Genesco (NYSE:GCO) Stock Rating Raised to “Buy” at Wall Street Zen

Wall Street Zen upgraded shares of Genesco (NYSE:GCO) from a hold rating to a buy rating in a research note issued to investors on Saturday morning,Wall Street Zen reports.

A number of other equities analysts have also commented on the stock. Truist Financial cut their price objective on shares of Genesco from $40.00 to $38.00 and set a “hold” rating for the company in a research report on Friday, September 4th. Zacks Research upgraded shares of Genesco from a “hold” rating to a “strong-buy” rating in a research note on Friday, September 4th. Finally, Weiss Ratings raised shares of Genesco from a “sell (d+)” rating to a “hold (c)” rating in a report on Tuesday, September 22nd. Two investment analysts have rated the stock with a Strong Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, Genesco has a consensus rating of “Moderate Buy” and an average target price of $36.00.

Genesco Price Performance

Shares of NYSE GCO opened at $34.77 on Friday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.32 and a current ratio of 1.58. Genesco has a fifty-two week low of $21.92 and a fifty-two week high of $43.60. The stock has a market cap of $376.21 million, a PE ratio of 9.05 and a beta of 1.81. The stock has a fifty day moving average of $35.36 and a 200-day moving average of $34.43.

Genesco (NYSE:GCO) last issued its quarterly earnings data on Thursday, September 3rd. The company reported ($0.83) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.37) by $0.54. The business had revenue of $529.86 million for the quarter, compared to analysts’ expectations of $527.26 million. Genesco had a return on equity of 3.14% and a net margin of 1.71%.During the same quarter in the prior year, the firm posted ($1.79) EPS. Genesco has set its FY 2027 guidance at 2.000-2.400 EPS. Equities research analysts anticipate that Genesco will post 2.35 earnings per share for the current year.

Insider Activity

In other Genesco news, Director Gregory Sandfort acquired 2,958 shares of the business’s stock in a transaction dated Thursday, July 9th. The stock was bought at an average price of $33.80 per share, with a total value of $99,980.40. Following the completion of the acquisition, the director owned 29,172 shares of the company’s stock, valued at $986,013.60. This trade represents a 11.28% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 23.11% of the company’s stock.

Institutional Investors Weigh In On Genesco

A number of institutional investors and hedge funds have recently bought and sold shares of GCO. Fund 1 Investments LLC raised its position in shares of Genesco by 43.4% during the 2nd quarter. Fund 1 Investments LLC now owns 609,963 shares of the company’s stock valued at $20,598,000 after buying an additional 184,653 shares in the last quarter. BlackRock Inc. bought a new stake in shares of Genesco during the 2nd quarter worth $30,730,000. Bank of New York Mellon Corp purchased a new position in Genesco in the second quarter worth $1,252,000. Empowered Funds LLC purchased a new position in Genesco in the second quarter worth $3,148,000. Finally, Pzena Investment Management LLC bought a new position in Genesco in the second quarter valued at $37,104,000. 94.51% of the stock is owned by hedge funds and other institutional investors.

About Genesco

Genesco Inc is a Nashville, Tennessee-based specialty retailer and branded footwear company. Founded in 1924 as General Shoe Corporation, the company changed its name to Genesco in 1959. It operates retail stores and e-commerce websites offering footwear, apparel and accessories through a portfolio of lifestyle and fashion brands.

Genesco’s principal retail businesses include Journeys and Journeys Kidz, which focus on trend-oriented footwear and apparel for young consumers, and Schuh, a footwear retailer serving customers in the United Kingdom and Ireland.