Cambria Investment Management L.P. Reduces Stake in Foot Locker, Inc. (FL)
Cambria Investment Management L.P. decreased its stake in shares of Foot Locker, Inc. (NYSE:FL) by 10.1% during the 1st quarter, HoldingsChannel.com reports. The firm owned 20,050 shares of the athletic footwear retailer’s stock after selling 2,261 shares during the quarter. Cambria Investment Management L.P.’s holdings in Foot Locker were worth $1,215,000 as of its most recent filing with the SEC.
Several other large investors also recently bought and sold shares of FL. Bremer Trust National Association bought a new position in shares of Foot Locker during the 4th quarter worth about $26,000. CWM LLC increased its stake in 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 acquiring an additional 346 shares during the period. Investors Research Corp bought a new stake in Foot Locker in the first quarter valued at about $30,000. Mckinley Capital Management LLC Delaware bought a new stake in Foot Locker in the first quarter valued at about $33,000. Finally, Quadrant Capital Group LLC increased its stake in Foot Locker by 75.1% in the first quarter. Quadrant Capital Group LLC now owns 655 shares of the athletic footwear retailer’s stock valued at $37,000 after acquiring an additional 281 shares during the period. Institutional investors own 99.09% of the company’s stock.
A number of analysts recently weighed in on FL shares. Credit Suisse Group upped their target price on shares of Foot Locker from $63.00 to $70.00 and gave the company an “outperform” rating in a research note on Monday, February 25th. Zacks Investment Research cut shares of Foot Locker from a “buy” rating to a “hold” rating in a research note on Friday, February 1st. Guggenheim reissued a “buy” rating and issued a $66.00 target price on shares of Foot Locker in a research note on Thursday, February 21st. Pivotal Research cut shares of Foot Locker from a “buy” rating to a “hold” rating and set a $64.00 target price on the stock. in a research note on Tuesday, February 26th. Finally, ValuEngine cut shares of Foot Locker from a “buy” rating to a “hold” rating in a research note on Saturday, March 9th. One analyst has rated the stock with a sell rating, six have issued a hold rating and fifteen have issued a buy rating to the company’s stock. Foot Locker currently has an average rating of “Buy” and an average price target of $66.05.
Foot Locker (NYSE:FL) last released its quarterly earnings results on Friday, March 1st. The athletic footwear retailer reported $1.56 EPS for the quarter, beating the Zacks’ consensus estimate of $1.39 by $0.17. The firm had revenue of $2.27 billion for the quarter, compared to analyst estimates of $2.18 billion. Foot Locker had a net margin of 6.81% and a return on equity of 21.92%. The company’s revenue for the quarter was up 2.8% compared to the same quarter last year. During the same period in the previous year, the business earned $1.26 earnings per share. Research analysts predict that Foot Locker, Inc. will post 5.19 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, August 2nd. Shareholders of record on Friday, July 19th will be given a $0.38 dividend. The ex-dividend date of this dividend is Thursday, July 18th. This represents a $1.52 dividend on an annualized basis and a yield of 2.80%. Foot Locker’s dividend payout ratio (DPR) is presently 32.27%.
Foot Locker declared that its board has approved a share buyback plan on Wednesday, February 20th that permits the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization permits the athletic footwear retailer to purchase up to 17.7% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
Foot Locker 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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