Genesco Inc. (GCO) Sets New 1-Year Low Following Weak Earnings
Genesco Inc. (NYSE:GCO)’s share price hit a new 52-week low during mid-day trading on Thursday following a dissappointing earnings announcement. The stock traded as low as $21.35 and last traded at $21.40, with a volume of 1,847,919 shares changing hands. The stock had previously closed at $25.50.
The company reported ($0.10) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.06) by $0.04. Genesco had a net margin of 3.07% and a return on equity of 8.41%. The company had revenue of $616.50 million for the quarter, compared to analyst estimates of $626.93 million. During the same quarter last year, the company earned $0.34 EPS. The business’s revenue was down 1.5% compared to the same quarter last year.
Several research firms have recently issued reports on GCO. Zacks Investment Research upgraded shares of Genesco from a “sell” rating to a “hold” rating in a report on Thursday, May 18th. B. Riley upgraded shares of Genesco from a “neutral” rating to a “buy” rating and set a $56.00 price objective on the stock in a report on Monday, May 22nd. ValuEngine downgraded shares of Genesco from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Morgan Stanley restated an “equal weight” rating and set a $38.00 price objective (down previously from $59.00) on shares of Genesco in a report on Thursday, June 1st. Finally, Susquehanna Bancshares Inc reiterated a “positive” rating and issued a $43.00 price target (down previously from $66.00) on shares of Genesco in a report on Tuesday, May 30th. Two analysts have rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company’s stock. Genesco presently has an average rating of “Hold” and a consensus target price of $43.29.
In related news, Director Kevin Patrick Mcdermott acquired 1,000 shares of the stock in a transaction on Thursday, July 6th. The shares were acquired at an average price of $32.32 per share, for a total transaction of $32,320.00. Following the transaction, the director now owns 8,657 shares in the company, valued at approximately $279,794.24. The purchase was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 3.30% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in GCO. Quantbot Technologies LP bought a new stake in Genesco during the first quarter valued at approximately $105,000. Envestnet Asset Management Inc. raised its stake in Genesco by 26.2% in the first quarter. Envestnet Asset Management Inc. now owns 2,347 shares of the company’s stock valued at $130,000 after buying an additional 487 shares in the last quarter. State of Alaska Department of Revenue raised its stake in Genesco by 77.8% in the second quarter. State of Alaska Department of Revenue now owns 3,893 shares of the company’s stock valued at $131,000 after buying an additional 1,703 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in Genesco by 44.0% in the first quarter. PNC Financial Services Group Inc. now owns 2,538 shares of the company’s stock valued at $142,000 after buying an additional 775 shares in the last quarter. Finally, Tower Research Capital LLC TRC bought a new stake in Genesco during the second quarter valued at approximately $144,000. Institutional investors and hedge funds own 95.93% of the company’s stock.
The company has a market cap of $414.39 million, a price-to-earnings ratio of 4.75 and a beta of 1.24. The company has a 50 day moving average of $29.08 and a 200-day moving average of $43.38.
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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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