Shares of Genesco Inc. (NYSE:GCO) were down 7.3% during trading on Thursday following a dissappointing earnings announcement. The company traded as low as $42.93 and last traded at $43.13. Approximately 778,217 shares traded hands during trading, an increase of 141% from the average daily volume of 322,280 shares. The stock had previously closed at $46.51.

The company reported $2.18 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.33 by ($0.15). Genesco had a return on equity of 7.21% and a net margin of 2.31%. The firm had revenue of $675.50 million for the quarter, compared to analyst estimates of $914.85 million. During the same period in the previous year, the business posted $2.15 EPS. Genesco’s revenue for the quarter was down 2.0% compared to the same quarter last year.

Genesco announced that its Board of Directors has authorized a stock buyback program on Friday, December 14th that permits the company to buyback $125.00 million in outstanding shares. This buyback authorization permits the company to buy up to 14.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.

Several analysts have recently weighed in on GCO shares. Pivotal Research lowered Genesco from a “buy” rating to a “hold” rating and set a $52.00 price objective on the stock. in a report on Wednesday, January 9th. They noted that the move was a valuation call. Piper Jaffray Companies set a $41.00 price objective on Genesco and gave the stock a “hold” rating in a report on Friday, November 30th. ValuEngine lowered Genesco from a “buy” rating to a “hold” rating in a report on Friday, March 1st. TheStreet raised Genesco from a “c+” rating to a “b” rating in a report on Tuesday, January 8th. Finally, Zacks Investment Research downgraded Genesco from a “buy” rating to a “hold” rating in a research report on Friday, February 15th. Nine investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $43.00.

In related news, Director Marty G. Dickens sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 29th. The stock was sold at an average price of $49.50, for a total transaction of $247,500.00. Following the completion of the transaction, the director now owns 18,578 shares in the company, valued at approximately $919,611. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Robert J. Dennis sold 11,380 shares of the firm’s stock in a transaction that occurred on Wednesday, January 23rd. The stock was sold at an average price of $47.14, for a total value of $536,453.20. Following the transaction, the chief executive officer now owns 261,361 shares of the company’s stock, valued at approximately $12,320,557.54. The disclosure for this sale can be found here. Insiders have sold a total of 16,880 shares of company stock valued at $807,953 in the last 90 days. 4.30% of the stock is owned by corporate insiders.

Several institutional investors have recently bought and sold shares of GCO. Acadian Asset Management LLC bought a new position in Genesco in the 3rd quarter valued at $301,000. Robeco Institutional Asset Management B.V. bought a new position in Genesco in the 3rd quarter valued at $222,000. Wells Fargo & Company MN raised its position in Genesco by 1.9% in the 3rd quarter. Wells Fargo & Company MN now owns 63,917 shares of the company’s stock valued at $3,010,000 after purchasing an additional 1,211 shares during the last quarter. Stone Ridge Asset Management LLC raised its position in Genesco by 19.9% in the 3rd quarter. Stone Ridge Asset Management LLC now owns 20,671 shares of the company’s stock valued at $974,000 after purchasing an additional 3,428 shares during the last quarter. Finally, LSV Asset Management raised its position in Genesco by 24.4% in the 3rd quarter. LSV Asset Management now owns 62,200 shares of the company’s stock valued at $2,929,000 after purchasing an additional 12,200 shares during the last quarter.

The company has a quick ratio of 0.48, a current ratio of 2.26 and a debt-to-equity ratio of 0.09. The stock has a market cap of $916.54 million, a PE ratio of 13.74, a price-to-earnings-growth ratio of 2.51 and a beta of 0.72.

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About Genesco (NYSE:GCO)

Genesco Inc retails and wholesales footwear, apparel, and accessories. The company operates in five segments: Journeys Group, Schuh Group, Lids Sports Group, Johnston & Murphy Group, and Licensed Brands. The Journeys Group segment offers footwear and accessories through the Journeys, Journeys Kidz, Shi by Journeys, and Little Burgundy retail chains, as well as through e-commerce and catalogs for young men, women, and children.

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