Truist Financial Forecasts Strong Price Appreciation for Genesco (NYSE:GCO) Stock

Genesco (NYSE:GCO - Get Free Report) had its price target raised by equities researchers at Truist Financial from $23.00 to $25.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a "hold" rating on the stock. Truist Financial's price objective points to a potential upside of 10.00% from the stock's previous close.

Other research analysts have also issued reports about the stock. Jefferies Financial Group reaffirmed a "hold" rating and issued a $24.00 price objective (down from $27.00) on shares of Genesco in a research note on Wednesday, May 21st. Wall Street Zen lowered shares of Genesco from a "buy" rating to a "hold" rating in a research note on Friday, May 30th.

Genesco Stock Up 2.0%

NYSE GCO traded up $0.44 on Thursday, hitting $22.73. 386,877 shares of the company were exchanged, compared to its average volume of 217,483. The company has a market cap of $245.00 million, a PE ratio of -9.35 and a beta of 2.14. Genesco has a 12 month low of $16.19 and a 12 month high of $44.80. The stock has a fifty day moving average of $20.59 and a 200-day moving average of $30.94. The company has a current ratio of 1.56, a quick ratio of 0.32 and a debt-to-equity ratio of 0.19.

Genesco (NYSE:GCO - Get Free Report) last issued its earnings results on Wednesday, June 4th. The company reported ($2.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.06) by $0.01. The business had revenue of $473.97 million for the quarter, compared to analyst estimates of $463.90 million. Genesco had a negative net margin of 1.13% and a positive return on equity of 0.56%. Genesco's revenue was up 3.6% on a year-over-year basis. During the same period in the prior year, the firm earned ($2.10) earnings per share. As a group, analysts forecast that Genesco will post 0.94 earnings per share for the current year.

Insider Activity at Genesco

In other news, Director Gregory A. Sandfort purchased 10,974 shares of the company's stock in a transaction that occurred on Thursday, March 20th. The shares were bought at an average cost of $22.92 per share, with a total value of $251,524.08. Following the completion of the transaction, the director now directly owns 26,754 shares of the company's stock, valued at approximately $613,201.68. This trade represents a 69.54% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Fund 1 Investments, Llc sold 12,000 shares of the firm's stock in a transaction dated Friday, March 28th. The shares were sold at an average price of $20.73, for a total transaction of $248,760.00. Following the transaction, the insider now directly owns 1,097,850 shares in the company, valued at $22,758,430.50. The trade was a 1.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. 23.11% of the stock is owned by insiders.

Institutional Trading of Genesco

A number of large investors have recently added to or reduced their stakes in GCO. Jones Financial Companies Lllp purchased a new stake in Genesco during the first quarter worth about $26,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Genesco during the fourth quarter valued at approximately $35,000. Virtus Advisers LLC purchased a new position in Genesco during the first quarter valued at approximately $56,000. AlphaQuest LLC grew its stake in Genesco by 501,200.0% during the first quarter. AlphaQuest LLC now owns 5,013 shares of the company's stock valued at $106,000 after acquiring an additional 5,012 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new position in Genesco during the fourth quarter valued at approximately $111,000. Hedge funds and other institutional investors own 94.51% of the company's stock.

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.