Genesco Inc. (GCO) Trading Up 9.7%
Genesco Inc. (NYSE:GCO)’s share price was up 9.7% during mid-day trading on Monday . The company traded as high as $23.45 and last traded at $23.20. Approximately 1,232,522 shares traded hands during trading, an increase of 193% from the average daily volume of 420,775 shares. The stock had previously closed at $21.15.
A number of equities analysts have issued reports on GCO shares. B. Riley reiterated a “buy” rating and set a $50.00 price target on shares of Genesco in a research report on Thursday, June 1st. ValuEngine upgraded Genesco from a “hold” rating to a “buy” rating in a research report on Thursday, July 13th. Piper Jaffray Companies set a $39.00 price target on Genesco and gave the stock a “buy” rating in a research report on Saturday, June 24th. Morgan Stanley reiterated an “equal weight” rating and set a $38.00 price target (down previously from $59.00) on shares of Genesco in a research report on Thursday, June 1st. Finally, Jefferies Group LLC reiterated a “hold” rating and set a $48.00 price target on shares of Genesco in a research report on Friday, July 14th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the stock. Genesco has an average rating of “Hold” and an average target price of $39.00.
The stock has a market cap of $454.56 million, a price-to-earnings ratio of 5.21 and a beta of 1.29. The firm’s 50-day moving average is $28.83 and its 200-day moving average is $43.10.
Genesco (NYSE:GCO) last released its quarterly earnings results on Thursday, August 31st. The company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by $0.04. The firm had revenue of $616.50 million during the quarter, compared to analyst estimates of $626.93 million. Genesco had a return on equity of 7.36% and a net margin of 2.43%. The business’s revenue was down 1.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.34 EPS. Analysts expect that Genesco Inc. will post $3.46 EPS for the current year.
In other news, Director Kevin Patrick Mcdermott purchased 1,000 shares of the stock in a transaction that occurred on Thursday, July 6th. The shares were acquired at an average price of $32.32 per share, for a total transaction of $32,320.00. Following the acquisition, the director now directly owns 8,657 shares in the company, valued at approximately $279,794.24. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 3.30% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. grew its holdings in shares of Genesco by 45,756.3% in the 1st quarter. BlackRock Inc. now owns 2,482,203 shares of the company’s stock worth $137,638,000 after acquiring an additional 2,476,790 shares during the period. Eagle Asset Management Inc. grew its holdings in shares of Genesco by 9.4% in the 2nd quarter. Eagle Asset Management Inc. now owns 2,064,808 shares of the company’s stock worth $69,996,000 after acquiring an additional 177,335 shares during the period. Vanguard Group Inc. grew its holdings in shares of Genesco by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 1,964,020 shares of the company’s stock worth $108,905,000 after acquiring an additional 15,003 shares during the period. Royce & Associates LP grew its holdings in shares of Genesco by 1.2% in the 1st quarter. Royce & Associates LP now owns 659,510 shares of the company’s stock worth $36,570,000 after acquiring an additional 7,500 shares during the period. Finally, State Street Corp grew its holdings in shares of Genesco by 12.4% in the 2nd quarter. State Street Corp now owns 648,235 shares of the company’s stock worth $21,977,000 after acquiring an additional 71,541 shares during the period. Institutional investors and hedge funds own 95.93% of the company’s stock.
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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.