Genesco (NYSE:GCO) Stock Rating Raised to "Buy" at Wall Street Zen

Key Points

• Wall Street Zen upgraded Genesco to “Buy” from “Hold.” Other analysts have also become more positive, and the stock carries a consensus “Moderate Buy” rating with a $36.00 target price.
• Genesco reported quarterly revenue of $529.86 million and an adjusted loss of $0.83 per share, beating analyst estimates for both metrics. Analysts expect the company to earn $2.35 per share for the current year.
• Genesco shares opened at $36.79, while the company has a market capitalization of approximately $398 million; institutional investors own 94.51% of the stock.

Genesco (NYSE:GCO - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a note issued to investors on Monday, Wall Street Zen reports.

Several other research firms also recently issued reports on GCO. Truist Financial cut their target price on Genesco from $40.00 to $38.00 and set a "hold" rating on the stock in a research report on Friday, September 4th. Weiss Ratings raised Genesco from a "sell (d+)" rating to a "hold (c)" rating in a research report on Tuesday, September 22nd. Finally, Zacks Research raised Genesco from a "hold" rating to a "strong-buy" rating in a research report on Friday, September 4th. Two equities research analysts have rated the stock with a Strong Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, Genesco currently has a consensus rating of "Moderate Buy" and a consensus target price of $36.00.

Genesco Stock Down 0.8%

GCO stock opened at $36.79 on Monday. The firm has a 50 day moving average of $34.90 and a 200 day moving average of $35.17. The stock has a market capitalization of $398.09 million, a PE ratio of 9.58 and a beta of 1.81. The company has a quick ratio of 0.32, a current ratio of 1.58 and a debt-to-equity ratio of 0.03. Genesco has a 52 week low of $21.92 and a 52 week high of $43.60.

Genesco (NYSE:GCO - Get Free Report) last released its earnings results on Thursday, September 3rd. The company reported ($0.83) earnings per share for the quarter, topping the consensus estimate of ($1.37) by $0.54. Genesco had a net margin of 1.71% and a return on equity of 3.14%. The company had revenue of $529.86 million for the quarter, compared to the consensus estimate of $527.26 million. During the same quarter in the previous year, the firm earned ($1.79) EPS. Genesco has set its FY 2027 guidance at 2.000-2.400 EPS. Sell-side analysts forecast that Genesco will post 2.35 earnings per share for the current year.

Hedge Funds Weigh In On Genesco

A number of institutional investors have recently bought and sold shares of the business. Silver Oak Securities Incorporated lifted its stake in Genesco by 3.5% during the 1st quarter. Silver Oak Securities Incorporated now owns 18,688 shares of the company's stock valued at $542,000 after acquiring an additional 627 shares during the period. Integrated Wealth Concepts LLC acquired a new stake in shares of Genesco in the second quarter worth $25,000. New York State Teachers Retirement System acquired a new stake in shares of Genesco in the first quarter worth $27,000. Optiver Holding B.V. raised its holdings in shares of Genesco by 550.6% during the first quarter. Optiver Holding B.V. now owns 1,106 shares of the company's stock worth $32,000 after purchasing an additional 936 shares during the last quarter. Finally, Legal & General Group Plc purchased a new position in shares of Genesco during the second quarter worth $32,000. 94.51% of the stock is owned by hedge funds and other institutional investors.

Genesco Company Profile

Genesco Inc is a Nashville, Tennessee-based specialty retailer and branded footwear company. Founded in 1924 as General Shoe Corporation, the company changed its name to Genesco in 1959. It operates retail stores and e-commerce websites offering footwear, apparel and accessories through a portfolio of lifestyle and fashion brands.

Genesco's principal retail businesses include Journeys and Journeys Kidz, which focus on trend-oriented footwear and apparel for young consumers, and Schuh, a footwear retailer serving customers in the United Kingdom and Ireland.

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