Pivotal Research began coverage on shares of Genesco (NYSE:GCO) in a research note issued to investors on Thursday, MarketBeat.com reports. The brokerage set a “buy” rating and a $44.00 price target on the stock. Pivotal Research’s price objective indicates a potential upside of 19.40% from the stock’s current price.
The analysts wrote, “We generally believe that migration from stores to digital is a secular shift that is an underlying headwind for branded retailers. GCO is not immune to this pressure, and we believe it is evident in the company’s results. Share loss is difficult to measure, but neither Journeys nor Lids have comped that well on average over the last two years. GCO has also specifically noted this year that gross margin pressure has partly been due to higher shipping and warehouse expenses, as consumers shift from stores to digital.””
Other research analysts have also recently issued research reports about the company. Jefferies Group upgraded Genesco from a “hold” rating to a “buy” rating in a research report on Tuesday, January 2nd. ValuEngine upgraded Genesco from a “hold” rating to a “buy” rating in a research report on Monday, October 2nd. Piper Jaffray Companies reiterated a “buy” rating and set a $39.00 price objective on shares of Genesco in a research report on Sunday, October 1st. SunTrust Banks set a $33.00 price objective on Genesco and gave the stock a “buy” rating in a research report on Monday, October 16th. Finally, TheStreet cut Genesco from a “c-” rating to a “d” rating in a research report on Friday, December 1st. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $37.11.
Genesco (NYSE:GCO) last announced its quarterly earnings results on Friday, December 1st. The company reported $1.02 earnings per share for the quarter, missing analysts’ consensus estimates of $1.12 by ($0.10). Genesco had a negative net margin of 4.24% and a positive return on equity of 6.93%. The firm had revenue of $716.80 million during the quarter, compared to analysts’ expectations of $706.58 million. During the same quarter in the prior year, the business earned $1.28 EPS. The company’s quarterly revenue was up .8% compared to the same quarter last year. analysts forecast that Genesco will post 3.07 EPS for the current year.
A number of large investors have recently modified their holdings of GCO. Teachers Advisors LLC boosted its stake in Genesco by 16.2% in the 2nd quarter. Teachers Advisors LLC now owns 41,924 shares of the company’s stock worth $1,421,000 after buying an additional 5,859 shares during the last quarter. TIAA CREF Investment Management LLC boosted its stake in Genesco by 74.1% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 95,972 shares of the company’s stock worth $3,253,000 after buying an additional 40,834 shares during the last quarter. Nationwide Fund Advisors boosted its stake in Genesco by 110.1% in the 2nd quarter. Nationwide Fund Advisors now owns 30,977 shares of the company’s stock worth $1,050,000 after buying an additional 16,230 shares during the last quarter. Thrivent Financial For Lutherans boosted its stake in Genesco by 4.5% in the 2nd quarter. Thrivent Financial For Lutherans now owns 11,810 shares of the company’s stock worth $400,000 after buying an additional 510 shares during the last quarter. Finally, GSA Capital Partners LLP boosted its stake in Genesco by 172.4% in the 2nd quarter. GSA Capital Partners LLP now owns 12,929 shares of the company’s stock worth $438,000 after buying an additional 8,182 shares during the last quarter. 97.65% of the stock is currently owned by hedge funds and other institutional investors.
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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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