JPMorgan Chase & Co. Cuts Foot Locker (NYSE:FL) Price Target to $23.00

Foot Locker (NYSE:FL) had its target price lowered by JPMorgan Chase & Co. from $27.00 to $23.00 in a report published on Wednesday morning,Benzinga reports. The brokerage currently has an underweight rating on the athletic footwear retailer’s stock.

Other analysts also recently issued research reports about the company. Piper Sandler dropped their price target on Foot Locker from $30.00 to $28.00 and set a “neutral” rating for the company in a research report on Monday, December 2nd. Citigroup increased their price objective on Foot Locker from $27.00 to $33.00 and gave the company a “neutral” rating in a research report on Tuesday, August 20th. Jefferies Financial Group cut their target price on Foot Locker from $27.00 to $22.00 and set a “hold” rating for the company in a research note on Wednesday. Evercore ISI decreased their price target on shares of Foot Locker from $38.00 to $32.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 26th. Finally, Gordon Haskett began coverage on shares of Foot Locker in a research note on Monday, October 7th. They issued an “accumulate” rating and a $27.00 price objective for the company. Four equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Foot Locker currently has an average rating of “Hold” and an average target price of $25.29.

Foot Locker Stock Performance

Foot Locker stock opened at $22.00 on Wednesday. Foot Locker has a 1-year low of $19.33 and a 1-year high of $35.60. The company has a current ratio of 1.67, a quick ratio of 0.49 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $2.09 billion, a PE ratio of -4.92, a price-to-earnings-growth ratio of 0.64 and a beta of 1.46. The firm’s 50 day simple moving average is $23.96 and its 200 day simple moving average is $25.81.

Foot Locker (NYSE:FL) last released its quarterly 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). The firm had revenue of $1.96 billion during the quarter, compared to the consensus estimate of $2.01 billion. Foot Locker had a positive return on equity of 2.91% and a negative net margin of 5.24%. The company’s revenue for the quarter was down 1.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.30 EPS. As a group, analysts expect that Foot Locker will post 1.52 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Foot Locker

Several institutional investors and hedge funds have recently modified their holdings of FL. Patriot Financial Group Insurance Agency LLC raised its stake in Foot Locker by 3.1% in the second quarter. Patriot Financial Group Insurance Agency LLC now owns 14,235 shares of the athletic footwear retailer’s stock worth $355,000 after buying an additional 431 shares in the last quarter. Nisa Investment Advisors LLC grew its stake in Foot Locker by 1.2% in the second quarter. Nisa Investment Advisors LLC now owns 41,541 shares of the athletic footwear retailer’s stock worth $1,035,000 after purchasing an additional 483 shares during the period. Arizona State Retirement System raised its holdings in Foot Locker by 2.2% in the second quarter. Arizona State Retirement System now owns 23,808 shares of the athletic footwear retailer’s stock worth $593,000 after purchasing an additional 518 shares in the last quarter. SummerHaven Investment Management LLC lifted its position in Foot Locker by 2.5% during the second quarter. SummerHaven Investment Management LLC now owns 27,671 shares of the athletic footwear retailer’s stock valued at $690,000 after buying an additional 667 shares during the period. Finally, Fifth Third Bancorp boosted its holdings in shares of Foot Locker by 116.0% during the 2nd quarter. Fifth Third Bancorp now owns 1,365 shares of the athletic footwear retailer’s stock valued at $34,000 after buying an additional 733 shares in 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.