Foot Locker (FL) At 52-Week High: What's Driving The Stock?
Zacks Investment Research | Feb 21, 2019 09:40PM ET
Shares of Foot Locker, Inc. (NYSE:FL) touched a 52-week high of $61.36, before closing the session a tad lower at $60.01 on Feb 21. The upside in the price performance can be attributed to the recently announced capital spending plans.
Recently, Foot Locker rewarded shareholders with a hike of 10% in quarterly dividend. Also, the company revealed a capital expenditure program of $275 million for fiscal 2019, up from $200 million assigned for the prior year’s program. Moreover, the board announced a new 3-year share buyback program worth $1.2 billion.
Apart from these, focus on supply chain development, improvement of mobile and web platforms, execution of new point-of-sale software as well as data analytics growth bode well. Also, the company boasts a strong portfolio of leading brands under a variety of store banners that enables it to target specific markets and efficiently cater to consumers’ demand.
Clearly, these tailwinds have lifted the investors’ optimism in the stock. In the past three months, this Zacks Rank #2 (Buy) stock has gained 13.3%, against the Original post
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