Fir Tree Capital Management LP Makes New $24.18 Million Investment in Foot Locker, Inc. (NYSE:FL)

Fir Tree Capital Management LP purchased a new position in shares of Foot Locker, Inc. (NYSE:FL) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 392,361 shares of the athletic footwear retailer’s stock, valued at approximately $24,181,000. Foot Locker makes up approximately 0.9% of Fir Tree Capital Management LP’s holdings, making the stock its 19th largest holding. Fir Tree Capital Management LP owned about 0.38% of Foot Locker as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in Foot Locker by 51.3% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 678 shares of the athletic footwear retailer’s stock worth $38,000 after buying an additional 230 shares in the last quarter. Lazard Asset Management LLC acquired a new stake in shares of Foot Locker in the 2nd quarter valued at $42,000. Keel Point LLC acquired a new stake in shares of Foot Locker in the 2nd quarter valued at $353,000. Captrust Financial Advisors boosted its stake in shares of Foot Locker by 46.6% in the 1st quarter. Captrust Financial Advisors now owns 1,023 shares of the athletic footwear retailer’s stock valued at $58,000 after purchasing an additional 325 shares in the last quarter. Finally, First Command Bank boosted its stake in shares of Foot Locker by 111.9% in the 2nd quarter. First Command Bank now owns 1,157 shares of the athletic footwear retailer’s stock valued at $71,000 after purchasing an additional 611 shares in the last quarter. Hedge funds and other institutional investors own 90.82% of the company’s stock.

Foot Locker stock opened at $47.65 on Wednesday. The firm has a market capitalization of $4.95 billion, a P/E ratio of 4.97, a PEG ratio of 1.84 and a beta of 1.37. Foot Locker, Inc. has a 1 year low of $35.86 and a 1 year high of $66.71. The business has a 50-day moving average of $52.11 and a 200-day moving average of $57.10.

Foot Locker (NYSE:FL) last issued its quarterly earnings data on Thursday, August 19th. The athletic footwear retailer reported $2.21 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.01 by $1.20. Foot Locker had a return on equity of 24.92% and a net margin of 11.69%. The business had revenue of $2.28 billion during the quarter, compared to analyst estimates of $2.09 billion. During the same period in the previous year, the firm earned $0.71 EPS. Foot Locker’s quarterly revenue was up 9.5% compared to the same quarter last year. On average, equities research analysts expect that Foot Locker, Inc. will post 7.12 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 29th. Investors of record on Friday, October 15th will be given a $0.30 dividend. The ex-dividend date of this dividend is Thursday, October 14th. This is a positive change from Foot Locker’s previous quarterly dividend of $0.20. This represents a $1.20 annualized dividend and a dividend yield of 2.52%. Foot Locker’s payout ratio is currently 42.70%.

FL has been the topic of several recent analyst reports. JPMorgan Chase & Co. reduced their target price on shares of Foot Locker from $68.00 to $60.00 and set a “neutral” rating on the stock in a research note on Monday, October 18th. Pivotal Research lifted their price target on Foot Locker from $82.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, August 18th. Zacks Investment Research cut Foot Locker from a “buy” rating to a “hold” rating and set a $58.00 price target for the company. in a report on Tuesday, August 10th. Telsey Advisory Group lifted their price target on Foot Locker from $64.00 to $67.00 and gave the company a “market perform” rating in a report on Monday, August 23rd. Finally, Wedbush assumed coverage on Foot Locker in a report on Monday, October 4th. They issued a “neutral” rating and a $51.00 price target for the company. Two analysts have rated the stock with a sell rating, eight have given a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Foot Locker currently has an average rating of “Hold” and an average target price of $60.36.

Foot Locker Profile

Foot Locker, Inc engages in the retail of athletic shoes and apparel. The firm uses its omni-channel capabilities to bridge the digital world and physical stores, including order-in-store, buy online and pickup-in-store, and buy online and ship-from-store, as well as e-commerce. It operates through following segments: North America, EMEA (Europe, Middle East, and Africa, and Asia Pacific.

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Institutional Ownership by Quarter for Foot Locker (NYSE:FL)

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