Buckingham Research Increases Genesco Inc. (GCO) Price Target to $30.00

Genesco Inc. (NYSE:GCO) had its price target increased by research analysts at Buckingham Research from $23.00 to $30.00 in a research note issued on Monday. The brokerage presently has a “neutral” rating on the stock. Buckingham Research’s price target suggests a potential upside of 4.35% from the company’s previous close.

GCO has been the subject of several other reports. UBS AG downgraded shares of Genesco from a “positive” rating to a “neutral” rating in a report on Monday, August 28th. BidaskClub upgraded shares of Genesco from a “strong sell” rating to a “sell” rating in a research report on Friday, August 25th. Jefferies Group LLC restated a “hold” rating and set a $27.00 price objective on shares of Genesco in a research report on Thursday, October 12th. ValuEngine upgraded shares of Genesco from a “hold” rating to a “buy” rating in a research report on Monday, October 2nd. Finally, Piper Jaffray Companies restated a “buy” rating and set a $39.00 price objective on shares of Genesco in a research report on Wednesday, November 1st. One analyst has rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the stock. Genesco presently has an average rating of “Hold” and an average target price of $33.71.

Shares of Genesco (NYSE GCO) opened at $28.75 on Monday. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.38 and a quick ratio of 0.47. The company has a market cap of $594.58, a PE ratio of 8.81, a price-to-earnings-growth ratio of 0.91 and a beta of 1.27. Genesco has a one year low of $20.90 and a one year high of $72.00.

Genesco (NYSE:GCO) last released its earnings results on Thursday, August 31st. The company reported ($0.10) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.06) by ($0.04). The company had revenue of $616.50 million for the quarter, compared to the consensus estimate of $626.93 million. Genesco had a net margin of 2.43% and a return on equity of 7.36%. The firm’s revenue was down 1.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.34 earnings per share. equities research analysts forecast that Genesco will post 3.45 earnings per share for the current year.

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In other Genesco news, Chairman Robert J. Dennis bought 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 6th. The shares were bought at an average price of $23.81 per share, for a total transaction of $595,250.00. Following the transaction, the chairman now directly owns 224,935 shares in the company, valued at $5,355,702.35. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Mimi Eckel Vaughn bought 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 6th. The stock was acquired at an average price of $24.16 per share, for a total transaction of $241,600.00. Following the transaction, the senior vice president now owns 87,140 shares in the company, valued at $2,105,302.40. The disclosure for this purchase can be found here. 3.30% of the stock is owned by company insiders.

Large investors have recently modified their holdings of the stock. State of Alaska Department of Revenue raised its position in Genesco by 77.8% in the 2nd quarter. State of Alaska Department of Revenue now owns 3,893 shares of the company’s stock worth $131,000 after purchasing an additional 1,703 shares during the period. PNC Financial Services Group Inc. raised its position in Genesco by 44.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,538 shares of the company’s stock worth $142,000 after purchasing an additional 775 shares during the period. Tower Research Capital LLC TRC purchased a new position in Genesco in the 2nd quarter worth $144,000. Public Employees Retirement System of Ohio raised its position in Genesco by 16.9% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 4,278 shares of the company’s stock worth $145,000 after purchasing an additional 618 shares during the period. Finally, First Quadrant L P CA purchased a new position in Genesco in the 2nd quarter worth $153,000. Institutional investors own 93.88% 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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