Seaport Res Ptn Weighs in on Foot Locker, Inc.'s Q3 2023 Earnings (NYSE:FL)

Seaport Res Ptn Weighs in on Foot Locker, Inc.'s Q3 2023 Earnings (NYSE:FL)

Updated: 10 days, 6 hours, 31 seconds ago

Foot Locker, Inc. (NYSE:FL - Get Rating) - Investment analysts at Seaport Res Ptn decreased their Q3 2023 earnings estimates for shares of Foot Locker in a report issued on Tuesday, November 15th. Seaport Res Ptn analyst M. Kummetz now forecasts that the athletic footwear retailer will earn $1.38 per share for the quarter, down from their prior estimate of $1.47. The consensus estimate for Foot Locker's current full-year earnings is $4.33 per share. Seaport Res Ptn also issued estimates for Foot Locker's Q4 2023 earnings at $0.09 EPS, FY2023 earnings at $4.18 EPS and FY2025 earnings at $3.95 EPS.

Foot Locker (NYSE:FL - Get Rating) last announced its quarterly earnings results on Friday, August 19th. The athletic footwear retailer reported $1.10 earnings per share for the quarter, beating analysts' consensus estimates of $0.75 by $0.35. The business had revenue of $2.07 billion for the quarter, compared to the consensus estimate of $2.07 billion. Foot Locker had a net margin of 5.56% and a return on equity of 19.33%. Foot Locker's revenue for the quarter was down 9.2% on a year-over-year basis. During the same period last year, the company posted $2.21 EPS.


A number of other brokerages also recently weighed in on FL. Barclays upgraded shares of Foot Locker from an "underweight" rating to an "equal weight" rating in a research report on Monday, August 22nd. Cowen raised their target price on shares of Foot Locker from $29.00 to $35.00 and gave the stock a "market perform" rating in a report on Monday, August 22nd. Guggenheim raised their target price on shares of Foot Locker to $43.00 in a report on Monday, August 22nd. Citigroup dropped their target price on shares of Foot Locker from $38.00 to $33.00 and set a "neutral" rating on the stock in a report on Friday, November 11th. Finally, The Goldman Sachs Group raised their target price on shares of Foot Locker from $28.00 to $37.00 and gave the stock a "neutral" rating in a report on Monday, August 22nd. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $40.37.

Foot Locker Stock Performance

Shares of NYSE:FL opened at $33.81 on Wednesday. The company has a market capitalization of $3.15 billion, a price-to-earnings ratio of 6.90, a P/E/G ratio of 0.24 and a beta of 1.24. The firm's 50 day simple moving average is $33.52 and its 200 day simple moving average is $31.31. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.46 and a quick ratio of 0.42. Foot Locker has a fifty-two week low of $23.85 and a fifty-two week high of $57.76.

Hedge Funds Weigh In On Foot Locker

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FL. Meeder Asset Management Inc. bought a new position in Foot Locker during the first quarter worth $25,000. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Foot Locker by 173.9% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 849 shares of the athletic footwear retailer's stock worth $25,000 after buying an additional 539 shares in the last quarter. C M Bidwell & Associates Ltd. acquired a new stake in shares of Foot Locker during the second quarter worth $30,000. Advisors Asset Management Inc. lifted its holdings in shares of Foot Locker by 68.3% during the first quarter. Advisors Asset Management Inc. now owns 1,336 shares of the athletic footwear retailer's stock worth $40,000 after buying an additional 542 shares in the last quarter. Finally, Wipfli Financial Advisors LLC acquired a new stake in shares of Foot Locker during the third quarter worth $42,000. 98.06% of the stock is owned by institutional investors.

Insider Activity at Foot Locker

In related news, major shareholder Vesa Equity Investment S.A R.L sold 9,739 shares of the firm's stock in a transaction on Tuesday, September 20th. The shares were sold at an average price of $39.03, for a total value of $380,113.17. Following the completion of the transaction, the insider now directly owns 12,740,578 shares of the company's stock, valued at $497,264,759.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Foot Locker news, major shareholder Vesa Equity Investment S.A R.L sold 9,739 shares of Foot Locker stock in a transaction on Tuesday, September 20th. The shares were sold at an average price of $39.03, for a total transaction of $380,113.17. Following the completion of the transaction, the insider now directly owns 12,740,578 shares of the company's stock, valued at $497,264,759.34. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Todd Greener sold 2,500 shares of Foot Locker stock in a transaction on Monday, October 3rd. The stock was sold at an average price of $30.99, for a total transaction of $77,475.00. Following the transaction, the senior vice president now directly owns 8,421 shares of the company's stock, valued at $260,966.79. The disclosure for this sale can be found here. Over the last three months, insiders sold 557,380 shares of company stock valued at $18,395,121. 3.00% of the stock is owned by corporate insiders.

About Foot Locker

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Foot Locker, Inc, through its subsidiaries, operates as an athletic footwear and apparel retailer. The company engages in the retail of athletic footwear, apparel, accessories, equipment, and team licensed merchandise under the Foot Locker, Lady Foot Locker, Kids Foot Locker, Champs Sports, Eastbay, atmos, WSS, Footaction, and Sidestep brand names.

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