Genesco (GCO) Posts Quarterly Earnings Results, Misses Estimates By $0.12 EPS

Genesco (NYSE:GCO) released its earnings results on Thursday. The company reported $2.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.30 by ($0.12), MarketWatch Earnings reports. Genesco had a return on equity of 7.21% and a net margin of 2.31%. The business had revenue of $675.50 million for the quarter, compared to analysts’ expectations of $914.85 million. During the same quarter in the prior year, the business posted $2.15 EPS. The business’s revenue for the quarter was down 2.0% compared to the same quarter last year. 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 company has a market cap of $916.54 million, a price-to-earnings ratio of 13.74, a PEG ratio of 2.51 and a beta of 0.72. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.26 and a quick ratio of 0.48. Genesco has a 1-year low of $36.60 and a 1-year high of $51.85.

Genesco declared that its board has authorized a stock repurchase plan on Friday, December 14th that permits the company to buyback $125.00 million in shares. This buyback authorization permits the company to buy up to 14.7% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.



Several analysts recently issued reports on the company. ValuEngine cut Genesco from a “buy” rating to a “hold” rating in a research report on Friday, March 1st. Zacks Investment Research cut Genesco from a “buy” rating to a “hold” rating in a research report on Thursday, February 21st. TheStreet upgraded Genesco from a “c+” rating to a “b” rating in a research report on Tuesday, January 8th. Finally, Pivotal Research cut Genesco from a “buy” rating to a “hold” rating and set a $52.00 target price for the company. in a research report on Wednesday, January 9th. They noted that the move was a valuation call. Nine analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Genesco has an average rating of “Hold” and an average target price of $43.00.

In other Genesco news, Director Marty G. Dickens sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 29th. The stock was sold at an average price of $49.50, for a total transaction of $247,500.00. Following the completion of the transaction, the director now owns 18,578 shares in the company, valued at approximately $919,611. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Robert J. Dennis sold 11,380 shares of the firm’s stock in a transaction that occurred on Wednesday, January 23rd. The shares were sold at an average price of $47.14, for a total value of $536,453.20. Following the transaction, 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 in the last 90 days. 4.30% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Norges Bank bought a new stake in shares of Genesco in the 4th quarter valued at approximately $15,601,000. Canada Pension Plan Investment Board lifted its stake in shares of Genesco by 99.7% in the 4th quarter. Canada Pension Plan Investment Board now owns 595,200 shares of the company’s stock valued at $26,365,000 after purchasing an additional 297,144 shares during the last quarter. WINTON GROUP Ltd bought a new stake in shares of Genesco in the 4th quarter valued at approximately $11,625,000. Morgan Stanley lifted its stake in shares of Genesco by 128.6% in the 3rd quarter. Morgan Stanley now owns 314,676 shares of the company’s stock valued at $14,821,000 after purchasing an additional 177,047 shares during the last quarter. Finally, Prudential Financial Inc. lifted its stake in shares of Genesco by 40.1% in the 4th quarter. Prudential Financial Inc. now owns 553,889 shares of the company’s stock valued at $24,537,000 after purchasing an additional 158,448 shares during the last quarter.

COPYRIGHT VIOLATION NOTICE: “Genesco (GCO) Posts Quarterly Earnings Results, Misses Estimates By $0.12 EPS” was originally published by Dakota Financial News and is owned by of Dakota Financial News. If you are reading this article on another site, it was copied illegally and republished in violation of US and international copyright & trademark laws. The correct version of this article can be read at https://dakotafinancialnews.com/2019/03/14/genesco-gco-posts-quarterly-earnings-results-misses-estimates-by-0-15-eps.html.

About Genesco

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.

Further Reading: Short Selling

Earnings History for Genesco (NYSE:GCO)

Receive News & Ratings for Genesco Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Genesco and related companies with MarketBeat.com's FREE daily email newsletter.