Genesco (NYSE:GCO) Upgraded to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Genesco (NYSE:GCO) from a hold rating to a buy rating in a report issued on Monday,Wall Street Zen reports.

A number of other analysts have also issued reports on GCO. Weiss Ratings upgraded Genesco from a “sell (d+)” rating to a “hold (c)” rating in a report on Tuesday, September 22nd. Zacks Research upgraded Genesco from a “hold” rating to a “strong-buy” rating in a report on Friday, September 4th. Finally, Truist Financial reduced their price objective on Genesco from $40.00 to $38.00 and set a “hold” rating on the stock in a report on Friday, September 4th. Two equities research analysts have rated the stock with a Strong Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $36.00.

Genesco Trading Down 1.7%

Shares of GCO opened at $36.47 on Monday. The firm has a market capitalization of $394.55 million, a price-to-earnings ratio of 24.41 and a beta of 1.81. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.58 and a quick ratio of 0.32. Genesco has a 1-year low of $21.92 and a 1-year high of $43.60. The company has a 50-day moving average of $34.88 and a 200 day moving average of $35.22.

Genesco (NYSE:GCO) last issued its earnings results on Thursday, September 3rd. The company reported ($0.83) EPS for the quarter, topping analysts’ consensus estimates of ($1.37) by $0.54. The business had revenue of $529.86 million for the quarter, compared to the consensus estimate of $527.26 million. Genesco had a net margin of 1.71% and a return on equity of 3.14%. During the same period in the prior year, the firm earned ($1.79) EPS. Genesco has set its FY 2027 guidance at 2.000-2.400 EPS. On average, research analysts expect that Genesco will post 2.35 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Pzena Investment Management LLC bought a new position in shares of Genesco during the second quarter valued at approximately $37,104,000. BlackRock Inc. purchased a new position in Genesco during the second quarter valued at approximately $30,730,000. Fund 1 Investments LLC increased its holdings in Genesco by 43.4% during 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. Connor Clark & Lunn Investment Management Ltd. bought a new position in Genesco in the second quarter worth approximately $3,190,000. Finally, Ancora Advisors LLC bought a new position in Genesco in the second quarter worth approximately $3,187,000. 94.51% of the stock is currently owned by institutional investors.

About Genesco

Genesco Inc is a Nashville, Tennessee-based specialty retailer and branded footwear company. Founded in 1924 as General Shoe Corporation, the company changed its name to Genesco in 1959. It operates retail stores and e-commerce websites offering footwear, apparel and accessories through a portfolio of lifestyle and fashion brands.

Genesco’s principal retail businesses include Journeys and Journeys Kidz, which focus on trend-oriented footwear and apparel for young consumers, and Schuh, a footwear retailer serving customers in the United Kingdom and Ireland.