Millennium Management LLC Trims Stock Position in Genesco Inc. (NYSE:GCO)

Millennium Management LLC trimmed its stake in Genesco Inc. (NYSE:GCO - Free Report) by 51.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,176 shares of the company's stock after selling 14,033 shares during the period. Millennium Management LLC owned 0.12% of Genesco worth $563,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in GCO. SG Americas Securities LLC acquired a new position in Genesco during the 4th quarter valued at about $111,000. Bayesian Capital Management LP acquired a new stake in Genesco during the fourth quarter worth about $234,000. Wells Fargo & Company MN grew its holdings in Genesco by 28.1% during the fourth quarter. Wells Fargo & Company MN now owns 5,846 shares of the company's stock worth $250,000 after acquiring an additional 1,281 shares during the period. Inceptionr LLC purchased a new position in Genesco during the fourth quarter worth approximately $264,000. Finally, Corton Capital Inc. purchased a new position in Genesco during the fourth quarter worth approximately $299,000. 94.51% of the stock is owned by institutional investors.

Genesco Stock Down 5.2%

Shares of GCO traded down $1.20 during midday trading on Wednesday, hitting $21.87. The company had a trading volume of 363,404 shares, compared to its average volume of 219,904. The company's 50-day simple moving average is $20.74 and its 200-day simple moving average is $30.76. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.32 and a current ratio of 1.56. The firm has a market capitalization of $235.72 million, a P/E ratio of -9.00 and a beta of 2.17. Genesco Inc. has a 1 year low of $16.19 and a 1 year high of $44.80.

Genesco (NYSE:GCO - Get Free Report) last posted its earnings results on Wednesday, June 4th. The company reported ($2.05) earnings per share for the quarter, topping the consensus estimate of ($2.09) by $0.04. Genesco had a positive return on equity of 0.56% and a negative net margin of 1.13%. The firm had revenue of $473.97 million during the quarter, compared to analysts' expectations of $463.90 million. During the same quarter in the previous year, the business earned ($2.10) earnings per share. The firm's revenue was up 3.6% compared to the same quarter last year. As a group, sell-side analysts expect that Genesco Inc. will post 0.94 EPS for the current year.

Insider Activity

In other Genesco news, major shareholder Fund 1 Investments, Llc sold 25,000 shares of the company's stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $23.26, for a total value of $581,500.00. Following the sale, the insider now owns 1,072,850 shares of the company's stock, valued at approximately $24,954,491. This represents a 2.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Gregory A. Sandfort bought 10,974 shares of the stock in a transaction on Thursday, March 20th. The stock was purchased at an average cost of $22.92 per share, for a total transaction of $251,524.08. Following the acquisition, the director now directly owns 26,754 shares of the company's stock, valued at $613,201.68. The trade was a 69.54% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 23.11% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on GCO shares. Wall Street Zen downgraded Genesco from a "buy" rating to a "hold" rating in a research report on Friday, May 30th. Jefferies Financial Group reissued a "hold" rating and set a $24.00 price objective (down from $27.00) on shares of Genesco in a research report on Wednesday, May 21st. Finally, Truist Financial raised their price objective on Genesco from $23.00 to $25.00 and gave the stock a "hold" rating in a research report on Thursday, June 5th.

Genesco Profile

Genesco Inc operates as a retailer and wholesaler of footwear, apparel, and accessories in the United States, Puerto Rico, Canada, the United Kingdom, and the Republic of Ireland. The company operates through four segments: Journeys Group, Schuh Group, Johnston & Murphy Group, and Genesco Brands.