Genesco (NYSE:GCO) Posts Earnings Results, Beats Estimates By $0.54 EPS

Genesco (NYSE:GCO) released its quarterly earnings data on Thursday. The company reported ($0.83) EPS for the quarter, topping analysts’ consensus estimates of ($1.37) by $0.54, FiscalAI reports. The firm had revenue of $529.86 million for the quarter, compared to the consensus estimate of $527.26 million. Genesco had a net margin of 0.80% and a return on equity of 2.66%.

Genesco Trading Up 2.9%

Shares of GCO stock opened at $33.45 on Thursday. The firm’s 50-day simple moving average is $35.49 and its 200-day simple moving average is $33.30. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.83 and a quick ratio of 0.37. Genesco has a 1-year low of $21.92 and a 1-year high of $43.60. The firm has a market cap of $371.50 million, a P/E ratio of 19.33 and a beta of 1.80.

Insider Buying and Selling

In related news, Director Gregory A. Sandfort purchased 2,958 shares of the firm’s stock in a transaction on Thursday, July 9th. The shares were bought at an average price of $33.80 per share, for a total transaction of $99,980.40. Following the acquisition, the director directly owned 29,172 shares in the company, valued at $986,013.60. This trade represents a 11.28% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this link. Company insiders own 23.11% of the company’s stock.

Institutional Investors Weigh In On Genesco

A number of institutional investors have recently added to or reduced their stakes in GCO. Jones Financial Companies Lllp purchased a new position in shares of Genesco in the 1st quarter worth about $26,000. Group One Trading LLC purchased a new stake in shares of Genesco during the 4th quarter worth about $26,000. Meeder Asset Management Inc. acquired a new stake in Genesco during the 4th quarter worth approximately $37,000. Quarry LP increased its position in Genesco by 182.2% during the 3rd quarter. Quarry LP now owns 1,964 shares of the company’s stock worth $57,000 after purchasing an additional 1,268 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its holdings in Genesco by 92.3% in the third quarter. BNP Paribas Financial Markets now owns 1,960 shares of the company’s stock valued at $57,000 after buying an additional 941 shares during the period. Hedge funds and other institutional investors own 94.51% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on GCO. Truist Financial set a $40.00 price objective on Genesco in a research report on Friday, May 29th. Weiss Ratings downgraded shares of Genesco from a “hold (c)” rating to a “sell (d+)” rating in a research note on Friday, June 12th. Wall Street Zen cut shares of Genesco from a “buy” rating to a “hold” rating in a research note on Saturday, June 13th. Seaport Research Partners downgraded shares of Genesco from a “buy” rating to a “neutral” rating in a report on Wednesday, May 27th. Finally, Zacks Research lowered shares of Genesco from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $36.67.

About Genesco

Genesco Inc is a Nashville, Tennessee-based retailer, wholesaler and licensee specializing in branded footwear, headwear, apparel and accessories. Through its portfolio of retail chains, wholesale distribution channels and licensing agreements, Genesco brings a range of product offerings to consumers in North America and Europe.

The company’s retail segment includes specialty chains such as Journeys, which targets fashion-focused teens and young adults in the United States and Canada, and Schuh, a footwear retailer with locations in the United Kingdom and Ireland.