CL King Downgrades Genesco Inc. (GCO) to Buy
Genesco Inc. (NYSE:GCO) was downgraded by equities researchers at CL King from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Wednesday, The Fly reports.
A number of other analysts also recently weighed in on GCO. Zacks Investment Research raised shares of Genesco from a “hold” rating to a “buy” rating and set a $71.00 price target for the company in a report on Wednesday, June 29th. Morgan Stanley downgraded shares of Genesco from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $79.00 to $74.00 in a report on Wednesday, July 20th. B. Riley reissued a “neutral” rating and issued a $75.00 price target on shares of Genesco in a report on Tuesday, August 30th. Piper Jaffray Cos. reissued a “neutral” rating and issued a $62.00 price target on shares of Genesco in a report on Thursday, September 1st. Finally, Robert W. Baird downgraded shares of Genesco from an “outperform” rating to a “neutral” rating and reduced their price target for the company from $80.00 to $53.00 in a report on Friday, September 2nd. One research analyst has rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $64.38.
Genesco (NYSE:GCO) opened at 54.05 on Wednesday. The firm has a market capitalization of $1.11 billion, a price-to-earnings ratio of 11.34 and a beta of 1.23. Genesco has a 1-year low of $47.66 and a 1-year high of $74.21. The firm’s 50-day moving average is $54.27 and its 200-day moving average is $63.79.
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Genesco (NYSE:GCO) last posted its quarterly earnings data on Thursday, September 1st. The company reported $0.34 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.27 by $0.07. The business earned $625.60 million during the quarter. Genesco had a net margin of 3.49% and a return on equity of 10.65%. Genesco’s quarterly revenue was down 4.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.36 earnings per share. On average, equities analysts anticipate that Genesco will post $3.89 EPS for the current year.
In related news, insider David Baxter acquired 5,000 shares of Genesco stock in a transaction on Tuesday, September 20th. The stock was purchased at an average cost of $51.34 per share, with a total value of $256,700.00. Following the completion of the transaction, the insider now directly owns 15,644 shares in the company, valued at approximately $803,162.96. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Director Kevin Patrick Mcdermott acquired 1,000 shares of Genesco stock in a transaction on Tuesday, September 20th. The shares were bought at an average cost of $51.39 per share, with a total value of $51,390.00. Following the completion of the transaction, the director now owns 2,906 shares of the company’s stock, valued at $149,339.34. The disclosure for this purchase can be found here. Company insiders own 3.00% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its position in Genesco by 16.0% in the second quarter. Dimensional Fund Advisors LP now owns 1,775,683 shares of the company’s stock worth $114,194,000 after buying an additional 244,395 shares during the period. Royce & Associates LP boosted its position in Genesco by 11.4% in the second quarter. Royce & Associates LP now owns 848,439 shares of the company’s stock worth $54,563,000 after buying an additional 87,085 shares during the period. Loomis Sayles & Co. L P boosted its position in Genesco by 2.2% in the first quarter. Loomis Sayles & Co. L P now owns 267,745 shares of the company’s stock worth $19,345,000 after buying an additional 5,882 shares during the period. Macquarie Group Ltd. boosted its position in Genesco by 1.5% in the second quarter. Macquarie Group Ltd. now owns 264,197 shares of the company’s stock worth $16,991,000 after buying an additional 3,847 shares during the period. Finally, William Blair Investment Management LLC boosted its position in Genesco by 28.5% in the second quarter. William Blair Investment Management LLC now owns 239,768 shares of the company’s stock worth $15,419,000 after buying an additional 53,181 shares during the period. 94.03% of the stock is owned by hedge funds and other 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. Its Journeys Group segment includes Journeys, Journeys Kidz, Shi by Journeys, Little Burgundy and Underground by Journeys retail stores, catalog and e-commerce operations.
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