Zacks Investment Research downgraded shares of Genesco Inc. (NYSE:GCO) from a hold rating to a sell rating in a report issued on Wednesday morning.
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. “
Several other brokerages have also issued reports on GCO. Susquehanna Bancshares Inc raised Genesco from a neutral rating to a positive rating and set a $66.00 target price for the company in a research report on Wednesday, April 26th. UBS AG raised Genesco from a neutral rating to a positive rating in a research report on Wednesday, April 26th. B. Riley raised Genesco from a neutral rating to a buy rating and set a $56.00 target price for the company in a research report on Monday, May 22nd. ValuEngine lowered Genesco from a buy rating to a hold rating in a research report on Friday, June 2nd. Finally, Morgan Stanley reaffirmed an equal weight rating and set a $38.00 target price (down from $59.00) on shares of Genesco in a research report on Thursday, June 1st. Two analysts have rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company’s stock. The company has an average rating of Hold and a consensus price target of $48.29.
Shares of Genesco (NYSE GCO) traded up 9.47% during mid-day trading on Wednesday, reaching $27.75. 704,434 shares of the company’s stock were exchanged. The stock’s 50-day moving average is $29.89 and its 200-day moving average is $44.41. The stock has a market cap of $543.71 million, a price-to-earnings ratio of 6.23 and a beta of 1.24. Genesco has a 52-week low of $21.86 and a 52-week high of $73.45.
Genesco (NYSE:GCO) last announced its earnings results on Thursday, May 25th. The company reported $0.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by $0.22. Genesco had a net margin of 3.07% and a return on equity of 8.41%. The business had revenue of $643.40 million for the quarter, compared to analysts’ expectations of $644.15 million. During the same period in the prior year, the business earned $0.62 earnings per share. The company’s revenue for the quarter was down .8% compared to the same quarter last year. On average, equities analysts expect that Genesco will post $3.78 EPS for the current year.
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In other news, Director Kevin Patrick Mcdermott acquired 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 6th. The stock was bought at an average price of $32.32 per share, with a total value of $32,320.00. Following the acquisition, the director now owns 8,657 shares in the company, valued at approximately $279,794.24. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 3.30% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Public Employees Retirement System of Ohio increased its position in shares of Genesco by 16.9% in the second quarter. Public Employees Retirement System of Ohio now owns 4,278 shares of the company’s stock valued at $145,000 after buying an additional 618 shares in the last quarter. Verition Fund Management LLC increased its position in shares of Genesco by 391.7% in the second quarter. Verition Fund Management LLC now owns 18,683 shares of the company’s stock valued at $633,000 after buying an additional 14,883 shares in the last quarter. Tower Research Capital LLC TRC bought a new position in shares of Genesco during the second quarter valued at approximately $144,000. Arrowstreet Capital Limited Partnership increased its position in shares of Genesco by 3.3% in the second quarter. Arrowstreet Capital Limited Partnership now owns 99,299 shares of the company’s stock valued at $3,366,000 after buying an additional 3,199 shares in the last quarter. Finally, State Street Corp increased its position in shares of Genesco by 12.4% in the second quarter. State Street Corp now owns 648,235 shares of the company’s stock valued at $21,977,000 after buying an additional 71,541 shares in the last quarter.
Genesco Company Profile
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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