Genesco Inc. (GCO) Shares Gap Up to $63.89
Genesco Inc. (NYSE:GCO) shares gapped up before the market opened 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 traded.
Several research analysts have commented on the company. B. Riley reaffirmed a “neutral” rating and set a $70.00 target price on shares of Genesco in a report on Saturday, March 19th. Zacks Investment Research raised Genesco from a “hold” rating to a “buy” rating and set a $71.00 target price on the stock in a report on Wednesday, June 29th. Jefferies Group reissued a “hold” rating on shares of Genesco in a research note on Sunday, May 29th. Robert W. Baird raised Genesco from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $68.00 to $80.00 in a research note on Thursday, May 26th. Finally, Piper Jaffray Cos. reissued a “hold” rating and issued a $62.00 price objective on shares of Genesco in a research note on Wednesday, June 15th. Six equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Genesco currently has a consensus rating of “Buy” and an average price target of $71.11.
The stock has a market capitalization of $1.37 billion and a price-to-earnings ratio of 15.54. The company’s 50 day moving average price is $64.19 and its 200 day moving average price is $64.90.
Genesco (NYSE:GCO) last released its earnings results on Thursday, May 26th. The company reported $0.62 EPS for the quarter, beating the Zacks’ consensus estimate of $0.40 by $0.22. The firm earned $649 million during the quarter, compared to the consensus estimate of $658.79 million. During the same period in the prior year, the company earned $0.51 EPS. The firm’s revenue was down 1.8% compared to the same quarter last year. On average, equities research analysts anticipate that Genesco Inc. will post $4.92 earnings per share for the current fiscal year.
In other news, CEO Robert J. Dennis sold 16,685 shares of the firm’s stock in a transaction dated Thursday, June 9th. The stock was sold at an average price of $65.09, for a total transaction of $1,086,026.65. Following the transaction, the chief executive officer now directly owns 168,601 shares of the company’s stock, valued at $10,974,239.09. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Mimi Eckel Vaughn sold 4,000 shares of the firm’s stock in a transaction dated Monday, June 20th. The shares were sold at an average price of $66.10, for a total value of $264,400.00. Following the transaction, the chief financial officer now directly owns 59,506 shares in the company, valued at $3,933,346.60. The disclosure for this sale can be found here.
Other hedge funds and institutional investors recently made changes to their positions in the company. Strs Ohio boosted its position 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. Nationwide Fund Advisors boosted its position 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. Engineers Gate Manager LP boosted its position in shares of Genesco by 444.6% in the fourth quarter. Engineers Gate Manager LP now owns 25,051 shares of the company’s stock worth $1,424,000 after buying an additional 20,451 shares during the period. J. Goldman & Co LP bought a new position in shares of Genesco during the fourth quarter worth about $1,844,000. Finally, Rhumbline Advisers boosted its position 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.
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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