Zacks: Brokerages Expect Genesco Inc. (GCO) Will Post Quarterly Sales of $706.97 Million
Brokerages expect that Genesco Inc. (NYSE:GCO) will announce $706.97 million in sales for the current quarter, Zacks reports. Three analysts have issued estimates for Genesco’s earnings. The lowest sales estimate is $703.20 million and the highest is $712.00 million. Genesco reported sales of $710.82 million during the same quarter last year, which would suggest a negative year over year growth rate of 0.5%. The company is scheduled to issue its next quarterly earnings report on Friday, December 1st.
On average, analysts expect that Genesco will report full year sales of $706.97 million for the current year, with estimates ranging from $2.83 billion to $2.89 billion. For the next year, analysts anticipate that the firm will report sales of $2.89 billion per share, with estimates ranging from $2.80 billion to $2.93 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that cover Genesco.
Genesco (NYSE:GCO) last released its earnings results on Thursday, August 31st. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.06) by ($0.04). The firm had revenue of $616.50 million during the quarter, compared to analysts’ expectations of $626.93 million. Genesco had a net margin of 2.43% and a return on equity of 7.36%. Genesco’s revenue for the quarter was down 1.5% on a year-over-year basis. During the same quarter last year, the company posted $0.34 earnings per share.
A number of equities analysts recently weighed in on the company. Piper Jaffray Companies set a $39.00 price target on Genesco and gave the stock a “buy” rating in a research note on Saturday, June 24th. ValuEngine raised Genesco from a “hold” rating to a “buy” rating in a research note on Monday. BidaskClub raised Genesco from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. Jefferies Group LLC reaffirmed a “hold” rating and set a $48.00 target price on shares of Genesco in a research note on Friday, July 14th. Finally, UBS AG cut Genesco from a “positive” rating to a “neutral” rating in a research note on Monday, August 28th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $32.67.
ILLEGAL ACTIVITY NOTICE: This report was originally posted by American Banking News and is owned by of American Banking News. If you are accessing this report on another website, it was illegally copied and reposted in violation of United States & international copyright and trademark law. The legal version of this report can be read at https://www.americanbankingnews.com/2017/10/05/zacks-brokerages-expect-genesco-inc-gco-will-post-quarterly-sales-of-706-97-million.html.
In other news, Chairman Robert J. Dennis purchased 25,000 shares of Genesco stock in a transaction dated Wednesday, September 6th. The stock was acquired at an average cost of $23.81 per share, for a total transaction of $595,250.00. Following the acquisition, the chairman now directly owns 224,935 shares in the company, valued at $5,355,702.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Mimi Eckel Vaughn purchased 10,000 shares of Genesco stock in a transaction dated Wednesday, September 6th. The shares were purchased at an average price of $24.16 per share, with a total value of $241,600.00. Following the completion of the acquisition, the senior vice president now owns 87,140 shares in the company, valued at $2,105,302.40. The disclosure for this purchase can be found here. Insiders own 3.30% of the company’s stock.
Several institutional investors have recently made changes to their positions in GCO. Russell Investments Group Ltd. lifted its holdings in shares of Genesco by 130.9% during the 1st quarter. Russell Investments Group Ltd. now owns 4,212 shares of the company’s stock valued at $233,000 after buying an additional 2,388 shares during the last quarter. Great West Life Assurance Co. Can lifted its holdings in shares of Genesco by 2.3% during the 1st quarter. Great West Life Assurance Co. Can now owns 27,571 shares of the company’s stock valued at $1,525,000 after buying an additional 633 shares during the last quarter. First Trust Advisors LP lifted its holdings in shares of Genesco by 30.0% during the 1st quarter. First Trust Advisors LP now owns 51,507 shares of the company’s stock valued at $2,856,000 after buying an additional 11,882 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Genesco by 48.5% during the 1st quarter. Bank of New York Mellon Corp now owns 449,520 shares of the company’s stock valued at $24,926,000 after buying an additional 146,748 shares during the last quarter. Finally, UBS Asset Management Americas Inc. lifted its holdings in shares of Genesco by 145.1% during the 1st quarter. UBS Asset Management Americas Inc. now owns 10,536 shares of the company’s stock valued at $584,000 after buying an additional 6,237 shares during the last quarter. Institutional investors and hedge funds own 94.38% of the company’s stock.
Genesco (NYSE GCO) opened at 25.70 on Thursday. The stock has a market capitalization of $511.92 million, a price-to-earnings ratio of 7.22 and a beta of 1.36. The firm has a 50-day moving average of $25.24 and a 200-day moving average of $37.65. Genesco has a 12-month low of $20.90 and a 12-month high of $72.00.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Genesco Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Genesco Inc. and related companies with MarketBeat.com's FREE daily email newsletter.