Jefferies Group LLC Reaffirms Buy Rating for Foot Locker, Inc. (NYSE:FL)

Paterniano Del Favero
Agosto 9, 2017

YorkBridge Wealth Partners LLC boosted its stake in shares of Foot Locker by 18.6% in the first quarter. Following the transaction, the director now directly owns 8,964 shares of the company's stock, valued at $532,461.60.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. The ratio is more positive, as 254 institutional investors increased and started new equity positions, while 234 sold and trimmed positions in Foot Locker Inc.

Morgan Stanley analyst Jay Sole upgraded Foot Locker stock from "Equal-Weight" to "Overweight".

The shoe retailer has gained market share over the past seven years by "substantially increasing investment in its stores and creating the most premium destination to buy athletic footwear", the report said. BB&T Securities LLC raised its position in Foot Locker by 30.0% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 11,660 shares of the athletic footwear retailer's stock valued at $575,000 after buying an additional 877 shares during the last quarter. APG Asset Management N.V. boosted its position in Foot Locker by 23.4% in the second quarter. Tobam now owns 428,449 shares of the athletic footwear retailer's stock valued at $21,114,000 after buying an additional 137,206 shares during the last quarter. Marshall Wace North America L.P. raised its position in Foot Locker by 6,648.7% in the second quarter. BlackRock Inc. now owns 9,163,944 shares of the athletic footwear retailer's stock valued at $685,553,000 after buying an additional 8,763,641 shares during the period.

Yesterday Foot Locker (NYSE:FL) traded 4.28% higher at $48.84. (NYSE:FL) rating on Monday, August 22. $73.78's average target is 44.89% above currents $50.92 stock price. The company's stock price has been trending upward over the last two weeks, but Foot Locker is still well below its 52-week high of $79.43 per share.

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 28th. Investors of record on Friday, July 14th were issued a $0.31 dividend. The ex-dividend date was Wednesday the 12th of July 2017. This represents a $1.24 dividend on an annualized basis and a yield of 2.53%. Foot Locker Inc. had 74 analyst reports since July 21, 2015 according to SRatingsIntel.

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A number of equities analysts recently issued reports on the stock. Foot Locker now has a consensus rating of "Buy" and an average price target of $72.92. Cowen and Company reaffirmed a "market perform" rating and set a $77.00 target price on shares of Foot Locker in a research report on Sunday, April 23rd. Argus Research initiated the shares of FL in report on Thursday, October 8 with "Buy" rating. Jefferies Group LLC reissued a "buy" rating and issued a $88.00 target price on shares of Foot Locker in a research note on Friday, April 21st. Finally, Deutsche Bank AG reiterated a "buy" rating and issued a $88.00 price objective (down previously from $89.00) on shares of Foot Locker in a research report on Sunday, April 23rd.

In related news, Director Jarobin Gilbert, Jr. sold 5,600 shares of Foot Locker stock in a transaction that occurred on Wednesday, May 24th. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Barclays' analyst Matthew McClintock stated that an extremely negative, and perhaps unrealistically bleak, Foot Locker future has led to the massive year-to-date decline in the company's stock price.

The Morgan Stanley analyst tried to reassure Foot Locker investors who are anxious that the retailer is inevitably doomed due to the rise and proliferation of e-commerce-and Amazon AMZN in particular. The Firm operates through two divisions: Athletic Stores and Direct-to-Customers. The Firm is an athletic footwear and apparel retailer, which include businesses, such as include Foot Locker, Kids Foot Locker, Lady Foot Locker, Champs Sports, Footaction, Runners Point, Sidestep and SIX:02.

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