Shares of Genesco Inc. (NYSE:GCO) were down 7.9% during mid-day trading on Wednesday . The company traded as low as $31.87 and last traded at $32.73, approximately 543,202 shares were traded during trading. An increase of 75% from the average daily volume of 310,681 shares. The stock had previously closed at $35.53.
A number of equities analysts recently issued reports on GCO shares. Zacks Investment Research lowered shares of Genesco from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 31st. Pivotal Research reaffirmed a “hold” rating and set a $45.00 target price on shares of Genesco in a research report on Monday, June 3rd. ValuEngine lowered shares of Genesco from a “hold” rating to a “sell” rating in a research report on Friday, July 19th. Finally, TheStreet lowered shares of Genesco from a “b” rating to a “c+” rating in a research report on Wednesday, June 5th. One research analyst has rated the stock with a sell rating and four have given a hold rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $42.50.
The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.64 and a current ratio of 1.65. The stock has a 50 day simple moving average of $40.08. The firm has a market cap of $628.14 million, a PE ratio of 9.98, a price-to-earnings-growth ratio of 2.07 and a beta of 0.52.
Genesco (NYSE:GCO) last posted its quarterly earnings results on Friday, May 31st. The company reported $0.33 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.04 by $0.29. Genesco had a negative net margin of 1.70% and a positive return on equity of 8.85%. The firm had revenue of $495.70 million for the quarter, compared to the consensus estimate of $479.36 million. During the same quarter in the previous year, the company earned ($0.06) earnings per share. The business’s revenue was up 2.0% compared to the same quarter last year. On average, equities analysts anticipate that Genesco Inc. will post 3.66 EPS for the current year.
Genesco announced that its board has authorized a share buyback program on Friday, May 3rd that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 11.7% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.
In other news, VP Mario Gallione sold 2,049 shares of the business’s stock in a transaction on Friday, July 19th. The shares were sold at an average price of $40.31, for a total value of $82,595.19. Following the sale, the vice president now owns 36,309 shares in the company, valued at approximately $1,463,615.79. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Thurgood Marshall, Jr. sold 1,690 shares of the business’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $44.57, for a total transaction of $75,323.30. Following the completion of the sale, the director now owns 9,724 shares in the company, valued at approximately $433,398.68. The disclosure for this sale can be found here. 4.40% of the stock is owned by insiders.
Several large investors have recently modified their holdings of the company. Piedmont Investment Advisors Inc. boosted its stake in shares of Genesco by 5.7% in the 1st quarter. Piedmont Investment Advisors Inc. now owns 5,072 shares of the company’s stock valued at $231,000 after purchasing an additional 275 shares in the last quarter. Comerica Bank boosted its stake in shares of Genesco by 2.2% in the 1st quarter. Comerica Bank now owns 20,030 shares of the company’s stock valued at $880,000 after purchasing an additional 434 shares in the last quarter. Texas Permanent School Fund boosted its stake in shares of Genesco by 3.8% in the 1st quarter. Texas Permanent School Fund now owns 13,711 shares of the company’s stock valued at $625,000 after purchasing an additional 497 shares in the last quarter. Strs Ohio boosted its stake in shares of Genesco by 3.0% in the 1st quarter. Strs Ohio now owns 17,300 shares of the company’s stock valued at $788,000 after purchasing an additional 500 shares in the last quarter. Finally, Rhumbline Advisers boosted its stake in shares of Genesco by 1.2% in the 1st quarter. Rhumbline Advisers now owns 59,366 shares of the company’s stock valued at $2,704,000 after purchasing an additional 681 shares in the last quarter. Institutional investors own 94.82% of the company’s stock.
Genesco Company Profile (NYSE:GCO)
Genesco Inc operates as a retailer and wholesaler of footwear, apparel, and accessories. The company operates through four segments: Journeys Group, Schuh Group, Johnston & Murphy Group, and Licensed Brands. The Journeys Group segment offers footwear and accessories through the Journeys, Journeys Kidz, and Little Burgundy retail chains, as well as through e-commerce and catalogs for young men, women, and children.
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