Genesco Inc. (GCO) Sets New 12-Month Low on Disappointing Earnings
Genesco Inc. (NYSE:GCO) shares reached a new 52-week low on Thursday following a dissappointing earnings announcement. The company traded as low as $21.35 and last traded at $21.40, with a volume of 1,847,919 shares traded. 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. The business had revenue of $616.50 million during the quarter, compared to analysts’ expectations of $626.93 million. Genesco had a return on equity of 8.41% and a net margin of 3.07%. The company’s revenue was down 1.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.34 EPS.
Several analysts have weighed in on GCO shares. Zacks Investment Research lowered Genesco from a “hold” rating to a “strong sell” rating in a report on Thursday, June 1st. Jefferies Group LLC reissued a “hold” rating and issued a $27.00 target price on shares of Genesco in a report on Thursday. BidaskClub lowered Genesco from a “sell” rating to a “strong sell” rating in a report on Monday, August 14th. Susquehanna Bancshares Inc reissued a “neutral” rating and issued a $29.00 target price (down previously from $43.00) on shares of Genesco in a report on Monday, August 28th. Finally, B. Riley reissued a “buy” rating and issued a $50.00 target price on shares of Genesco in a report on Saturday, May 27th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $40.75.
In other Genesco news, Director Kevin Patrick Mcdermott purchased 1,000 shares of the firm’s stock in a transaction on Thursday, July 6th. The shares were purchased at an average cost of $32.32 per share, with a total value of $32,320.00. Following the purchase, the director now owns 8,657 shares in the company, valued at $279,794.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 3.30% of the stock is currently owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in GCO. Public Employees Retirement System of Ohio increased its stake in shares of Genesco by 16.9% in the second quarter. Public Employees Retirement System of Ohio now owns 4,278 shares of the company’s stock valued at $145,000 after buying an additional 618 shares during the last quarter. Verition Fund Management LLC increased its stake in shares of Genesco by 391.7% in the second quarter. Verition Fund Management LLC now owns 18,683 shares of the company’s stock valued at $633,000 after buying an additional 14,883 shares during the last quarter. Tower Research Capital LLC TRC bought a new stake in shares of Genesco during the second quarter valued at approximately $144,000. Arrowstreet Capital Limited Partnership increased its stake in shares of Genesco by 3.3% in the second quarter. Arrowstreet Capital Limited Partnership now owns 99,299 shares of the company’s stock valued at $3,366,000 after buying an additional 3,199 shares during the last quarter. Finally, State Street Corp increased its stake 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 during the last quarter. Institutional investors own 95.93% of the company’s stock.
The company has a market cap of $454.56 million, a price-to-earnings ratio of 5.21 and a beta of 1.24. The company’s 50 day moving average is $28.83 and its 200 day moving average is $43.10.
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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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