Genesco (NYSE:GCO) Downgraded to “Hold” Rating by StockNews.com

StockNews.com cut shares of Genesco (NYSE:GCO) from a buy rating to a hold rating in a research note issued to investors on Sunday.

Genesco Stock Performance

GCO stock opened at $30.52 on Friday. The stock has a market cap of $342.50 million, a P/E ratio of -437.29 and a beta of 2.41. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.40 and a current ratio of 1.53. The firm has a 50 day simple moving average of $27.47 and a 200 day simple moving average of $27.20. Genesco has a 52 week low of $23.21 and a 52 week high of $37.89.

Genesco (NYSE:GCO) last issued its earnings results 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. Genesco had a negative net margin of 0.03% and a positive return on equity of 0.49%. The company had revenue of $525.19 million during the quarter, compared to analyst estimates of $512.19 million. Research analysts anticipate that Genesco will post 0.66 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Genesco

A number of hedge funds and other institutional investors have recently made changes to their positions in GCO. BNP Paribas Financial Markets increased its holdings in Genesco by 54.2% in the first quarter. BNP Paribas Financial Markets now owns 36,283 shares of the company’s stock worth $1,021,000 after buying an additional 12,754 shares during the last quarter. Empowered Funds LLC increased its stake in shares of Genesco by 7.9% during the 1st quarter. Empowered Funds LLC now owns 31,089 shares of the company’s stock worth $875,000 after purchasing an additional 2,275 shares during the last quarter. First Hawaiian Bank raised its holdings in shares of Genesco by 108.2% during the 2nd quarter. First Hawaiian Bank now owns 16,680 shares of the company’s stock valued at $431,000 after purchasing an additional 8,670 shares in the last quarter. SummerHaven Investment Management LLC lifted its stake in shares of Genesco by 1.9% in the 2nd quarter. SummerHaven Investment Management LLC now owns 29,246 shares of the company’s stock valued at $756,000 after purchasing an additional 556 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its stake in shares of Genesco by 4,977.8% in the 2nd 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 last quarter. 94.51% of the stock is owned by hedge funds and other institutional investors.

About Genesco

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.