Markets Right Now: US stocks edge higher in early trading

20 May, 2017, 00:15 | Author: Celia Hoffman
  • Foot Locker Plunges After Blaming Tax-Refund Lag for Slowdown

Hedge funds and other institutional investors have recently modified their holdings of the stock. Great West Life Assurance Co.

The company says it faced "unprecedented challenges" last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Nordea Investment Management AB increased its stake in Foot Locker by 2.9% in the third quarter. Foot Locker has a 12-month low of $50.90 and a 12-month high of $79.43. Over the past month the firm's stock is -3.03%, 0.36% for the last quarter, 1.38% for the past six-months and 25.44% for the a year ago.

11/20/2016 - Foot Locker, Inc. had its "buy" rating reiterated by analysts at Brean Capital. (NYSE:FL)'s stock is experiencing unusual volume during today's trading. According to Thomson Reuters, analysts are projecting a consensus target price of $82.950 on company shares. The stock's 50 day moving average price is $74.49 and its 200-day moving average price is $72.82. The firm has a market cap of $9.25 billion, a PE ratio of 14.35 and a beta of 0.57.

Foot Locker said its profits during the period fell 5.8 percent to $180 million, or $1.36 per diluted share, missing market watchers' estimates for diluted earnings per share of $1.38.

Earnings per share were $1.36, down from $1.39 a year earlier and below the $1.38 FactSet consensus. Total sales increased 0.7 percent, to $2,001 million this year, compared with sales of $1,987 million for the corresponding prior-year period.

Shares of Foot Locker (NYSE:FL) opened at 70.45 on Friday. Foot Locker still is ahead of its 52 week low, but now trading at the lower end of the range it has been in over the past year.

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Foot Locker's revenues were further affected by currency rates, adjusting for this forex impact gets us to a revenue increase (as well as comps sales increase) of 1.8% - this looks like a very strong showing in an industry that is reporting comp sales declines in many cases [with the Amazon (NASDAQ:AMZN) effect being a main reason]. Foot Locker had a net margin of 8.26% and a return on equity of 24.22%. Shareholders of record on Friday, July 14th will be paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.76%.

COPYRIGHT VIOLATION NOTICE: "State Treasurer State of Michigan Cuts Position in Foot Locker, Inc. (FL) Rating Reiterated by Wedbush" was originally posted by Chaffey Breeze and is the sole property of of Chaffey Breeze. If you are viewing this news story on another publication, it was copied illegally and reposted in violation of USA & global copyright & trademark legislation.

FL has been the topic of several recent research reports.

02/27/2017 - Foot Locker, Inc. had its "buy" rating reiterated by analysts at Canaccord Genuity.

On 12/5/2016 Paulette Alviti, SVP, sold 10,000 with an average share price of $75.32 per share and the total transaction amounting to $753,200.00. Following the transaction, the senior vice president now owns 36,641 shares in the company, valued at $2,729,754.50. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Lauren B. Peters sold 25,000 shares of the company's stock in a transaction on Wednesday, March 8th. The company's stock plunge Friday is on pace to be the biggest since the 2008 financial crisis. The disclosure for this sale can be found here. The typical day in the last two weeks has seen about a 1.33% volatility.

"Foot Locker has kicked off its fiscal year with a somber set of numbers", GlobalData retail analyst Carter Harrison wrote in an email. As of April 29, 2017, the company operated 3,354 stores in 23 countries in North America, Europe, Australia, and New Zealand.

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