Foot Locker, Inc. (FL) Q3 Profit & Revenue Top Expectations

Alicia Cross
November 18, 2017

(NYSE:FL) by 53.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. Wall Street is only getting more bullish on the stock, with 7 of analysts who cover FL having a buy-equivalent rating.

A number of hedge funds and other institutional investors have recently modified their holdings of FL. D.A. Davidson & CO. lifted its position in shares of Foot Locker by 50.3% in the second quarter. AQR CAPITAL MANAGEMENT LLC owned 24.95% of Foot Locker, Inc. Bank of New York Mellon Corp now owns 3,591,593 shares of the athletic footwear retailer's stock valued at $126,495,000 after purchasing an additional 870,899 shares during the last quarter. This was down from $152 million, or $1.13 per share, in last year's third quarter.

Gross margins also declined in the period, to 31.0% percent of sales from 33.9% previous year. Sei Investments Company acquired 22,067 shares as Pool Corporation (POOL)'s stock rose 2.20%.

TRADEMARK VIOLATION NOTICE: This news story was first posted by StockNewsTimes and is owned by of StockNewsTimes. If you are accessing this news story on another site, it was copied illegally and republished in violation of United States & global copyright law. (NYSE:FL). Nomura Asset Mngmt Limited holds 0.01% of its portfolio in Foot Locker, Inc. Pennsylvania-based Orrstown Financial Serv has invested 0.06% in Foot Locker, Inc. (FL) traded up $0.65 during mid-day trading on Friday, hitting $31.85. Foot Locker has a fifty-two week low of $28.42 and a fifty-two week high of $79.43. The firm has a market capitalization of $3,675.29, a price-to-earnings ratio of 6.62, a price-to-earnings-growth ratio of 2.07 and a beta of 0.66. The company has a debt-to-equity ratio of 0.04, a current ratio of 5.63 and a quick ratio of 2.88.

Shares of Foot Locker Inc. surged on Friday after the company's third-quarter profit topped Wall Street expectations.

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Net income totaled $102 million, or $0.81 per share, for the quarter ended October 28, compared with $157 million, or $1.17 per share in the year-ago period. According to today's trading volume Foot Locker, ABOVE its 20-Day Avg. volume with the stock showing ABOVE Abnormal volume in the past 150 days.

Results: EPS was 87 cents as revenue dipped to $1.87 billion.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 2nd. The athletic footwear retailer reported $0.62 EPS for the quarter, missing the consensus estimate of $0.90 by ($0.28). This represents a $1.24 dividend on an annualized basis and a yield of 3.97%. The ex-dividend date is Thursday, January 18th. Foot Locker's dividend payout ratio (DPR) is now 28.57%. Barclays PLC set a $80.00 price objective on Foot Locker and gave the stock a "buy" rating in a research note on Saturday, August 5th. BidaskClub downgraded Foot Locker from a "sell" rating to a "strong sell" rating in a report on Tuesday, July 25th.

Previously on Monday November 13, 2017, Telsey Advisory Group released a statement for Foot Locker (NYSE:FL) bumped down the target price from $36.00 to $34.00. Two equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and twelve have assigned a buy rating to the stock. Also, the current price highlights a discount of 18.7% to analysts' high consensus price target.

"With the disruption we are witnessing in retail in general and the athletic industry more specifically, we will have to make many critical decisions as we shape our future", said Foot Locker Chairman and CEO Richard Johnson during Friday's earnings call.

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