Genesco (NYSE:GCO) Upgraded to “Buy” at StockNews.com

StockNews.com upgraded shares of Genesco (NYSE:GCO) from a hold rating to a buy rating in a research note released on Thursday.

Genesco Stock Performance

Shares of Genesco stock opened at $30.13 on Thursday. The stock has a market cap of $350.29 million, a price-to-earnings ratio of -15.45 and a beta of 2.40. The firm’s 50-day moving average is $28.06 and its 200 day moving average is $27.03. Genesco has a 1 year low of $23.21 and a 1 year high of $37.89. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.53 and a quick ratio of 0.40.

Genesco (NYSE:GCO) last announced its quarterly earnings results on Friday, September 6th. The company reported ($0.83) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.12) by $0.29. The company had revenue of $525.19 million for the quarter, compared to analysts’ expectations of $512.19 million. Genesco had a negative net margin of 0.03% and a positive return on equity of 0.49%. Sell-side analysts anticipate that Genesco will post 0.66 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of GCO. BNP Paribas Financial Markets increased its stake in shares of Genesco by 54.2% during the first quarter. BNP Paribas Financial Markets now owns 36,283 shares of the company’s stock valued at $1,021,000 after buying an additional 12,754 shares during the period. Empowered Funds LLC increased its position in shares of Genesco by 7.9% in the first quarter. Empowered Funds LLC now owns 31,089 shares of the company’s stock valued at $875,000 after buying an additional 2,275 shares in the last quarter. First Hawaiian Bank boosted its stake in shares of Genesco by 108.2% in the second quarter. First Hawaiian Bank now owns 16,680 shares of the company’s stock worth $431,000 after acquiring an additional 8,670 shares during the last quarter. SummerHaven Investment Management LLC boosted its stake in shares of Genesco by 1.9% in the second quarter. SummerHaven Investment Management LLC now owns 29,246 shares of the company’s stock worth $756,000 after acquiring an additional 556 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its stake 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 worth $95,000 after buying an additional 3,584 shares during the last quarter. 94.51% of the stock is currently owned by institutional investors.

Genesco Company Profile

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.