Genesco (NYSE:GCO) Shares Pass Above 200-Day Moving Average - Here's Why

Key Points

• Genesco Inc. (NYSE:GCO) shares have surpassed their 200-day moving average of $24.65, trading as high as $26.37, while the latest price is $25.79.
• Recent analyst activity includes a downgrade from Wall Street Zen from "buy" to "hold," while Truist Financial has lifted their price target from $23.00 to $25.00, maintaining a "hold" rating.
• The company's quarterly earnings showed a positive surprise, reporting ($2.05) earnings per share, which beat estimates, alongside a 3.6% increase in revenue year-over-year.

Genesco Inc. (NYSE:GCO - Get Free Report)'s share price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $24.65 and traded as high as $26.37. Genesco shares last traded at $25.79, with a volume of 175,041 shares traded.

Analyst Upgrades and Downgrades

GCO has been the topic of a number of analyst reports. Wall Street Zen downgraded Genesco from a "buy" rating to a "hold" rating in a research report on Friday, May 30th. Truist Financial lifted 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. Finally, Jefferies Financial Group reiterated a "hold" rating and set a $24.00 price objective (down previously from $27.00) on shares of Genesco in a research report on Wednesday, May 21st.

Genesco Stock Performance

The firm has a 50 day simple moving average of $23.18 and a 200-day simple moving average of $24.65. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.91 and a quick ratio of 0.55. The company has a market cap of $278.02 million, a price-to-earnings ratio of -16.53 and a beta of 2.25.

Genesco (NYSE:GCO - Get Free Report) last issued its quarterly earnings data on Wednesday, June 4th. The company reported ($2.05) earnings per share for the quarter, beating analysts' consensus estimates of ($2.09) by $0.04. Genesco had a positive return on equity of 2.22% and a negative net margin of 0.67%. The business had revenue of $473.97 million during the quarter, compared to analysts' expectations of $463.90 million. During the same period in the previous year, the firm posted ($2.10) earnings per share. The company's revenue was up 3.6% on a year-over-year basis. As a group, analysts predict that Genesco Inc. will post 0.94 EPS for the current fiscal year.

Insider Buying and Selling at Genesco

In other news, major shareholder Fund 1 Investments, Llc sold 25,000 shares of Genesco 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 completion of the sale, the insider directly owned 1,072,850 shares of the company's stock, valued at approximately $24,954,491. The trade was a 2.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 23.11% of the company's stock.

Institutional Investors Weigh In On Genesco

A number of institutional investors have recently modified their holdings of the company. CWM LLC grew its stake in shares of Genesco by 61.5% in the second quarter. CWM LLC now owns 1,365 shares of the company's stock valued at $27,000 after buying an additional 520 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Genesco by 4.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 14,392 shares of the company's stock valued at $616,000 after buying an additional 650 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Genesco by 2.1% during the 1st quarter. Bank of New York Mellon Corp now owns 33,737 shares of the company's stock worth $716,000 after purchasing an additional 702 shares in the last quarter. SummerHaven Investment Management LLC grew its stake in Genesco by 2.4% during the 2nd quarter. SummerHaven Investment Management LLC now owns 31,295 shares of the company's stock worth $616,000 after purchasing an additional 721 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in Genesco during the 4th quarter worth $35,000. 94.51% of the stock is owned by institutional investors and hedge funds.

Genesco Company 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.

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