Foot Locker stock plunges after blaming tax-refund lag for slowdown

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Stock analysts at FBR & Co issued their Q1 2018 earnings estimates for shares of Foot Locker in a research report issued to clients and investors on Monday. (NYSE:FL) from a buy rating to a hold rating in a report published on Monday, April 24th. "Foot Locker isn't one of those chains". For the outlook of the current financial quarter, Analysts think the firm will post 1.38 earnings per share. We believe that continuous exploitation of opportunities such as children's business, shop-in-shop expansion, store banner.com business, store refurbishment and enhancement of assortments, bode well. The retailer blamed the results in part on slow income-tax refunds. The company reports that its same-store sales plummeted by a percentage in the low teens during the month.

In trading on Thursday, shares of Foot Locker, Inc. 117.40 million shares or 2.30% less from 120.17 million shares in 2016Q3 were reported. The stock's average target of $77.76 is 10.38% above today's ($70.45) share price. Canaccord Genuity lifted their price target on shares of Foot Locker from $83.00 to $87.00 and gave the company a "buy" rating in a research report on Wednesday, February 22nd.

Based on the latest notes released to investors, 12 analysts have issued a rating of "buy", 5 analysts "outperform", 6 analysts "hold", 0 analysts "underperform" and 0 analysts "sell". The stock has a consensus rating of "Buy" and a consensus target price of $80.91. (NYSE:FL) shares have seen a move of 0.78%. The market capitalization of the company is at $9.36 Billion. The firm has a 50-day moving average price of $74.63 and a 200 day moving average price of $72.83. 'In addition, the tight inventory discipline we have maintained over the last several years is serving us well now, because even with first quarter sales that ran below expectations, we believe our inventory is still well positioned to drive improved top line results over the balance of the year. Eight analysts surveyed by Zacks expected $2.02 billion. Foot Locker was Friday's biggest decliner in the Standard & Poor's 500 Index by a wide margin. According to Thomson Reuters, sell-side analysts are predicting a consensus target price of $46.62 on company stock.

Historically, if we have a peek at price target revisions, Foot Locker, Inc. If you are viewing this piece on another site, it was illegally copied and republished in violation of United States and global copyright & trademark law. The original version of this piece can be accessed at https://www.chaffeybreeze.com/2017/05/19/foot-locker-inc-fl-rating-reiterated-by-wedbush.html. Shareholders of record on Friday, July 14th will be paid a $0.31 dividend.

On 2/16/2017 announced a quarterly dividend of $0.31 1.76% with an ex dividend date of 4/11/2017 which will be payable on 4/13/2017.

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Among 23 analysts covering Foot Locker Inc. In the past three months the stock value surged 1.13%.

"[Foot Locker's] improving product offerings, excitement around Nike's National Basketball Association sponsorship, remodel lifts, and overall high engagement with customers should continue to drive results and share gains", Susquehanna analyst Sam Poser wrote in a note to investors Friday morning. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Beta is also an important valuation ratio for analyzing the stock of the company, FL has Beta of 0.67 while its industry and Sector's beta remains at 1.48 and 1.33 respectively. The stock was sold at an average price of $74.50, for a total transaction of $596,000.00. The disclosure for this sale can be found here.

Net income in the quarter declined 4.9% to $298 million or 58 cents per diluted share from $268 million or 59 cents in the same quarter previous year.

A number of large investors have recently modified their holdings of the company. State Street Corp increased its position in shares of Foot Locker by 1.7% in the first quarter. Todd Asset Management LLC boosted its position in shares of Foot Locker by 46.1% in the third quarter. Finally, APG Asset Management N.V. increased its stake in Foot Locker by 7.7% in the first quarter. Bank of The West now owns 65,004 shares of the textile maker's stock valued at $4,402,000 after buying an additional 51,267 shares during the period.

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