Genesco Inc. $GCO Stock Sold by Pzena Investment Management LLC

Key Points

• Pzena Investment Management cut its Genesco stake by 3.2%, selling 34,949 shares in the third quarter; it retained 1,063,773 shares, worth about $36.3 million and representing 9.83% of the company.
• Genesco reported quarterly adjusted results ahead of expectations, with a loss of $0.83 per share versus analysts’ expected $1.37 loss and revenue of $529.86 million. The company set FY2027 EPS guidance of $2.00–$2.40.
• Analyst sentiment is mostly cautious: Genesco has an average “Hold” rating and a consensus price target of $36, while shares opened at $39.29.

Pzena Investment Management LLC decreased its holdings in Genesco Inc. (NYSE:GCO - Free Report) by 3.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,063,773 shares of the company's stock after selling 34,949 shares during the quarter. Pzena Investment Management LLC owned about 9.83% of Genesco worth $36,317,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Integrated Wealth Concepts LLC acquired a new position in Genesco during the 2nd quarter valued at about $25,000. Signaturefd LLC raised its stake in Genesco by 124.2% in the third quarter. Signaturefd LLC now owns 1,455 shares of the company's stock valued at $50,000 after buying an additional 806 shares during the last quarter. New York State Teachers Retirement System acquired a new stake in Genesco in the first quarter worth about $27,000. Optiver Holding B.V. boosted its holdings in Genesco by 550.6% in the first quarter. Optiver Holding B.V. now owns 1,106 shares of the company's stock worth $32,000 after acquiring an additional 936 shares in the last quarter. Finally, Legal & General Group Plc acquired a new stake in Genesco in the second quarter worth about $32,000. 94.51% of the stock is currently owned by hedge funds and other institutional investors.

Genesco Stock Performance

Shares of NYSE GCO opened at $39.29 on Thursday. The company has a 50 day simple moving average of $35.39 and a two-hundred day simple moving average of $33.65. The stock has a market cap of $425.11 million, a price-to-earnings ratio of 24.03 and a beta of 1.82. The company has a current ratio of 1.58, a quick ratio of 0.32 and a debt-to-equity ratio of 0.03. Genesco Inc. has a 12 month low of $21.92 and a 12 month high of $43.60.

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

Analysts Set New Price Targets

GCO has been the subject of several research reports. Weiss Ratings upgraded shares of Genesco from a "sell (d+)" rating to a "hold (c)" rating in a research note on Tuesday, September 22nd. 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. Wall Street Zen upgraded Genesco from a "hold" rating to a "buy" rating in a research note on Monday, October 19th. Finally, Zacks Research cut Genesco from a "strong-buy" rating to a "hold" rating in a research report on Monday. One research analyst has rated the stock with a Strong Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat.com, Genesco currently has an average rating of "Hold" and an average target price of $36.00.

About Genesco

Genesco Inc NYSE: GCO is a Nashville, Tennessee-based specialty retailer and distributor of footwear, apparel and accessories. The company serves consumers through retail stores and e-commerce platforms, with a focus on branded footwear and lifestyle products.

Genesco operates several retail banners, including Journeys, which sells trend-focused footwear, apparel and accessories for young consumers; Schuh, a footwear retailer serving the United Kingdom, Ireland and other markets; Johnston & Murphy, a heritage brand offering footwear, apparel, leather goods and accessories; and Little Burgundy, a Canadian footwear retailer.

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