The Goldman Sachs Group Downgrades Foot Locker (NYSE:FL) to Sell
Foot Locker (NYSE:FL – Get Free Report) was downgraded by The Goldman Sachs Group from a “neutral” rating to a “sell” rating in a report released on Thursday, Marketbeat reports. They currently have a $18.00 price objective on the athletic footwear retailer’s stock. The Goldman Sachs Group’s price objective would suggest a potential downside of […] The Goldman Sachs Group (The Sachs Group) has downgraded Foot Locker (FL) to a “sell” rating, indicating a potential downside of 16.90% from the previous close. The company currently has a $18.00 price objective on the athletic footwear retailer’s stock. Other research firms, including Citigroup, UBS Group, and Telsey Advisory Group, have also decreased their target price on shares of the company from $36.00 to $22.00 and set an “outperform’ rating on the stock. Barclays reduced their target value on shares from $31.00. CEO Mary N. Dillon bought 5,510 shares of Foot Lock in a transaction that occurred on September 8th. Following the acquisition, CEO Dillon now owns 27,649 shares in the company, valued at $502,382.33. The firm had revenue of $1.86 billion during the quarter compared to the consensus estimate of $ 1.88 billion.
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Foot Locker (NYSE:FL – Get Free Report) was downgraded by The Goldman Sachs Group from a “neutral” rating to a “sell” rating in a report released on Thursday, Marketbeat.com reports. They currently have a $18.00 price objective on the athletic footwear retailer’s stock. The Goldman Sachs Group’s price objective would suggest a potential downside of 16.90% from the stock’s previous close.
Several other research firms also recently commented on FL. UBS Group lowered their price objective on shares of Foot Locker from $22.00 to $11.00 and set a “sell” rating for the company in a research note on Thursday, August 24th. Citigroup dropped their price objective on shares of Foot Locker from $26.00 to $18.00 and set a “neutral” rating for the company in a research note on Thursday, August 24th. StockNews.com started coverage on shares of Foot Locker in a research note on Thursday, October 5th. They set a “sell” rating for the company. Telsey Advisory Group decreased their target price on shares of Foot Locker from $36.00 to $22.00 and set an “outperform” rating on the stock in a report on Thursday, August 24th. Finally, Barclays reduced their target price on shares of Foot Locker from $31.00 to $17.00 and set an “equal weight” rating on the stock in a report on Thursday, August 24th. Three investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $26.90.
Foot Locker (NYSE:FL – Get Free Report) last announced its quarterly earnings results on Wednesday, August 23rd. The athletic footwear retailer reported $0.04 EPS for the quarter, meeting analysts’ consensus estimates of $0.04. Foot Locker had a net margin of 1.76% and a return on equity of 8.65%. The firm had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.88 billion. During the same quarter last year, the firm earned $1.10 EPS. The firm’s revenue for the quarter was down 9.9% compared to the same quarter last year. Sell-side analysts forecast that Foot Locker will post 1.34 EPS for the current year.
In related news, CEO Mary N. Dillon bought 5,510 shares of the stock in a transaction that occurred on Friday, September 8th. The stock was purchased at an average cost of $18.17 per share, for a total transaction of $100,116.70. Following the completion of the acquisition, the chief executive officer now owns 27,649 shares in the company, valued at $502,382.33. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.20% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of FL. IFP Advisors Inc lifted its position in shares of Foot Locker by 294.2% during the first quarter. IFP Advisors Inc now owns 41,297 shares of the athletic footwear retailer’s stock worth $1,383,000 after purchasing an additional 30,822 shares in the last quarter. Duality Advisers LP increased its holdings in shares of Foot Locker by 118.6% in the 2nd quarter. Duality Advisers LP now owns 83,484 shares of the athletic footwear retailer’s stock worth $2,263,000 after acquiring an additional 45,300 shares during the period. Wellington Management Group LLP increased its holdings in shares of Foot Locker by 294.6% in the 1st quarter. Wellington Management Group LLP now owns 2,103,407 shares of the athletic footwear retailer’s stock worth $83,484,000 after acquiring an additional 1,570,295 shares during the period. Lisanti Capital Growth LLC acquired a new position in Foot Locker during the 1st quarter valued at about $3,893,000. Finally, Brandywine Global Investment Management LLC boosted its position in shares of Foot Locker by 1.4% during the 1st quarter. Brandywine Global Investment Management LLC now owns 248,425 shares of the athletic footwear retailer’s stock valued at $9,860,000 after purchasing an additional 3,453 shares in the last quarter.
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 youth culture 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.
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Tópicos: Markets, Foot Locker, Goldman Sachs, NYSE