Wall Street brokerages predict that Genesco Inc. (NYSE:GCO) will post sales of $633.27 million for the current quarter, according to Zacks Investment Research. Three analysts have issued estimates for Genesco’s earnings, with the highest sales estimate coming in at $649.30 million and the lowest estimate coming in at $619.50 million. Genesco posted sales of $625.56 million during the same quarter last year, which would indicate a positive year over year growth rate of 1.2%. The business is scheduled to announce its next quarterly earnings report before the market opens on Thursday, August 31st.
According to Zacks, analysts expect that Genesco will report full-year sales of $633.27 million for the current year, with estimates ranging from $2.90 billion to $2.92 billion. For the next year, analysts expect that the firm will report sales of $2.96 billion per share, with estimates ranging from $2.95 billion to $2.97 billion. Zacks’ sales calculations are a mean average based on a survey of analysts that cover Genesco.
Genesco (NYSE:GCO) last announced its quarterly earnings data on Thursday, May 25th. The company reported $0.06 EPS for the quarter, missing the consensus estimate of $0.28 by $0.22. The firm had revenue of $643.40 million for the quarter, compared to the consensus estimate of $644.15 million. Genesco had a net margin of 3.07% and a return on equity of 8.41%. Genesco’s revenue for the quarter was down .8% compared to the same quarter last year. During the same quarter last year, the company posted $0.62 earnings per share.
A number of equities research analysts recently commented on GCO shares. Zacks Investment Research downgraded Genesco from a “hold” rating to a “strong sell” rating in a research report on Thursday, June 1st. BidaskClub downgraded Genesco from a “sell” rating to a “strong sell” rating in a research report on Monday, July 24th. UBS AG upgraded Genesco from a “neutral” rating to a “positive” rating in a research report on Wednesday, April 26th. Piper Jaffray Companies upgraded Genesco from a “neutral” rating to an “overweight” rating and decreased their target price for the stock from $63.00 to $62.00 in a research report on Thursday, April 20th. Finally, Susquehanna Bancshares Inc reiterated a “positive” rating and issued a $43.00 target price (down from $66.00) on shares of Genesco in a research report on Tuesday, May 30th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $48.29.
In related news, Director Kevin Patrick Mcdermott acquired 1,000 shares of Genesco stock in a transaction on Thursday, July 6th. The shares were bought at an average cost of $32.32 per share, with a total value of $32,320.00. Following the completion of the purchase, the director now directly owns 8,657 shares of the company’s stock, valued at approximately $279,794.24. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 3.30% of the company’s stock.
A number of large investors have recently modified their holdings of the company. Quantbot Technologies LP bought a new stake in shares of Genesco during the first quarter valued at $105,000. Envestnet Asset Management Inc. boosted its stake in shares of Genesco by 26.2% in the first quarter. Envestnet Asset Management Inc. now owns 2,347 shares of the company’s stock valued at $130,000 after buying an additional 487 shares during the last quarter. State of Alaska Department of Revenue boosted its stake in shares of Genesco by 77.8% in the second quarter. State of Alaska Department of Revenue now owns 3,893 shares of the company’s stock valued at $131,000 after buying an additional 1,703 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of Genesco by 44.0% in the first quarter. PNC Financial Services Group Inc. now owns 2,538 shares of the company’s stock valued at $142,000 after buying an additional 775 shares during the last quarter. Finally, First Quadrant L P CA bought a new stake in shares of Genesco during the second quarter valued at $153,000.
Genesco (NYSE GCO) opened at 31.25 on Thursday. The company has a market capitalization of $612.28 million, a price-to-earnings ratio of 7.02 and a beta of 1.24. Genesco has a 12 month low of $28.88 and a 12 month high of $74.21. The stock’s 50 day moving average price is $32.81 and its 200 day moving average price is $48.37.
WARNING: “Genesco Inc. (GCO) Expected to Post Quarterly Sales of $633.27 Million” was published by Ticker Report and is the sole property of of Ticker Report. If you are reading this article on another publication, it was stolen and reposted in violation of United States & international copyright laws. The correct version of this article can be viewed at https://www.tickerreport.com/banking-finance/2796555/genesco-inc-gco-expected-to-post-quarterly-sales-of-633-27-million.html.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Genesco Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Genesco Inc. and related companies with MarketBeat.com's FREE daily email newsletter.