Genesco (GCO) Cut to “Hold” at Pivotal Research

Pivotal Research cut shares of Genesco (NYSE:GCO) from a buy rating to a hold rating in a research report released on Wednesday morning, MarketBeat reports. Pivotal Research currently has $52.00 price target on the stock. The analysts noted that the move was a valuation call.

Other equities analysts have also recently issued reports about the company. ValuEngine raised Genesco from a hold rating to a buy rating in a report on Tuesday, November 27th. Zacks Investment Research cut Genesco from a buy rating to a hold rating in a report on Wednesday, November 7th. Finally, Piper Jaffray Companies set a $41.00 target price on Genesco and gave the stock a hold rating in a report on Friday, November 30th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company’s stock. The company has a consensus rating of Hold and an average target price of $41.78.

Shares of GCO stock traded up $0.56 during mid-day trading on Wednesday, reaching $47.48. The stock had a trading volume of 382,282 shares, compared to its average volume of 482,248. The company has a current ratio of 2.26, a quick ratio of 0.48 and a debt-to-equity ratio of 0.09. Genesco has a one year low of $32.00 and a one year high of $51.85. The company has a market capitalization of $992.46 million, a P/E ratio of 15.12, a P/E/G ratio of 2.04 and a beta of 0.77.

Genesco (NYSE:GCO) last announced its quarterly earnings data on Thursday, December 6th. The company reported $0.95 EPS for the quarter, topping the Zacks’ consensus estimate of $0.86 by $0.09. Genesco had a return on equity of 7.21% and a net margin of 2.31%. The company had revenue of $713.10 million during the quarter, compared to the consensus estimate of $712.06 million. During the same quarter last year, the company earned $1.02 EPS. The company’s quarterly revenue was down .5% on a year-over-year basis. Sell-side analysts predict that Genesco will post 3.22 earnings per share for the current fiscal year.

Genesco announced that its board has authorized a share buyback plan on Friday, December 14th that allows the company to buyback $125.00 million in shares. This buyback authorization allows the company to repurchase up to 14.7% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Hedge funds have recently added to or reduced their stakes in the stock. NumerixS Investment Technologies Inc acquired a new stake in Genesco during the 2nd quarter valued at $106,000. Robeco Institutional Asset Management B.V. acquired a new stake in Genesco during the 3rd quarter valued at $222,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in Genesco during the 3rd quarter valued at $224,000. Zeke Capital Advisors LLC acquired a new stake in Genesco during the 3rd quarter valued at $252,000. Finally, United Services Automobile Association acquired a new stake in Genesco during the 3rd quarter valued at $284,000.

Genesco Company Profile

Genesco Inc retails and wholesales footwear, apparel, and accessories. The company operates in five segments: Journeys Group, Schuh Group, Lids Sports Group, Johnston & Murphy Group, and Licensed Brands. The Journeys Group segment offers footwear and accessories through the Journeys, Journeys Kidz, Shi by Journeys, and Little Burgundy retail chains, as well as through e-commerce and catalogs for young men, women, and children.

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