Genesco (NYSE:GCO) Announces Earnings Results, Beats Estimates By $0.54 EPS

Key Points

• Genesco beat quarterly earnings expectations: The company reported a loss of $0.83 per share, $0.54 better than the consensus estimate, while revenue of $529.86 million slightly exceeded forecasts.
• Shares opened at $33.45, with Genesco valued at approximately $371.5 million. The stock has traded between $21.92 and $43.60 over the past 12 months.
• Analyst sentiment remains cautious: Several firms recently downgraded the stock, resulting in a consensus “Hold” rating and an average price target of $36.67. An insider also purchased nearly $100,000 worth of shares.

Genesco (NYSE:GCO - Get Free Report) announced its quarterly earnings data on Thursday. The company reported ($0.83) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.37) by $0.54, FiscalAI reports. The company had revenue of $529.86 million during the quarter, compared to analysts' expectations of $527.26 million. Genesco had a net margin of 0.80% and a return on equity of 2.66%.

Genesco Price Performance

Shares of GCO stock opened at $33.45 on Thursday. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.83 and a quick ratio of 0.37. The firm's 50-day moving average is $35.49 and its two-hundred day moving average is $33.30. Genesco has a 12 month low of $21.92 and a 12 month high of $43.60. The company has a market capitalization of $371.50 million, a PE ratio of 19.33 and a beta of 1.80.

Insider Buying and Selling at Genesco

In other news, Director Gregory A. Sandfort purchased 2,958 shares of the company's stock in a transaction dated Thursday, July 9th. The stock was acquired at an average price of $33.80 per share, with a total value of $99,980.40. Following the purchase, the director directly owned 29,172 shares in the company, valued at approximately $986,013.60. This represents a 11.28% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. 23.11% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in GCO. Jones Financial Companies Lllp purchased a new position in Genesco in the first quarter worth approximately $26,000. Group One Trading LLC purchased a new stake in Genesco in the fourth quarter valued at $26,000. Meeder Asset Management Inc. purchased a new stake in Genesco in the fourth quarter valued at $37,000. Quarry LP raised its position in Genesco by 182.2% in the third quarter. Quarry LP now owns 1,964 shares of the company's stock valued at $57,000 after purchasing an additional 1,268 shares during the period. Finally, BNP Paribas Financial Markets lifted its stake in shares of Genesco by 92.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,960 shares of the company's stock valued at $57,000 after purchasing an additional 941 shares during the last quarter. 94.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

GCO has been the topic of a number of research reports. Zacks Research lowered shares of Genesco from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 31st. Wall Street Zen lowered Genesco from a "buy" rating to a "hold" rating in a research report on Saturday, June 13th. Seaport Research Partners cut Genesco from a "buy" rating to a "neutral" rating in a report on Wednesday, May 27th. Weiss Ratings downgraded Genesco from a "hold (c)" rating to a "sell (d+)" rating in a research report on Friday, June 12th. Finally, Truist Financial set a $40.00 price objective on Genesco in a research note on Friday, May 29th. One analyst has rated the stock with a Strong Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $36.67.

About Genesco

Genesco Inc is a Nashville, Tennessee-based retailer, wholesaler and licensee specializing in branded footwear, headwear, apparel and accessories. Through its portfolio of retail chains, wholesale distribution channels and licensing agreements, Genesco brings a range of product offerings to consumers in North America and Europe.

The company's retail segment includes specialty chains such as Journeys, which targets fashion-focused teens and young adults in the United States and Canada, and Schuh, a footwear retailer with locations in the United Kingdom and Ireland.

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