93,214 Shares in Genesco Inc. $GCO Bought by Empowered Funds LLC

Key Points

• Empowered Funds LLC acquired 93,214 Genesco shares worth approximately $3.15 million, representing about 0.84% of the company. Institutional investors and hedge funds collectively own 94.51% of Genesco.
• Analyst sentiment has weakened, with several firms downgrading the stock; Genesco has an average rating of Hold and an average price target of $36.67.
• Genesco shares opened at $32.49, compared with a 52-week range of $21.92 to $43.60. Director Gregory A. Sandfort also bought nearly $100,000 of shares, while company insiders own 23.11% of the stock.

Empowered Funds LLC bought a new position in shares of Genesco Inc. (NYSE:GCO - Free Report) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 93,214 shares of the company's stock, valued at approximately $3,148,000. Empowered Funds LLC owned approximately 0.84% of Genesco at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in GCO. Public Employees Retirement System of Ohio acquired a new stake in Genesco during the 2nd quarter worth approximately $680,000. Bank of America Corp DE bought a new position in Genesco in the second quarter valued at approximately $331,000. Fund 1 Investments LLC boosted its holdings in shares of Genesco by 43.4% in the second quarter. Fund 1 Investments LLC now owns 609,963 shares of the company's stock valued at $20,598,000 after buying an additional 184,653 shares during the period. Man Group plc acquired a new position in shares of Genesco in the second quarter valued at approximately $419,000. Finally, Ancora Advisors LLC bought a new stake in shares of Genesco during the second quarter worth $3,187,000. 94.51% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Genesco Price Performance

Shares of GCO opened at $32.49 on Wednesday. The company has a quick ratio of 0.37, a current ratio of 1.83 and a debt-to-equity ratio of 0.08. Genesco Inc. has a twelve month low of $21.92 and a twelve month high of $43.60. The stock has a market capitalization of $360.96 million, a P/E ratio of 18.78 and a beta of 1.80. The company has a 50 day moving average of $35.53 and a 200-day moving average of $33.26.

Insiders Place Their Bets

In other Genesco news, Director Gregory A. Sandfort purchased 2,958 shares of the stock in a transaction on Thursday, July 9th. The shares were purchased at an average cost of $33.80 per share, for a total transaction of $99,980.40. Following the purchase, the director owned 29,172 shares of the company's stock, valued at approximately $986,013.60. This represents a 11.28% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 23.11% of the company's stock.

Genesco Profile

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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