Genesco Inc. (NYSE:GCO)’s share price traded down 7.3% during trading on Thursday following a dissappointing earnings announcement. The stock traded as low as $42.93 and last traded at $43.13. 778,217 shares changed hands during mid-day trading, an increase of 141% from the average session volume of 322,280 shares. The stock had previously closed at $46.51.

The company reported $2.18 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.33 by ($0.15). The company had revenue of $675.50 million for the quarter, compared to analysts’ expectations of $914.85 million. Genesco had a net margin of 2.31% and a return on equity of 7.21%. The firm’s revenue was down 2.0% on a year-over-year basis. During the same period in the prior year, the company earned $2.15 earnings per share.

Genesco announced that its board has approved a stock buyback plan on Friday, December 14th that authorizes the company to buyback $125.00 million in shares. This buyback authorization authorizes the company to purchase up to 14.7% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

Several research firms have issued reports on GCO. ValuEngine upgraded Genesco from a “hold” rating to a “buy” rating in a research report on Tuesday, November 27th. Zacks Investment Research cut Genesco from a “buy” rating to a “hold” rating in a research report on Thursday, February 21st. Pivotal Research reiterated a “buy” rating and set a $52.00 target price on shares of Genesco in a research report on Monday, December 3rd. Piper Jaffray Companies set a $41.00 target price on Genesco and gave the stock a “hold” rating in a research report on Friday, November 30th. Finally, TheStreet upgraded Genesco from a “c+” rating to a “b” rating in a research report on Tuesday, January 8th. Nine equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $43.00.

In other Genesco news, CEO Robert J. Dennis sold 11,380 shares of the business’s stock in a transaction that occurred on Wednesday, January 23rd. The stock was sold at an average price of $47.14, for a total transaction of $536,453.20. Following the transaction, the chief executive officer now owns 261,361 shares in the company, valued at approximately $12,320,557.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Marty G. Dickens sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 29th. The stock was sold at an average price of $49.50, for a total value of $247,500.00. Following the transaction, the director now owns 18,578 shares in the company, valued at approximately $919,611. The disclosure for this sale can be found here. Insiders have sold a total of 16,880 shares of company stock worth $807,953 in the last quarter. 4.30% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GCO. PNC Financial Services Group Inc. grew its holdings in shares of Genesco by 24.4% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,350 shares of the company’s stock worth $60,000 after acquiring an additional 265 shares during the period. Thrivent Financial for Lutherans grew its holdings in shares of Genesco by 2.2% in the 4th quarter. Thrivent Financial for Lutherans now owns 14,266 shares of the company’s stock worth $632,000 after acquiring an additional 313 shares during the period. Meeder Asset Management Inc. grew its holdings in shares of Genesco by 112.3% in the 4th quarter. Meeder Asset Management Inc. now owns 603 shares of the company’s stock worth $27,000 after acquiring an additional 319 shares during the period. Gotham Asset Management LLC grew its holdings in shares of Genesco by 6.6% in the 4th quarter. Gotham Asset Management LLC now owns 6,718 shares of the company’s stock worth $298,000 after acquiring an additional 415 shares during the period. Finally, Texas Permanent School Fund grew its holdings in shares of Genesco by 5.5% in the 4th quarter. Texas Permanent School Fund now owns 13,214 shares of the company’s stock worth $585,000 after acquiring an additional 683 shares during the period.

The firm has a market capitalization of $916.54 million, a price-to-earnings ratio of 13.74, a P/E/G ratio of 2.51 and a beta of 0.72. The company has a quick ratio of 0.48, a current ratio of 2.26 and a debt-to-equity ratio of 0.09.

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Genesco Company Profile (NYSE:GCO)

Genesco Inc retails and wholesales footwear, apparel, and accessories. The company operates in five segments: Journeys Group, Schuh Group, Lids Sports Group, Johnston & Murphy Group, and Licensed Brands. The Journeys Group segment offers footwear and accessories through the Journeys, Journeys Kidz, Shi by Journeys, and Little Burgundy retail chains, as well as through e-commerce and catalogs for young men, women, and children.

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