Cigna Investments Inc. New bought a new stake in Foot Locker, Inc. (NYSE:FL) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 3,336 shares of the athletic footwear retailer’s stock, valued at approximately $202,000.
Several other hedge funds and other institutional investors have also modified their holdings of FL. Norges Bank acquired a new stake in shares of Foot Locker in the fourth quarter valued at about $82,441,000. LSV Asset Management raised its position in shares of Foot Locker by 23.5% in the first quarter. LSV Asset Management now owns 4,199,887 shares of the athletic footwear retailer’s stock valued at $254,513,000 after buying an additional 798,850 shares during the last quarter. MERIAN GLOBAL INVESTORS UK Ltd acquired a new stake in shares of Foot Locker in the first quarter valued at about $40,444,000. Boston Partners raised its position in shares of Foot Locker by 4,890.3% in the first quarter. Boston Partners now owns 613,310 shares of the athletic footwear retailer’s stock valued at $37,167,000 after buying an additional 601,020 shares during the last quarter. Finally, Bank of Montreal Can raised its position in shares of Foot Locker by 159.2% in the first quarter. Bank of Montreal Can now owns 926,025 shares of the athletic footwear retailer’s stock valued at $56,116,000 after buying an additional 568,741 shares during the last quarter. Institutional investors and hedge funds own 99.53% of the company’s stock.
Shares of FL stock opened at $40.94 on Thursday. The company has a quick ratio of 1.07, a current ratio of 2.01 and a debt-to-equity ratio of 1.11. The stock has a market cap of $4.61 billion, a price-to-earnings ratio of 8.69, a P/E/G ratio of 0.82 and a beta of 1.00. Foot Locker, Inc. has a 1-year low of $39.06 and a 1-year high of $68.00.
Foot Locker (NYSE:FL) last announced its earnings results on Friday, May 24th. The athletic footwear retailer reported $1.53 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.61 by ($0.08). The company had revenue of $2.08 billion for the quarter, compared to analysts’ expectations of $2.11 billion. Foot Locker had a return on equity of 21.74% and a net margin of 6.86%. The company’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period last year, the business earned $1.45 EPS. Equities research analysts anticipate that Foot Locker, Inc. will post 5.02 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, August 2nd. Shareholders of record on Friday, July 19th will be paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 3.71%. The ex-dividend date is Thursday, July 18th. Foot Locker’s dividend payout ratio (DPR) is presently 32.27%.
Foot Locker declared that its Board of Directors has authorized a stock buyback program on Wednesday, February 20th that authorizes the company to buyback $1.20 billion in shares. This buyback authorization authorizes the athletic footwear retailer to reacquire up to 17.7% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.
A number of brokerages recently issued reports on FL. Telsey Advisory Group reissued an “outperform” rating and issued a $70.00 price objective on shares of Foot Locker in a report on Thursday, April 11th. Morgan Stanley dropped their price objective on shares of Foot Locker from $44.00 to $40.00 and set an “underweight” rating for the company in a report on Tuesday, May 28th. Pivotal Research reissued a “buy” rating and issued a $66.00 price objective (down previously from $73.00) on shares of Foot Locker in a report on Tuesday, May 21st. ValuEngine lowered shares of Foot Locker from a “hold” rating to a “sell” rating in a report on Friday, May 24th. Finally, Guggenheim reissued a “buy” rating and issued a $60.00 price objective on shares of Foot Locker in a report on Friday, May 24th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and fifteen have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $67.26.
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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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