Genesco (GCO) Announces Earnings Results

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Genesco (NYSE:GCO) issued its quarterly earnings results on Thursday. The company reported $2.18 earnings per share for the quarter, missing analysts’ consensus estimates of $2.33 by ($0.15), MarketWatch Earnings reports. Genesco had a net margin of 2.31% and a return on equity of 7.21%. The company had revenue of $675.50 million during the quarter, compared to the consensus estimate of $914.85 million. During the same period last year, the company earned $2.15 earnings per share. Genesco’s revenue for the quarter was down 2.0% on a year-over-year basis. Genesco updated its FY 2019 guidance to $3.35-3.75 EPS and its FY20 guidance to $3.35-3.75 EPS.

NYSE:GCO opened at $43.13 on Friday. The stock has a market cap of $916.54 million, a PE ratio of 13.74, a price-to-earnings-growth ratio of 2.51 and a beta of 0.72. Genesco has a 52 week low of $36.60 and a 52 week high of $51.85. The company has a quick ratio of 0.48, a current ratio of 2.26 and a debt-to-equity ratio of 0.09.

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

Institutional investors have recently made changes to their positions in the stock. Man Group plc increased its position in shares of Genesco by 43.3% during the 3rd quarter. Man Group plc now owns 44,500 shares of the company’s stock worth $2,096,000 after purchasing an additional 13,444 shares in the last quarter. Martingale Asset Management L P acquired a new stake in shares of Genesco during the 3rd quarter worth about $377,000. Vanguard Group Inc increased its position in shares of Genesco by 2.2% during the 3rd quarter. Vanguard Group Inc now owns 1,920,730 shares of the company’s stock worth $90,466,000 after purchasing an additional 41,294 shares in the last quarter. GSA Capital Partners LLP acquired a new stake in shares of Genesco during the 3rd quarter worth about $357,000. Finally, Bowling Portfolio Management LLC acquired a new stake in Genesco in the 4th quarter valued at about $225,000.

Genesco declared that its board has approved a share repurchase program on Friday, December 14th that allows the company to buyback $125.00 million in shares. This buyback authorization allows the company to repurchase up to 14.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

A number of analysts have weighed in on GCO shares. Zacks Investment Research downgraded shares of Genesco from a “hold” rating to a “sell” rating in a report on Monday, December 3rd. ValuEngine downgraded shares of Genesco from a “buy” rating to a “hold” rating in a report on Friday, March 1st. Pivotal Research downgraded shares of Genesco from a “buy” rating to a “hold” rating and set a $52.00 price target for the company. in a report on Wednesday, January 9th. They noted that the move was a valuation call. TheStreet raised shares of Genesco from a “c+” rating to a “b” rating in a report on Tuesday, January 8th. Finally, Piper Jaffray Companies set a $41.00 price target on shares of Genesco and gave the company a “hold” rating in a report on Friday, November 30th. Nine research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $43.00.

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Genesco Company Profile

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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Earnings History for Genesco (NYSE:GCO)

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