Ontario Teachers Pension Plan Board cut its stake in shares of Foot Locker, Inc. (NYSE:FL) by 6.6% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 82,393 shares of the athletic footwear retailer’s stock after selling 5,810 shares during the period. Ontario Teachers Pension Plan Board owned 0.07% of Foot Locker worth $4,993,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Bremer Bank National Association acquired a new position in Foot Locker during the first quarter valued at approximately $26,000. CWM LLC lifted its position in shares of Foot Locker by 264.1% in the first quarter. CWM LLC now owns 477 shares of the athletic footwear retailer’s stock valued at $29,000 after buying an additional 346 shares during the last quarter. Bremer Trust National Association bought a new position in shares of Foot Locker during the fourth quarter worth approximately $26,000. Investors Research Corp bought a new position in shares of Foot Locker during the first quarter worth approximately $30,000. Finally, Mckinley Capital Management LLC Delaware bought a new position in shares of Foot Locker during the first quarter worth approximately $33,000. 99.53% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE FL traded down $0.17 during mid-day trading on Wednesday, hitting $41.64. 142,281 shares of the stock traded hands, compared to its average volume of 3,185,444. The company has a market cap of $4.66 billion, a price-to-earnings ratio of 8.84, a price-to-earnings-growth ratio of 0.85 and a beta of 1.00. Foot Locker, Inc. has a twelve month low of $39.06 and a twelve month high of $68.00. The company has a quick ratio of 1.07, a current ratio of 2.01 and a debt-to-equity ratio of 1.11.
Foot Locker declared that its board has authorized a stock buyback program on Wednesday, February 20th that allows the company to repurchase $1.20 billion in shares. This repurchase authorization allows the athletic footwear retailer to purchase up to 17.7% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 2nd. Stockholders of record on Friday, July 19th will be given a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 3.65%. The ex-dividend date of this dividend is Thursday, July 18th. Foot Locker’s dividend payout ratio (DPR) is presently 32.27%.
A number of brokerages have recently weighed in on FL. Morgan Stanley lowered their target price on Foot Locker from $44.00 to $40.00 and set an “underweight” rating on the stock in a research note on Tuesday, May 28th. Deutsche Bank lowered their target price on Foot Locker from $82.00 to $68.00 and set a “buy” rating on the stock in a research note on Tuesday, May 28th. Pivotal Research reiterated a “buy” rating and set a $60.00 target price on shares of Foot Locker in a research note on Tuesday, May 28th. Canaccord Genuity lowered their price objective on Foot Locker from $82.00 to $81.00 and set a “buy” rating on the stock in a research note on Friday, May 24th. Finally, ValuEngine lowered Foot Locker from a “hold” rating to a “sell” rating in a research note on Friday, May 24th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and fifteen have assigned a buy rating to the company. Foot Locker has a consensus rating of “Buy” and an average target price of $67.26.
Foot Locker Company Profile
Foot Locker, Inc, through its subsidiaries, operates as an athletic shoes and apparel retailer. The company operates in two segments, Athletic Stores and Direct-to-Customers. The Athletic Stores segment retails athletic footwear, apparel, accessories, and equipment under various formats, including Foot Locker, Kids Foot Locker, Lady Foot Locker, Champs Sports, Footaction, Runners Point, Sidestep, and SIX:02.
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