Published On: Fri, Sep 16th, 2016

Genesco Inc. (GCO) Lowered to Hold at TheStreet

Genesco Inc. (NYSE:GCO) was downgraded by research analysts at TheStreet from a “buy” rating to a “hold” rating in a report issued on Wednesday.
Other equities analysts have also issued research reports about the company. B. Riley reissued a “neutral” rating and set a $68.00 target price on shares of Genesco in a research note on Thursday, June 2nd. Jefferies Group reissued a “hold” rating on shares of Genesco in a research note on Sunday, May 29th. Susquehanna assumed coverage on Genesco in a research note on Thursday. They set a “positive” rating on the stock. Zacks Investment Research lowered Genesco from a “hold” rating to a “sell” rating in a research note on Tuesday, August 2nd. Finally, Piper Jaffray Cos. reissued a “neutral” rating and set a $62.00 target price on shares of Genesco in a research note on Thursday, September 1st. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $64.71.
Shares of Genesco (NYSE:GCO) traded up 2.97% during midday trading on Wednesday, reaching $51.03. The company’s stock had a trading volume of 247,708 shares. The stock’s 50-day moving average price is $64.68 and its 200-day moving average price is $66.12. The company has a market cap of $1.05 billion, a P/E ratio of 10.70 and a beta of 1.10. Genesco has a 12-month low of $47.66 and a 12-month high of $74.21.

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Genesco (NYSE:GCO) last announced its quarterly earnings results on Thursday, September 1st. The company reported $0.34 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.27 by $0.07. Genesco had a return on equity of 10.65% and a net margin of 3.49%. The business had revenue of $625.60 million for the quarter. During the same period last year, the company earned $0.36 EPS. The business’s revenue for the quarter was down 4.6% on a year-over-year basis. On average, analysts expect that Genesco will post $3.89 EPS for the current fiscal year.
In other news, CFO Mimi Eckel Vaughn sold 4,000 shares of the stock in a transaction dated Monday, June 20th. The stock was sold at an average price of $66.10, for a total value of $264,400.00. Following the transaction, the chief financial officer now owns 59,506 shares in the company, valued at approximately $3,933,346.60. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director David M. Tehle acquired 4,100 shares of the company’s stock in a transaction dated Friday, September 9th. The stock was acquired at an average price of $48.66 per share, for a total transaction of $199,506.00. Following the acquisition, the director now owns 6,006 shares in the company, valued at approximately $292,251.96. The disclosure for this purchase can be found here. 3.00% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Macquarie Group Ltd. increased 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 last quarter. Mason Street Advisors LLC acquired a new position in Genesco during the second quarter worth approximately $263,000. Royal Bank of Canada increased its position in Genesco by 261.6% in the second quarter. Royal Bank of Canada now owns 3,641 shares of the company’s stock worth $234,000 after buying an additional 2,634 shares during the last quarter. Public Employees Retirement System of Ohio increased its position in Genesco by 7.2% in the second quarter. Public Employees Retirement System of Ohio now owns 3,155 shares of the company’s stock worth $203,000 after buying an additional 212 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. increased its position in Genesco by 2.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 137,847 shares of the company’s stock worth $8,865,000 after buying an additional 3,589 shares during the last quarter. Institutional investors and hedge funds own 93.55% of the company’s stock.
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. 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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