Buckingham Research Cuts Genesco Inc. (GCO) Price Target to $23.00
Genesco Inc. (NYSE:GCO) had its target price trimmed by Buckingham Research from $38.00 to $23.00 in a research note released on Friday morning. The brokerage currently has a neutral rating on the stock.
Several other research analysts have also recently weighed in on the company. Jefferies Group LLC reiterated a hold rating and set a $27.00 price target on shares of Genesco in a research report on Thursday. Susquehanna Bancshares Inc reiterated a neutral rating and set a $29.00 price target (down from $43.00) on shares of Genesco in a research report on Monday, August 28th. UBS AG cut Genesco from a positive rating to a neutral rating in a research report on Monday, August 28th. BidaskClub upgraded Genesco from a strong sell rating to a sell rating in a research report on Friday, August 25th. Finally, Zacks Investment Research cut Genesco from a hold rating to a sell rating in a research report on Wednesday, August 23rd. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the stock. Genesco has a consensus rating of Hold and a consensus target price of $39.00.
Shares of Genesco (NYSE:GCO) opened at 23.20 on Friday. The stock has a market cap of $454.56 million, a price-to-earnings ratio of 5.21 and a beta of 1.29. The stock’s 50 day moving average is $28.83 and its 200 day moving average is $43.10. Genesco has a 52-week low of $20.90 and a 52-week high of $72.00.
Genesco (NYSE:GCO) last released its earnings results on Thursday, August 31st. The company reported ($0.10) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.06) by $0.04. Genesco had a return on equity of 7.36% and a net margin of 2.43%. The firm had revenue of $616.50 million for the quarter, compared to analyst estimates of $626.93 million. During the same period last year, the firm earned $0.34 EPS. The company’s revenue for the quarter was down 1.5% compared to the same quarter last year. On average, equities analysts predict that Genesco will post $3.61 EPS for the current fiscal year.
In other Genesco news, Director Kevin Patrick Mcdermott acquired 1,000 shares of the business’s stock in a transaction dated Thursday, July 6th. The stock was acquired at an average cost of $32.32 per share, for a total transaction of $32,320.00. Following the completion of the transaction, the director now directly owns 8,657 shares of the company’s stock, valued at $279,794.24. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 3.30% of the stock is owned by insiders.
Several institutional investors have recently bought and sold shares of the company. BlackRock Inc. increased its position in shares of Genesco by 45,756.3% in the first quarter. BlackRock Inc. now owns 2,482,203 shares of the company’s stock valued at $137,638,000 after buying an additional 2,476,790 shares in the last quarter. Eagle Asset Management Inc. increased its position in shares of Genesco by 9.4% in the second quarter. Eagle Asset Management Inc. now owns 2,064,808 shares of the company’s stock valued at $69,996,000 after buying an additional 177,335 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Genesco by 0.8% in the first quarter. Vanguard Group Inc. now owns 1,964,020 shares of the company’s stock valued at $108,905,000 after buying an additional 15,003 shares in the last quarter. Royce & Associates LP increased its position in shares of Genesco by 1.2% in the first quarter. Royce & Associates LP now owns 659,510 shares of the company’s stock valued at $36,570,000 after buying an additional 7,500 shares in the last quarter. Finally, State Street Corp increased its position in shares of Genesco by 12.4% in the second quarter. State Street Corp now owns 648,235 shares of the company’s stock valued at $21,977,000 after buying an additional 71,541 shares in the last quarter. Institutional investors and hedge funds own 95.93% 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. It relies on independent third-party manufacturers for production of its footwear products sold at wholesale.
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