues Pessimistic Forecast for Foot Locker (NYSE:FL) Stock Price

Foot Locker (NYSE:FL) had its target price reduced by research analysts at Morgan Stanley from $16.00 to $14.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has an “underweight” rating on the athletic footwear retailer’s stock. Morgan Stanley’s price objective points to a potential upside of 19.45% from the stock’s current price.

Several other equities analysts have also commented on the company. Jefferies Financial Group lowered their target price on Foot Locker from $22.00 to $19.00 and set a “hold” rating for the company in a report on Wednesday, March 5th. Telsey Advisory Group reaffirmed a “market perform” rating and issued a $24.00 price target on shares of Foot Locker in a research note on Wednesday, March 5th. UBS Group cut their price objective on Foot Locker from $22.00 to $21.00 and set a “neutral” rating for the company in a research report on Thursday, March 6th. Evercore ISI cut their price objective on Foot Locker from $22.00 to $15.00 and set an “outperform” rating on the stock in a report on Friday, April 11th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $24.00 price objective on shares of Foot Locker in a research report on Wednesday, March 5th. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Foot Locker presently has a consensus rating of “Hold” and a consensus price target of $21.25.

Foot Locker Price Performance

FL stock traded down $0.32 during midday trading on Tuesday, hitting $11.72. 766,887 shares of the stock were exchanged, compared to its average volume of 3,483,259. Foot Locker has a fifty-two week low of $11.00 and a fifty-two week high of $33.94. The stock has a market cap of $1.12 billion, a price-to-earnings ratio of -2.60, a PEG ratio of 0.53 and a beta of 1.42. The stock’s 50-day moving average price is $14.19 and its 200-day moving average price is $19.12. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.45 and a current ratio of 1.67.

Foot Locker (NYSE:FL) last released its quarterly earnings results on Wednesday, March 5th. The athletic footwear retailer reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.13. The company had revenue of $2.25 billion during the quarter, compared to the consensus estimate of $2.32 billion. Foot Locker had a positive return on equity of 2.91% and a negative net margin of 5.24%. Foot Locker’s revenue was down 5.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.38 earnings per share. Research analysts predict that Foot Locker will post 1.23 earnings per share for the current year.

Institutional Investors Weigh In On Foot Locker

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in Foot Locker by 2.0% in the fourth quarter. Vanguard Group Inc. now owns 10,505,006 shares of the athletic footwear retailer’s stock valued at $228,589,000 after acquiring an additional 210,832 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in Foot Locker by 88.6% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 5,323,597 shares of the athletic footwear retailer’s stock valued at $115,365,000 after buying an additional 2,500,396 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its holdings in shares of Foot Locker by 67.9% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 1,906,406 shares of the athletic footwear retailer’s stock worth $41,483,000 after buying an additional 770,932 shares in the last quarter. American Century Companies Inc. grew its position in Foot Locker by 5.2% during the 4th quarter. American Century Companies Inc. now owns 1,659,206 shares of the athletic footwear retailer’s stock worth $36,104,000 after acquiring an additional 81,814 shares during the last quarter. Finally, Cramer Rosenthal Mcglynn LLC acquired a new stake in shares of Foot Locker during the fourth quarter valued at about $34,835,000.

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.