TheStreet Upgrades Genesco (NYSE:GCO) to “B”

Genesco (NYSE:GCO) was upgraded by equities research analysts at TheStreet from a “c+” rating to a “b” rating in a note issued to investors on Wednesday, TheStreetRatingsTable reports.

Several other research analysts have also recently weighed in on the company. Zacks Investment Research upgraded Genesco from a “hold” rating to a “strong-buy” rating and set a $64.00 price target for the company in a research note on Wednesday, September 8th. Pivotal Research upped their price objective on Genesco from $72.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, August 24th.

GCO stock opened at $60.03 on Wednesday. Genesco has a 1-year low of $17.54 and a 1-year high of $67.26. The business has a fifty day moving average price of $59.10 and a 200-day moving average price of $55.08. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.58 and a quick ratio of 0.90. The stock has a market capitalization of $906.99 million, a P/E ratio of 7.44 and a beta of 2.25.

Genesco (NYSE:GCO) last posted its quarterly earnings results on Wednesday, September 1st. The company reported $1.05 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.03 by $1.02. Genesco had a return on equity of 14.38% and a net margin of 5.30%. The firm had revenue of $555.20 million during the quarter, compared to analysts’ expectations of $522.36 million. During the same quarter in the previous year, the business earned ($1.23) earnings per share. The company’s revenue was up 41.9% on a year-over-year basis. As a group, analysts anticipate that Genesco will post 5.76 earnings per share for the current year.

In other news, CFO Thomas George acquired 1,800 shares of Genesco stock in a transaction that occurred on Tuesday, September 7th. The stock was bought at an average price of $55.96 per share, for a total transaction of $100,728.00. Following the completion of the transaction, the chief financial officer now owns 1,800 shares in the company, valued at $100,728. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.80% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently modified their holdings of GCO. Legion Partners Asset Management LLC purchased a new stake in Genesco in the first quarter worth about $35,533,000. Alliancebernstein L.P. increased its position in Genesco by 627.9% in the second quarter. Alliancebernstein L.P. now owns 648,657 shares of the company’s stock worth $41,306,000 after buying an additional 559,545 shares in the last quarter. BlackRock Inc. increased its position in Genesco by 7.7% in the first quarter. BlackRock Inc. now owns 2,472,727 shares of the company’s stock worth $117,455,000 after buying an additional 176,124 shares in the last quarter. FMR LLC increased its position in Genesco by 10.6% in the second quarter. FMR LLC now owns 1,259,726 shares of the company’s stock worth $80,219,000 after buying an additional 120,284 shares in the last quarter. Finally, Invesco Ltd. increased its position in Genesco by 61.1% in the second quarter. Invesco Ltd. now owns 263,135 shares of the company’s stock worth $16,757,000 after buying an additional 99,801 shares in the last quarter. Institutional investors and hedge funds own 93.09% of the company’s stock.

Genesco Company Profile

Genesco, Inc engages in the retail and sale of footwear, apparel, and accessories. It operates through the following segments: Journeys Group, Schuh Group, Johnston & Murphy Group, and Licensed Brands. The Journeys Group segment comprise of the Journeys, Journeys Kidz, Shi by Journeys and Little Burgundy retail stores, catalog and e-commerce operations.

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