Footlocker makes $100M bet on popular online sneaker marketplace GOAT

Foot Locker Just Invested $100 Million in GOAT

Foot Locker Just Invested $100 Million in GOAT

The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Another trade for 7,000 shares valued at $355,670 was made by MCKENNA MATTHEW M on Monday, November 19. The shares were sold at an average price of $52.00, for a total value of $106,132.00. Following the sale, the vice president now owns 25,581 shares in the company, valued at $1,355,793. The disclosure for this sale can be found here. Insiders sold 16,082 shares of company stock valued at $832,934 in the last quarter.

Several hedge funds have recently modified their holdings of FL. Raymond James & Associates grew its holdings in shares of Foot Locker by 15.8% during the second quarter. Sanders Morris Harris LLC raised its stake in shares of Foot Locker by 140.0% during the fourth quarter. The firm now has $62.00 price target on the athletic footwear retailer's stock. CX Institutional grew its holdings in shares of Foot Locker by 4.4% during the third quarter. Boston Partners now owns 12,290 shares of the athletic footwear retailer's stock worth $654,000 after acquiring an additional 225 shares in the last quarter. The ratio is positive due to Foot Locker, Inc. positioning: 50 sold and 128 reduced. Contravisory Investment Management Inc. now owns 7,569 shares of the athletic footwear retailer's stock worth $403,000 after buying an additional 471 shares in the last quarter. Finally, Palo Capital Inc. acquired a new stake in Foot Locker during the third quarter worth approximately $623,000. Macquarie Group Ltd. now owns 46,360 shares of the athletic footwear retailer's stock valued at $2,437,000 after purchasing an additional 22,440 shares in the last quarter. Investors measure stock performance on the basis of a company's earnings power. (NYSE:FL). Commerzbank Aktiengesellschaft Fi accumulated 51,965 shs or 0.03% of the stock. About 1.57 million shares traded.

Did Foot Locker just save itself from turning into Blockbuster?

The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.54 and a current ratio of 3.42. The firm has a market cap of $6.39 billion, a price-to-earnings ratio of 13.76, a PEG ratio of 1.55 and a beta of 0.77. If FL's EPS is $1.36 the profit will reach $153.53 million for 10.40 P/E. 43.16 % EPS growth is what Wall Street's predicts after $0.95 reported EPS last quarter. However it has a net margin of 4.20%. The business had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.86 billion. During the same quarter in the prior year, the business posted $0.87 EPS. Foot Locker's revenue was down.5% compared to the same quarter previous year.

"We are excited to leverage GOAT Group's technology to further innovate the sneaker buying experience and utilize their best-in-class online marketplace to help meet the ever-growing global demand for the latest product", said Foot Locker chairman and CEO Richard Johnson said in a press release. Shareholders of record on Friday, January 18th were paid a $0.345 dividend. The ex-dividend date of this dividend was Thursday, January 17th. The stock's Dividend Yield stands at 2.44%. Foot Locker's payout ratio is presently 33.58%.

FL has been the subject of a number of recent research reports. Cowen upped their target price on shares of Foot Locker from $46.00 to $56.00 and gave the company a "market perform" rating in a research note on Monday, November 12th. On Wednesday, November 21 Jefferies maintained the shares of FL in report with "Buy" rating.

Basically, a price target is an individual analyst's projection on the future price of a stock. On Wednesday, November 21 the rating was maintained by Pivotal Research with "Buy". On the other hand, 1 analyst had recommended selling the stock. If you are accessing this story on another domain, it was illegally stolen and reposted in violation of United States and global trademark and copyright laws. If you are viewing this news story on another domain, it was stolen and republished in violation of USA and worldwide copyright laws. The firm operates in two divisions, Athletic Stores and Direct-to-Customers.

Foot Locker is investing $100 million in GOAT Group, which operates online footwear marketplaces GOAT and Flight Club.

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