Zacks Investment Research lowered shares of Genesco (NYSE:GCO) from a strong-buy rating to a hold rating in a research note issued to investors on Tuesday.
According to Zacks, “Genesco Inc., a Nashville-based specialty retailer, sells footwear, headwear and accessories in retail stores in the United States and Canada. The Company sells its products principally under the names Journeys, Journeys Kidz, Shi by Journeys, Johnston & Murphy, Underground Station, Hatworld, Lids, Hat Shack, Hat Zone, Head Quarters and Cap Connection, and on internet websites. The Company also sells footwear at wholesale under its Johnston & Murphy brand and under the licensed Dockers brand. “
GCO has been the subject of a number of other research reports. Piper Jaffray Companies set a $41.00 price objective on Genesco and gave the company a hold rating in a research note on Friday, November 30th. TheStreet raised Genesco from a c+ rating to a b rating in a research note on Tuesday, January 8th. ValuEngine raised Genesco from a hold rating to a buy rating in a research note on Tuesday, November 27th. Finally, Pivotal Research reissued a buy rating and set a $52.00 price objective on shares of Genesco in a research note on Monday, December 3rd. Eight equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock currently has a consensus rating of Hold and an average target price of $43.38.
Shares of GCO opened at $43.11 on Tuesday. The company has a market capitalization of $891.50 million, a price-to-earnings ratio of 13.73, a PEG ratio of 2.44 and a beta of 0.72. The company has a quick ratio of 0.48, a current ratio of 2.26 and a debt-to-equity ratio of 0.09. Genesco has a 1 year low of $32.90 and a 1 year high of $51.85.
Genesco (NYSE:GCO) last released its quarterly earnings data on Thursday, December 6th. The company reported $0.95 earnings per share for the quarter, beating analysts’ consensus estimates of $0.86 by $0.09. The firm had revenue of $713.10 million during the quarter, compared to analyst estimates of $712.06 million. Genesco had a return on equity of 7.21% and a net margin of 2.31%. The business’s quarterly revenue was down .5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.02 earnings per share. Sell-side analysts anticipate that Genesco will post 3.27 earnings per share for the current fiscal year.
Genesco announced that its Board of Directors has approved a share repurchase program on Friday, December 14th that allows the company to repurchase $125.00 million in shares. This repurchase authorization allows the company to buy up to 14.7% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.
In related news, Director Marty G. Dickens sold 5,000 shares of the firm’s stock in a transaction on Tuesday, January 29th. The stock was sold at an average price of $49.50, for a total value of $247,500.00. Following the completion of the sale, the director now owns 18,578 shares of the company’s stock, valued at $919,611. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Robert J. Dennis sold 11,380 shares of the firm’s stock in a transaction on Wednesday, January 23rd. The stock was sold at an average price of $47.14, for a total value of $536,453.20. Following the completion of the sale, the chief executive officer now directly owns 261,361 shares of the company’s stock, valued at approximately $12,320,557.54. The disclosure for this sale can be found here. Insiders sold 16,880 shares of company stock valued at $807,953 in the last ninety days. 4.30% of the stock is currently owned by insiders.
A number of hedge funds have recently made changes to their positions in the stock. Meeder Asset Management Inc. raised its holdings in Genesco by 112.3% in the fourth quarter. Meeder Asset Management Inc. now owns 603 shares of the company’s stock worth $27,000 after purchasing an additional 319 shares in the last quarter. Oppenheimer Asset Management Inc. bought a new position in Genesco in the fourth quarter worth $48,000. PNC Financial Services Group Inc. raised its holdings in Genesco by 24.4% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,350 shares of the company’s stock worth $60,000 after purchasing an additional 265 shares in the last quarter. Robeco Institutional Asset Management B.V. bought a new position in Genesco in the third quarter worth $222,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new position in Genesco in the third quarter worth $224,000.
Genesco Company Profile
Genesco Inc retails and wholesales footwear, apparel, and accessories. The company operates in five segments: Journeys Group, Schuh Group, Lids Sports Group, Johnston & Murphy Group, and Licensed Brands. The Journeys Group segment offers footwear and accessories through the Journeys, Journeys Kidz, Shi by Journeys, and Little Burgundy retail chains, as well as through e-commerce and catalogs for young men, women, and children.
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