Genesco Inc. (GCO) Sees Large Growth in Short Interest
Genesco Inc. (NYSE:GCO) saw a significant growth in short interest in the month of October. As of October 31st, there was short interest totalling 1,952,719 shares, a growth of 53.0% from the October 14th total of 1,275,998 shares. Currently, 9.8% of the company’s shares are short sold. Based on an average daily trading volume, of 216,159 shares, the days-to-cover ratio is presently 9.0 days.
GCO has been the subject of several recent research reports. Susquehanna downgraded Genesco from a “positive” rating to a “neutral” rating in a research note on Thursday. Piper Jaffray Cos. reissued a “neutral” rating and set a $62.00 target price on shares of Genesco in a research report on Thursday, September 1st. Zacks Investment Research downgraded shares of Genesco from a “buy” rating to a “hold” rating in a research report on Tuesday. TheStreet downgraded shares of Genesco from a “buy” rating to a “hold” rating in a research report on Wednesday, September 14th. Finally, CL King downgraded shares of Genesco from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, October 19th. Ten analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $63.88.
Shares of Genesco (NYSE:GCO) opened at 65.05 on Friday. The firm has a market cap of $1.34 billion, a P/E ratio of 13.64 and a beta of 1.18. The stock’s 50 day moving average is $56.47 and its 200 day moving average is $61.91. Genesco has a 12 month low of $47.66 and a 12 month high of $74.21.
Genesco (NYSE:GCO) last announced its quarterly earnings data on Thursday, September 1st. The company reported $0.34 EPS for the quarter, beating the Zacks’ consensus estimate of $0.27 by $0.07. The firm earned $625.60 million during the quarter. Genesco had a net margin of 3.49% and a return on equity of 10.65%. Genesco’s revenue for the quarter was down 4.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.36 EPS. Equities research analysts expect that Genesco will post $3.90 EPS for the current year.
In other news, insider David Baxter acquired 5,000 shares of the stock in a transaction dated Tuesday, September 20th. The stock was bought at an average price of $51.34 per share, with a total value of $256,700.00. Following the completion of the purchase, the insider now directly owns 15,644 shares of the company’s stock, valued at approximately $803,162.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David M. Tehle acquired 4,100 shares of the stock in a transaction dated Friday, September 9th. The stock was purchased at an average cost of $48.66 per share, with a total value of $199,506.00. Following the purchase, the director now directly owns 6,006 shares of the company’s stock, valued at $292,251.96. The disclosure for this purchase can be found here. 3.00% of the stock is owned by insiders.
Large investors have recently bought and sold shares of the stock. Acrospire Investment Management LLC bought a new stake in Genesco during the second quarter worth about $142,000. Invictus RG bought a new stake in Genesco during the second quarter worth about $152,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Genesco by 223.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,784 shares of the company’s stock worth $152,000 after buying an additional 1,923 shares during the last quarter. BlackRock Inc. increased its stake in Genesco by 60.2% in the first quarter. BlackRock Inc. now owns 2,184 shares of the company’s stock worth $157,000 after buying an additional 821 shares during the last quarter. Finally, Teacher Retirement System of Texas increased its stake in Genesco by 6.1% in the second quarter. Teacher Retirement System of Texas now owns 3,113 shares of the company’s stock worth $200,000 after buying an additional 178 shares during the last quarter. Institutional investors own 95.87% 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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