Genesco Inc. (GCO) Shares Up 14.1%
Genesco Inc. (NYSE:GCO) shot up 14.1% during mid-day trading on Friday . The company traded as high as $29.85 and last traded at $29.60. 761,373 shares changed hands during trading, an increase of 92% from the average session volume of 396,197 shares. The stock had previously closed at $25.95.
A number of brokerages have recently issued reports on GCO. BidaskClub upgraded Genesco from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. Jefferies Group LLC reiterated a “hold” rating and set a $27.00 price objective on shares of Genesco in a research note on Thursday, October 12th. UBS AG cut Genesco from a “positive” rating to a “neutral” rating in a research note on Monday, August 28th. Zacks Investment Research cut Genesco from a “hold” rating to a “sell” rating in a research note on Wednesday, August 23rd. Finally, Piper Jaffray Companies reiterated a “buy” rating and set a $39.00 price objective on shares of Genesco in a research note on Wednesday, November 1st. One research analyst has rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $32.71.
The company has a debt-to-equity ratio of 0.21, a current ratio of 2.38 and a quick ratio of 0.47. The company has a market capitalization of $589.60, a price-to-earnings ratio of 8.73, a price-to-earnings-growth ratio of 0.90 and a beta of 1.27.
Genesco (NYSE:GCO) last posted its 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 business had revenue of $616.50 million for 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 firm’s revenue was down 1.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.34 earnings per share. sell-side analysts expect that Genesco Inc. will post 3.45 EPS for the current fiscal year.
In other news, SVP Mimi Eckel Vaughn acquired 10,000 shares of the firm’s stock in a transaction on Wednesday, September 6th. The shares were purchased at an average cost of $24.16 per share, with a total value of $241,600.00. Following the acquisition, the senior vice president now directly owns 87,140 shares in the company, valued at approximately $2,105,302.40. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Chairman Robert J. Dennis acquired 25,000 shares of the firm’s stock in a transaction on Wednesday, September 6th. The stock was purchased at an average cost of $23.81 per share, for a total transaction of $595,250.00. Following the completion of the acquisition, the chairman now owns 224,935 shares in the company, valued at $5,355,702.35. The disclosure for this purchase can be found here. Corporate insiders own 3.30% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. California Public Employees Retirement System grew its holdings in Genesco by 27.6% in the 3rd quarter. California Public Employees Retirement System now owns 129,633 shares of the company’s stock valued at $3,448,000 after buying an additional 28,076 shares in the last quarter. Valeo Financial Advisors LLC acquired a new position in Genesco in the 3rd quarter valued at $1,987,000. KBC Group NV grew its holdings in Genesco by 12.4% in the 3rd quarter. KBC Group NV now owns 30,924 shares of the company’s stock valued at $823,000 after buying an additional 3,412 shares in the last quarter. Schwab Charles Investment Management Inc. grew its holdings in Genesco by 37.3% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 275,132 shares of the company’s stock valued at $7,319,000 after buying an additional 74,700 shares in the last quarter. Finally, Wells Fargo & Company MN grew its holdings in Genesco by 17.6% in the 3rd quarter. Wells Fargo & Company MN now owns 64,964 shares of the company’s stock valued at $1,728,000 after buying an additional 9,739 shares in the last quarter. 94.65% of the stock is currently owned by hedge funds and other institutional investors.
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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. It relies on independent third-party manufacturers for production of its footwear products sold at wholesale.
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