Genesco Inc. (NYSE:GCO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The firm currently has a $62.00 price objective on the stock. Zacks Investment Research’s target price suggests a potential downside of 7.88% from the stock’s current price.
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. “
GCO has been the subject of a number of other research reports. B. Riley reiterated a “neutral” rating and issued a $75.00 price objective on shares of Genesco in a report on Tuesday, August 30th. Susquehanna started coverage on Genesco in a research note on Thursday, September 15th. They issued a “positive” rating and a $57.00 target price for the company. Piper Jaffray Cos. reissued a “neutral” rating and issued a $62.00 target price on shares of Genesco in a research note on Thursday, September 1st. CL King cut Genesco from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, October 19th. Finally, TheStreet cut Genesco from a “buy” rating to a “hold” rating in a research note on Wednesday, September 14th. Ten research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $63.88.
Genesco (NYSE:GCO) traded down 0.66% during midday trading on Tuesday, hitting $67.30. The stock had a trading volume of 96,563 shares. Genesco has a 52 week low of $47.66 and a 52 week high of $74.21. The firm has a market cap of $1.39 billion, a P/E ratio of 14.11 and a beta of 1.18. The stock has a 50-day moving average of $58.28 and a 200-day moving average of $61.86.
Genesco (NYSE:GCO) last released its quarterly earnings data on Thursday, September 1st. The company reported $0.34 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.07. The business earned $625.60 million during the quarter. Genesco had a return on equity of 10.65% and a net margin of 3.49%. The company’s revenue for the quarter was down 4.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.36 EPS. Analysts forecast that Genesco will post $3.90 EPS for the current fiscal year.
In other Genesco news, Director David M. Tehle acquired 4,100 shares of the company’s stock in a transaction on Friday, September 9th. The shares were purchased at an average price of $48.66 per share, for a total transaction of $199,506.00. Following the completion of the purchase, the director now directly owns 6,006 shares of the company’s stock, valued at $292,251.96. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Kevin Patrick Mcdermott acquired 1,000 shares of the company’s stock in a transaction on Tuesday, September 20th. The stock was acquired at an average price of $51.39 per share, for a total transaction of $51,390.00. Following the purchase, the director now directly owns 2,906 shares of the company’s stock, valued at $149,339.34. The disclosure for this purchase can be found here. Corporate insiders own 3.00% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in GCO. Acrospire Investment Management LLC acquired a new stake in Genesco during the second quarter valued at about $142,000. Invictus RG acquired a new stake in Genesco during the second quarter valued at about $152,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Genesco by 223.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,784 shares of the company’s stock valued at $152,000 after buying an additional 1,923 shares in the last quarter. BlackRock Inc. raised its stake in Genesco by 60.2% in the first quarter. BlackRock Inc. now owns 2,184 shares of the company’s stock valued at $157,000 after buying an additional 821 shares in the last quarter. Finally, Teacher Retirement System of Texas raised its stake in Genesco by 6.1% in the second quarter. Teacher Retirement System of Texas now owns 3,113 shares of the company’s stock valued at $200,000 after buying an additional 178 shares in the last quarter. Hedge funds and other institutional investors own 95.05% of the company’s stock.
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. Its Journeys Group segment includes Journeys, Journeys Kidz, Shi by Journeys, Little Burgundy and Underground by Journeys retail stores, catalog and e-commerce operations.