Genesco Inc. (NYSE:GCO) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report released on Tuesday.
According to Zacks, “Genesco Inc., a Nashville-based specialty retailer, sells footwear, headwear and accessories in retail stores in the United States and Canada. The Company sells its products principally under the names Journeys, Journeys Kidz, Shi by Journeys, Johnston & Murphy, Underground Station, Hatworld, Lids, Hat Shack, Hat Zone, Head Quarters and Cap Connection, and on internet websites. The Company also sells footwear at wholesale under its Johnston & Murphy brand and under the licensed Dockers brand. “
Other analysts also recently issued reports about the company. ValuEngine upgraded Genesco from a “hold” rating to a “buy” rating in a report on Monday, October 2nd. Piper Jaffray Companies reiterated a “buy” rating and issued a $39.00 price target on shares of Genesco in a report on Sunday, October 1st. SunTrust Banks, Inc. set a $33.00 price target on Genesco and gave the company a “buy” rating in a report on Monday, October 16th. Morgan Stanley lowered their price target on Genesco from $38.00 to $28.00 and set an “equal weight” rating for the company in a report on Wednesday, September 13th. Finally, Jefferies Group LLC set a $48.00 price target on Genesco and gave the company a “hold” rating in a report on Saturday, August 19th. One research analyst has rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $32.71.
Shares of Genesco (NYSE GCO) traded down $0.25 during midday trading on Tuesday, reaching $25.00. The company had a trading volume of 224,200 shares, compared to its average volume of 395,896. Genesco has a 52-week low of $20.90 and a 52-week high of $72.00. The firm has a market cap of $502.95, a P/E ratio of 7.45, a P/E/G ratio of 0.77 and a beta of 1.27. The company has a current ratio of 2.38, a quick ratio of 0.47 and a debt-to-equity ratio of 0.21.
Genesco (NYSE:GCO) last announced its quarterly earnings results on Thursday, August 31st. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.04). Genesco had a net margin of 2.43% and a return on equity of 7.36%. The company had revenue of $616.50 million during the quarter, compared to analyst estimates of $626.93 million. During the same quarter in the prior year, the company posted $0.34 earnings per share. The firm’s revenue for the quarter was down 1.5% on a year-over-year basis. equities analysts predict that Genesco will post 3.46 earnings per share for the current fiscal year.
In other news, Chairman Robert J. Dennis acquired 25,000 shares of the firm’s stock in a transaction on Wednesday, September 6th. The stock was bought at an average cost of $23.81 per share, with a total value of $595,250.00. Following the transaction, the chairman now directly owns 224,935 shares in the company, valued at approximately $5,355,702.35. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Mimi Eckel Vaughn acquired 10,000 shares of the firm’s stock in a transaction on Wednesday, September 6th. The stock was purchased at an average cost of $24.16 per share, with a total value of $241,600.00. Following the completion of the transaction, the senior vice president now owns 87,140 shares in the company, valued at $2,105,302.40. The disclosure for this purchase can be found here. Corporate insiders own 3.30% of the company’s stock.
Hedge funds have recently modified their holdings of the company. PNC Financial Services Group Inc. lifted its position in shares of Genesco by 44.0% during the first quarter. PNC Financial Services Group Inc. now owns 2,538 shares of the company’s stock worth $142,000 after purchasing an additional 775 shares during the last quarter. Public Employees Retirement System of Ohio lifted its position in shares of Genesco by 8.5% during the first quarter. Public Employees Retirement System of Ohio now owns 3,660 shares of the company’s stock worth $203,000 after purchasing an additional 287 shares during the last quarter. State of Alaska Department of Revenue lifted its position in shares of Genesco by 77.8% during the second quarter. State of Alaska Department of Revenue now owns 3,893 shares of the company’s stock worth $131,000 after purchasing an additional 1,703 shares during the last quarter. Tower Research Capital LLC TRC bought a new position in shares of Genesco during the second quarter worth about $144,000. Finally, First Quadrant L P CA bought a new position in shares of Genesco during the second quarter worth about $153,000. 94.65% of the stock is currently owned by institutional investors and hedge funds.
Genesco Inc is a retailer and wholesaler of footwear, apparel and accessories. The Company operates in five segments: Journeys Group, Schuh Group, Lids Sports Group, Johnston & Murphy Group and Licensed Brands. It relies on independent third-party manufacturers for production of its footwear products sold at wholesale.
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