Analysts Expect Genesco Inc. (GCO) Will Post Quarterly Sales of $706.97 Million
Equities research analysts forecast that Genesco Inc. (NYSE:GCO) will announce sales of $706.97 million for the current quarter, Zacks Investment Research reports. Three analysts have provided estimates for Genesco’s earnings, with the highest sales estimate coming in at $712.00 million and the lowest estimate coming in at $703.20 million. Genesco posted sales of $710.82 million in the same quarter last year, which would suggest a negative year over year growth rate of 0.5%. The company is expected to announce its next earnings report on Friday, December 1st.
On average, analysts expect that Genesco will report full-year sales of $706.97 million for the current fiscal year, with estimates ranging from $2.83 billion to $2.89 billion. For the next year, analysts expect that the business 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 calculations are a mean average based on a survey of research firms that follow Genesco.
Genesco (NYSE:GCO) last announced its earnings results on Thursday, August 31st. The company reported ($0.10) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.06) by ($0.04). The firm had revenue of $616.50 million during the quarter, compared to analyst estimates of $626.93 million. Genesco had a net margin of 2.43% and a return on equity of 7.36%. Genesco’s revenue was down 1.5% on a year-over-year basis. During the same quarter last year, the business earned $0.34 earnings per share.
Several research analysts have recently issued reports on GCO shares. Zacks Investment Research upgraded shares of Genesco from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 1st. ValuEngine upgraded shares of Genesco from a “hold” rating to a “buy” rating in a report on Thursday, July 13th. BidaskClub upgraded shares of Genesco from a “strong sell” rating to a “sell” rating in a report on Monday, July 31st. Jefferies Group LLC restated a “hold” rating and issued a $48.00 target price on shares of Genesco in a report on Friday, July 14th. Finally, Susquehanna Bancshares Inc restated a “neutral” rating and issued a $29.00 target price (down previously from $43.00) on shares of Genesco in a report on Monday, August 28th. Two analysts have rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $32.71.
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In other Genesco news, SVP Mimi Eckel Vaughn purchased 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 6th. The stock was purchased at an average price of $24.16 per share, for a total transaction of $241,600.00. Following the purchase, the senior vice president now directly owns 87,140 shares in the company, valued at $2,105,302.40. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Robert J. Dennis purchased 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 6th. The shares were acquired at an average price of $23.81 per share, with a total value of $595,250.00. Following the purchase, 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. 3.30% of the stock is owned by corporate insiders.
A number of large investors have recently modified their holdings of GCO. BlackRock Inc. boosted its stake in Genesco by 45,756.3% during the 1st quarter. BlackRock Inc. now owns 2,482,203 shares of the company’s stock worth $137,638,000 after purchasing an additional 2,476,790 shares during the period. Citadel Advisors LLC boosted its stake in Genesco by 369.8% during the 2nd quarter. Citadel Advisors LLC now owns 353,341 shares of the company’s stock worth $11,978,000 after purchasing an additional 278,134 shares during the period. Victory Capital Management Inc. boosted its stake in Genesco by 59.2% during the 2nd quarter. Victory Capital Management Inc. now owns 647,015 shares of the company’s stock worth $21,934,000 after purchasing an additional 240,722 shares during the period. Morgan Stanley boosted its stake in Genesco by 274.4% during the 1st quarter. Morgan Stanley now owns 289,338 shares of the company’s stock worth $16,044,000 after purchasing an additional 212,064 shares during the period. Finally, Northern Trust Corp boosted its stake in Genesco by 47.5% during the 2nd quarter. Northern Trust Corp now owns 586,814 shares of the company’s stock worth $19,893,000 after purchasing an additional 188,906 shares during the period. Hedge funds and other institutional investors own 93.63% of the company’s stock.
Shares of Genesco (NYSE:GCO) opened at 26.80 on Tuesday. The firm has a market capitalization of $533.83 million, a P/E ratio of 7.52 and a beta of 1.35. The stock’s 50 day moving average is $25.31 and its 200 day moving average is $34.68. Genesco has a 1-year low of $20.90 and a 1-year high of $72.00.
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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