Genesco (NYSE:GCO) Upgraded to Buy by StockNews.com

by · The Markets Daily

StockNews.com upgraded shares of Genesco (NYSE:GCO – Free Report) from a hold rating to a buy rating in a research report report published on Thursday morning.

Genesco Stock Performance

GCO stock opened at $30.13 on Thursday. The business has a 50 day moving average of $28.06 and a 200-day moving average of $27.04. The firm has a market cap of $350.29 million, a PE ratio of -15.45 and a beta of 2.40. Genesco has a 12-month low of $23.21 and a 12-month high of $37.89. The company has a quick ratio of 0.40, a current ratio of 1.53 and a debt-to-equity ratio of 0.15.

Genesco (NYSE:GCO – Get Free Report) last announced its quarterly earnings data on Friday, September 6th. The company reported ($0.83) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.12) by $0.29. The firm had revenue of $525.19 million during the quarter, compared to the consensus estimate of $512.19 million. Genesco had a positive return on equity of 0.49% and a negative net margin of 0.03%. As a group, sell-side analysts expect that Genesco will post 0.66 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Quarry LP purchased a new stake in shares of Genesco during the 2nd quarter worth approximately $27,000. nVerses Capital LLC purchased a new position in Genesco in the third quarter valued at approximately $30,000. CWM LLC grew its holdings in Genesco by 256.4% during the third quarter. CWM LLC now owns 2,363 shares of the company’s stock valued at $64,000 after purchasing an additional 1,700 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in Genesco by 4,977.8% during the second quarter. Allspring Global Investments Holdings LLC now owns 3,656 shares of the company’s stock valued at $95,000 after purchasing an additional 3,584 shares during the period. Finally, Meeder Asset Management Inc. purchased a new stake in Genesco in the second quarter worth $113,000. 94.51% of the stock is currently owned by hedge funds and other institutional investors.

About Genesco

(Get Free Report)

Genesco Inc operates as a retailer and wholesaler of footwear, apparel, and accessories in the United States, Puerto Rico, Canada, the United Kingdom, and the Republic of Ireland. The company operates through four segments: Journeys Group, Schuh Group, Johnston & Murphy Group, and Genesco Brands.

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