Genesco Inc. (GCO) Given New $28.00 Price Target at Morgan Stanley

Genesco Inc. (NYSE:GCO) had its price target reduced by Morgan Stanley from $38.00 to $28.00 in a research report released on Wednesday. They currently have an equal weight rating on the stock.

Several other brokerages have also recently issued reports on GCO. Zacks Investment Research cut Genesco from a hold rating to a strong sell rating in a report on Thursday, June 1st. Jefferies Group LLC restated a hold rating and issued a $27.00 target price on shares of Genesco in a report on Thursday, August 31st. BidaskClub cut Genesco from a sell rating to a strong sell rating in a report on Monday, August 14th. Susquehanna Bancshares Inc restated a neutral rating and issued a $29.00 target price (down from $43.00) on shares of Genesco in a report on Monday, August 28th. Finally, B. Riley restated a buy rating and issued a $50.00 target price on shares of Genesco in a report on Saturday, May 27th. Two analysts have rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the stock. Genesco presently has a consensus rating of Hold and an average target price of $37.57.

Genesco (GCO) opened at 26.25 on Wednesday. The firm’s 50-day moving average is $26.94 and its 200 day moving average is $40.80. Genesco has a 1-year low of $20.90 and a 1-year high of $72.00. The stock has a market capitalization of $522.87 million, a price-to-earnings ratio of 7.37 and a beta of 1.29.

Genesco (NYSE:GCO) last issued its earnings results on Thursday, August 31st. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.06) by ($0.04). The company had revenue of $616.50 million during the quarter, compared to analysts’ expectations of $626.93 million. Genesco had a net margin of 2.43% and a return on equity of 7.36%. The firm’s quarterly revenue was down 1.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.34 earnings per share. Equities analysts anticipate that Genesco will post $3.38 EPS for the current fiscal year.

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In other news, Chairman Robert J. Dennis bought 25,000 shares of the stock in a transaction that occurred on Wednesday, September 6th. The stock was bought at an average cost of $23.81 per share, for a total transaction of $595,250.00. Following the acquisition, the chairman now directly owns 224,935 shares of the company’s stock, valued at approximately $5,355,702.35. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Mimi Eckel Vaughn bought 10,000 shares of the stock in a transaction that occurred on Wednesday, September 6th. The shares were purchased at an average price of $24.16 per share, with a total value of $241,600.00. Following the completion of the acquisition, the senior vice president now directly owns 87,140 shares in the company, valued at $2,105,302.40. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 36,000 shares of company stock valued at $869,170. Company insiders own 3.30% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the stock. Thrivent Financial For Lutherans boosted its holdings in Genesco by 0.4% during the 1st quarter. Thrivent Financial For Lutherans now owns 11,300 shares of the company’s stock valued at $627,000 after acquiring an additional 40 shares during the period. M&T Bank Corp boosted its holdings in Genesco by 1.1% during the 1st quarter. M&T Bank Corp now owns 4,139 shares of the company’s stock valued at $229,000 after acquiring an additional 45 shares during the period. Mason Street Advisors LLC boosted its holdings in Genesco by 3.1% during the 1st quarter. Mason Street Advisors LLC now owns 4,647 shares of the company’s stock valued at $258,000 after acquiring an additional 140 shares during the period. Capstone Asset Management Co. boosted its holdings in Genesco by 1.7% during the 2nd quarter. Capstone Asset Management Co. now owns 8,180 shares of the company’s stock valued at $277,000 after acquiring an additional 140 shares during the period. Finally, Public Employees Retirement System of Ohio boosted its holdings in Genesco by 8.5% during the 1st quarter. Public Employees Retirement System of Ohio now owns 3,660 shares of the company’s stock valued at $203,000 after acquiring an additional 287 shares during the period. Institutional investors own 95.93% of the company’s stock.

About Genesco

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.

Analyst Recommendations for Genesco (NYSE:GCO)

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