Genesco Inc. (GCO) Stock Rating Reaffirmed by Piper Jaffray Companies

Genesco Inc. (NYSE:GCO)‘s stock had its “buy” rating reissued by analysts at Piper Jaffray Companies in a research report issued on Wednesday. They presently have a $39.00 price objective on the stock. Piper Jaffray Companies’ target price would indicate a potential upside of 57.26% from the company’s current price.

Other equities analysts have also issued reports about the stock. UBS AG lowered shares of Genesco from a “positive” rating to a “neutral” rating in a research 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 reissued a “hold” rating and issued a $27.00 target price on shares of Genesco in a report on Thursday, October 12th. ValuEngine raised Genesco from a “hold” rating to a “buy” rating in a research note on Monday, October 2nd. Finally, Buckingham Research cut their price target on Genesco from $38.00 to $23.00 and set a “neutral” rating for the company in a research note on Friday, September 1st. Two analysts have rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $32.71.

Genesco (NYSE:GCO) last issued its earnings results on Thursday, August 31st. The company reported ($0.10) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.06) by ($0.04). The firm had revenue of $616.50 million during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period last year, the business earned $0.34 EPS.

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In related news, Chairman Robert J. Dennis bought 25,000 shares of Genesco stock in a transaction dated Wednesday, September 6th. The stock was acquired at an average cost of $23.81 per share, with a total value of $595,250.00. Following the completion of the acquisition, the chairman now directly owns 224,935 shares in the company, valued at approximately $5,355,702.35. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Mimi Eckel Vaughn bought 10,000 shares of Genesco stock in a transaction dated Wednesday, September 6th. The shares were bought at an average cost of $24.16 per share, with a total value of $241,600.00. Following the completion of the acquisition, the senior vice president now owns 87,140 shares of the company’s stock, valued at $2,105,302.40. The disclosure for this purchase can be found here. Corporate 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 lifted its stake in Genesco by 0.4% in the 1st quarter. Thrivent Financial For Lutherans now owns 11,300 shares of the company’s stock worth $627,000 after acquiring an additional 40 shares in the last quarter. Capstone Asset Management Co. grew its holdings in Genesco by 1.7% in the 2nd quarter. Capstone Asset Management Co. now owns 8,180 shares of the company’s stock valued at $277,000 after buying an additional 140 shares during the last quarter. Public Employees Retirement System of Ohio grew its holdings in Genesco by 8.5% in the 1st quarter. Public Employees Retirement System of Ohio now owns 3,660 shares of the company’s stock valued at $203,000 after buying an additional 287 shares during the last quarter. Envestnet Asset Management Inc. grew its holdings in Genesco by 26.2% in the 1st quarter. Envestnet Asset Management Inc. now owns 2,347 shares of the company’s stock valued at $130,000 after buying an additional 487 shares during the last quarter. Finally, Citigroup Inc. grew its holdings in Genesco by 2.2% in the 2nd quarter. Citigroup Inc. now owns 23,967 shares of the company’s stock valued at $813,000 after buying an additional 525 shares during the last quarter. 94.27% of the stock is owned by hedge funds and other institutional investors.

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.

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