Genesco Inc. (GCO) Shares Gap Up to $63.89
Genesco Inc. (NYSE:GCO) shares gapped up prior to trading on Friday . The stock had previously closed at $63.53, but opened at $63.89. Genesco shares last traded at $66.60, with a volume of 57,491 shares.
GCO has been the topic of several analyst reports. Zacks Investment Research raised shares of Genesco from a “hold” rating to a “buy” rating and set a $71.00 price target on the stock in a research report on Wednesday, June 29th. Jefferies Group reaffirmed a “hold” rating on shares of Genesco in a research report on Sunday, May 29th. Piper Jaffray Cos. reaffirmed a “hold” rating and set a $62.00 price target on shares of Genesco in a research report on Wednesday, June 15th. B. Riley reaffirmed a “neutral” rating and set a $68.00 price target on shares of Genesco in a research report on Monday, May 23rd. Finally, Sterne Agee CRT lowered shares of Genesco from a “buy” rating to a “neutral” rating and set a $72.00 price target on the stock. in a research report on Tuesday, April 19th. They noted that the move was a valuation call. Six investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $71.11.
The firm has a market capitalization of $1.37 billion and a price-to-earnings ratio of 15.54. The company has a 50-day moving average of $64.19 and a 200-day moving average of $64.90.
Genesco (NYSE:GCO) last released its quarterly earnings results on Thursday, May 26th. The company reported $0.62 EPS for the quarter, beating the consensus estimate of $0.40 by $0.22. The business earned $649 million during the quarter, compared to analyst estimates of $658.79 million. During the same quarter in the prior year, the company earned $0.51 earnings per share. The firm’s revenue for the quarter was down 1.8% compared to the same quarter last year. Analysts forecast that Genesco Inc. will post $4.92 EPS for the current year.
In other news, CEO Robert J. Dennis sold 16,685 shares of the stock in a transaction that occurred on Thursday, June 9th. The shares were sold at an average price of $65.09, for a total value of $1,086,026.65. Following the sale, the chief executive officer now directly owns 168,601 shares in the company, valued at $10,974,239.09. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mimi Eckel Vaughn sold 4,000 shares of the stock in a transaction that occurred on Monday, June 20th. The shares were sold at an average price of $66.10, for a total transaction of $264,400.00. Following the completion of the sale, the chief financial officer now owns 59,506 shares in the company, valued at $3,933,346.60. The disclosure for this sale can be found here.
A number of hedge funds have recently made changes to their positions in GCO. Rhumbline Advisers raised its stake in shares of Genesco by 2.6% in the fourth quarter. Rhumbline Advisers now owns 39,449 shares of the company’s stock worth $2,242,000 after buying an additional 990 shares during the period. J. Goldman & Co LP purchased a new stake in shares of Genesco during the fourth quarter worth about $1,844,000. Strs Ohio raised its stake in shares of Genesco by 4.7% in the fourth quarter. Strs Ohio now owns 17,900 shares of the company’s stock worth $1,017,000 after buying an additional 800 shares during the period. State of Wisconsin Investment Board raised its stake in shares of Genesco by 4.0% in the fourth quarter. State of Wisconsin Investment Board now owns 161,261 shares of the company’s stock worth $9,164,000 after buying an additional 6,260 shares during the period. Finally, Nationwide Fund Advisors raised its stake in shares of Genesco by 3.6% in the fourth quarter. Nationwide Fund Advisors now owns 18,872 shares of the company’s stock worth $1,072,000 after buying an additional 650 shares during the period.
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. Journeys Group consists of Journeys, Journeys Kidz, Shi by Journeys and Underground by Journeys retail footwear chains, catalog and e-commerce operations.
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