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FL

Foot Locker

$60.14

0.26 (0.43%)

16:05
02/20/19
02/20
16:05
02/20/19
16:05

Foot Locker approves new $1.2B share repurchase plan, hikes dividend 10%

Foot Locker announced that its Board of Directors authorized three capital allocation initiatives to both sustain meaningful investment in the business and reward long-term shareholders. First, its Board of Directors declared a quarterly cash dividend on the company's common stock of 38c per share, which will be payable on May 3 to shareholders of record on April 18. The 10% increase in the dividend is the ninth consecutive year with a dividend increase in the double-digit percent range and is equivalent to an annualized rate of $1.52 per share. Second, the Board of Directors approved a new 3-year, $1.2B common share repurchase program extending through January 2022, replacing the company's previous $1.2B program. Through the end of fiscal 2018, the Company had spent $817M under that program since it was announced two years ago. Third, the Board of Directors approved a $277M capital expenditures program for 2019, compared to the approximately $200M in 2018. The capital spending planned for 2019 reflects increased investments in the company's store fleet in all existing regions, including Asia, and in its digital initiatives. In addition, the company will continue to spend capital to build out its supply chain and other infrastructure capabilities.

FL Foot Locker
$60.14

0.26 (0.43%)

01/09/19
01/09/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Nike (NKE) upgraded to Buy from Hold at HSBC. 2. Bank of America (BAC) upgraded to Buy from Hold at Edward Jones and to Buy from Neutral at UBS. 3. Wendy's (WEN) upgraded to Outperform from Perform at Oppenheimer with analyst Brian Bittner saying his work reveals an "intriguing setup" as Street's earnings and free cash flow estimates through 2020 have reset to levels that create an improved scenario for meets or beats, same-store sales appear to have drivers to accelerate into 2019 against conservative sell-side forecasts of sub-2% perpetually, new international strategy could unlock faster-than-expected long-term unit growth, and valuation at about 8% free cash flow yield implies very attractive upside/downside case against a highly stable financial model. 4. Akamai (AKAM) upgraded to Overweight from Sector Weight at KeyBanc with analyst Brandon Nispel saying his data tracker suggests upside to Q4 revenue, decreasing the risk to a Q1 and 2019 guide below expectations. 5. Foot Locker (FL) upgraded to Outperform from Neutral at Baird with analyst Jonathan Komp citing its relative valuation and strong backward looking indicators providing reason for optimism. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
01/25/19
JEFF
01/25/19
NO CHANGE
JEFF
Under Armour discounting down for tenth straight month, says Jefferies
Jefferies analyst Randal Konik says his firm's January webscrapes illustrate that Under Armour's (UAA) percentage of product on discount is down for the tenth month in a row year-over-year, while Adidas's (ADDYY) percentage is up for the eleventh month in a row. Further, Visits to Finish Line (FINL), Foot Locker (FL), and Under Armour websites reveal the HOVR, Project Rock, and Curry 6 are sold out in several sizes, indicating strong demand, Konik tells investors in a research note. He also believes that Nike (NKE) continues to dominate Adidas in running in the U.S.
01/25/19
JEFF
01/25/19
NO CHANGE
Target $67
JEFF
Buy
Foot Locker price target raised to $67 from $62 at Jefferies
Jefferies analyst Janine Stichter raised her price target for Foot Locker to $67 to reflect increased conviction that the company's business continues to gain momentum. Data the analyst looks at point to a Nike (NKE) resurgence in North America, "rising heat" around basketball and Jordans, a "healthy" innovation pipeline, and "controlled" promotions. The analyst still sees opportunity in Foot Locker shares despite the recent rally and keeps a Buy rating on the name.
02/08/19
BARD
02/08/19
NO CHANGE
Target $65
BARD
Outperform
Foot Locker's latest investment could be 'greatest yet,' says Baird
Baird analyst Jonathan Komp noted Foot Locker announced plans to invest $100M in 1661, a leading sneaker resale platform. The analyst said the move demonstrates the company's more aggressive push to engage with leading digital-first brands and companies. He said it provides an attractive means to participate in the secondary sneaker market, which he believes the company has long desired. Komp reiterated his Outperform rating and $65 price target on Foot Locker shares.

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