Genesco (NYSE:GCO) Announces Earnings Results

Genesco (NYSE:GCO) announced its earnings results on Thursday. The company reported ($0.83) earnings per share for the quarter, topping the consensus estimate of ($1.37) by $0.54, FiscalAI reports. Genesco had a net margin of 0.80% and a return on equity of 2.66%. The company had revenue of $529.86 million during the quarter, compared to analyst estimates of $527.26 million.

Genesco Trading Up 2.9%

NYSE:GCO opened at $33.45 on Thursday. The stock has a fifty day moving average price of $35.49 and a 200 day moving average price of $33.30. The company has a current ratio of 1.83, a quick ratio of 0.37 and a debt-to-equity ratio of 0.08. Genesco has a 12-month low of $21.92 and a 12-month high of $43.60. The firm has a market cap of $371.50 million, a PE ratio of 19.33 and a beta of 1.80.

Analyst Upgrades and Downgrades

GCO has been the topic of a number of research analyst reports. Weiss Ratings downgraded shares of Genesco from a “hold (c)” rating to a “sell (d+)” rating in a research note on Friday, June 12th. Zacks Research cut shares of Genesco from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 31st. Truist Financial set a $40.00 target price on shares of Genesco in a report on Friday, May 29th. Wall Street Zen lowered Genesco from a “buy” rating to a “hold” rating in a research report on Saturday, June 13th. Finally, Seaport Research Partners cut Genesco from a “buy” rating to a “neutral” rating in a research note on Wednesday, May 27th. One equities research 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 stock. According to MarketBeat, Genesco has a consensus rating of “Hold” and an average price target of $36.67.

Insider Activity

In related news, Director Gregory A. Sandfort acquired 2,958 shares of the firm’s stock in a transaction dated Thursday, July 9th. The stock was acquired at an average price of $33.80 per share, for a total transaction of $99,980.40. Following the purchase, the director owned 29,172 shares of the company’s stock, valued at $986,013.60. This represents a 11.28% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 23.11% of the company’s stock.

Hedge Funds Weigh In On Genesco

A number of institutional investors and hedge funds have recently modified their holdings of GCO. Shay Capital LLC acquired a new stake in Genesco in the second quarter valued at $4,027,000. Bridgeway Capital Management LLC lifted its holdings in Genesco by 5.0% during the 4th quarter. Bridgeway Capital Management LLC now owns 149,416 shares of the company’s stock worth $3,701,000 after buying an additional 7,049 shares during the last quarter. Empowered Funds LLC lifted its holdings in Genesco by 1.9% during the 4th quarter. Empowered Funds LLC now owns 79,016 shares of the company’s stock worth $1,957,000 after buying an additional 1,449 shares during the last quarter. Mackenzie Financial Corp boosted its position in shares of Genesco by 50.3% during the 4th quarter. Mackenzie Financial Corp now owns 76,133 shares of the company’s stock worth $1,927,000 after acquiring an additional 25,494 shares in the last quarter. Finally, Royal Bank of Canada increased its holdings in shares of Genesco by 15.4% in the 1st quarter. Royal Bank of Canada now owns 52,848 shares of the company’s stock valued at $1,122,000 after acquiring an additional 7,042 shares during the last quarter. Institutional investors and hedge funds own 94.51% of the company’s stock.

Genesco Company Profile

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.