Genesco Inc. (GCO) PT Lowered to $28.00
Genesco Inc. (NYSE:GCO) had its price objective dropped by analysts at Morgan Stanley from $38.00 to $28.00 in a research note issued on Wednesday. The brokerage currently has an “equal weight” rating on the stock. Morgan Stanley’s price objective points to a potential upside of 10.67% from the stock’s current price.
Other equities research analysts have also recently issued research reports about the company. B. Riley reaffirmed a “buy” rating and set a $50.00 target price on shares of Genesco in a research report on Thursday, June 1st. ValuEngine raised Genesco from a “hold” rating to a “buy” rating in a research report on Thursday, July 13th. Piper Jaffray Companies set a $39.00 target price on Genesco and gave the stock a “buy” rating in a research report on Saturday, June 24th. Jefferies Group LLC reaffirmed a “hold” rating and set a $48.00 target price on shares of Genesco in a research report on Friday, July 14th. Finally, Zacks Investment Research raised Genesco from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 1st. Two analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company. The company has an average rating of “Hold” and an average target price of $37.57.
Genesco (NYSE:GCO) traded up 1.482% on Wednesday, hitting $25.675. 187,291 shares of the stock were exchanged. Genesco has a one year low of $20.90 and a one year high of $72.00. The company has a market cap of $511.42 million, a P/E ratio of 7.208 and a beta of 1.29. The company’s 50 day moving average price is $27.45 and its 200-day moving average price is $41.27.
Genesco (NYSE:GCO) last released its quarterly earnings data on Thursday, August 31st. The company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.04). Genesco had a return on equity of 7.36% and a net margin of 2.43%. The firm had revenue of $616.50 million during the quarter, compared to analyst estimates of $626.93 million. During the same quarter in the prior year, the company posted $0.34 EPS. The company’s quarterly revenue was down 1.5% on a year-over-year basis. Equities research analysts predict that Genesco will post $3.37 EPS for the current fiscal year.
In other Genesco news, Chairman Robert J. Dennis acquired 25,000 shares of Genesco stock in a transaction dated Wednesday, September 6th. The stock was bought at an average cost of $23.81 per share, with a total value of $595,250.00. Following the completion of the transaction, the chairman now owns 224,935 shares of the company’s stock, valued at $5,355,702.35. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kevin Patrick Mcdermott acquired 1,000 shares of Genesco stock in a transaction dated Thursday, July 6th. The stock was acquired at an average cost of $32.32 per share, with a total value of $32,320.00. Following the completion of the transaction, the director now directly owns 8,657 shares of the company’s stock, valued at approximately $279,794.24. The disclosure for this purchase can be found here. Insiders bought 36,000 shares of company stock valued at $869,170 over the last three months. 3.30% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently bought and sold shares of the company. Quantbot Technologies LP bought a new stake in shares of Genesco in the first quarter valued at approximately $105,000. Envestnet Asset Management Inc. boosted its position in shares of Genesco by 26.2% in the first quarter. Envestnet Asset Management Inc. now owns 2,347 shares of the company’s stock valued at $130,000 after acquiring an additional 487 shares during the period. State of Alaska Department of Revenue boosted its position in shares of Genesco by 77.8% in the second quarter. State of Alaska Department of Revenue now owns 3,893 shares of the company’s stock valued at $131,000 after acquiring an additional 1,703 shares during the period. PNC Financial Services Group Inc. boosted its position in shares of Genesco by 44.0% in the first quarter. PNC Financial Services Group Inc. now owns 2,538 shares of the company’s stock valued at $142,000 after acquiring an additional 775 shares during the period. Finally, Tower Research Capital LLC TRC bought a new stake in shares of Genesco in the second quarter valued at approximately $144,000. 95.93% of the stock is owned by institutional investors.
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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