Genesco (GCO) Downgraded by Zacks Investment Research to “Sell”

Zacks Investment Research lowered shares of Genesco (NYSE:GCO) from a hold rating to a sell rating in a research report sent to investors on Tuesday morning.

According to Zacks, “Genesco Inc., a Nashville-based specialty retailer, sells footwear, headwear and accessories in retail stores in the United States and Canada. The Company sells its products principally under the names Journeys, Journeys Kidz, Shi by Journeys, Johnston & Murphy, Underground Station, Hatworld, Lids, Hat Shack, Hat Zone, Head Quarters and Cap Connection, and on internet websites. The Company also sells footwear at wholesale under its Johnston & Murphy brand and under the licensed Dockers brand. “

Several other equities research analysts have also commented on the stock. TheStreet lowered shares of Genesco from a c- rating to a d rating in a research note on Friday, December 1st. Piper Jaffray Companies set a $35.00 price objective on shares of Genesco and gave the stock a buy rating in a research note on Wednesday, November 29th. Susquehanna Bancshares reissued a hold rating and set a $30.00 price objective on shares of Genesco in a research note on Tuesday, November 28th. Buckingham Research boosted their price objective on shares of Genesco from $23.00 to $30.00 and gave the stock a neutral rating in a research note on Monday, November 20th. Finally, SunTrust Banks set a $33.00 price objective on shares of Genesco and gave the stock a buy rating in a research note on Monday, October 16th. 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 has a consensus rating of Hold and an average target price of $33.29.

Shares of Genesco (NYSE GCO) traded up $0.40 on Tuesday, hitting $28.00. 1,186,100 shares of the stock were exchanged, compared to its average volume of 421,289. The company has a market cap of $549.77, a price-to-earnings ratio of 8.82, a price-to-earnings-growth ratio of 0.92 and a beta of 1.38. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.31 and a quick ratio of 0.47. Genesco has a 52-week low of $20.90 and a 52-week high of $72.00.

Genesco (NYSE:GCO) last announced its earnings results on Friday, December 1st. The company reported $1.02 earnings per share for the quarter, missing analysts’ consensus estimates of $1.12 by ($0.10). Genesco had a negative net margin of 4.24% and a positive return on equity of 6.92%. The company had revenue of $716.80 million for the quarter, compared to the consensus estimate of $706.58 million. During the same period in the previous year, the firm posted $1.28 EPS. The company’s revenue for the quarter was up .8% on a year-over-year basis. sell-side analysts expect that Genesco will post 3.15 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. QS Investors LLC purchased a new position in shares of Genesco during the second quarter valued at approximately $1,059,000. Prudential Financial Inc. raised its holdings in shares of Genesco by 38.7% during the third quarter. Prudential Financial Inc. now owns 332,807 shares of the company’s stock valued at $8,852,000 after purchasing an additional 92,940 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Genesco by 37.0% during the second quarter. Goldman Sachs Group Inc. now owns 68,756 shares of the company’s stock valued at $2,331,000 after purchasing an additional 18,558 shares during the last quarter. Citadel Advisors LLC raised its holdings in shares of Genesco by 369.8% during the second quarter. Citadel Advisors LLC now owns 353,341 shares of the company’s stock valued at $11,978,000 after purchasing an additional 278,134 shares during the last quarter. Finally, Teachers Advisors LLC raised its holdings in shares of Genesco by 16.2% during the second quarter. Teachers Advisors LLC now owns 41,924 shares of the company’s stock valued at $1,421,000 after purchasing an additional 5,859 shares during the last quarter. 97.82% of the stock is owned by hedge funds and other institutional investors.

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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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