Genesco (NYSE:GCO) Rating Increased to Buy at StockNews.com

Genesco (NYSE:GCO) was upgraded by stock analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued to investors on Friday.

Genesco Price Performance

GCO opened at $37.43 on Friday. Genesco has a one year low of $23.21 and a one year high of $39.34. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.53 and a quick ratio of 0.40. The company’s 50 day simple moving average is $29.53 and its 200-day simple moving average is $28.01. The stock has a market capitalization of $419.96 million, a P/E ratio of -534.64 and a beta of 2.47.

Genesco (NYSE:GCO) last released its quarterly earnings results on Friday, September 6th. The company reported ($0.83) EPS for the quarter, beating the consensus estimate of ($1.12) by $0.29. Genesco had a negative net margin of 0.03% and a positive return on equity of 0.49%. The business had revenue of $525.19 million for the quarter, compared to analysts’ expectations of $512.19 million. Sell-side analysts anticipate that Genesco will post 0.66 earnings per share for the current fiscal year.

Institutional Trading of Genesco

Several hedge funds have recently modified their holdings of the stock. SummerHaven Investment Management LLC boosted its stake in Genesco by 1.9% in the second quarter. SummerHaven Investment Management LLC now owns 29,246 shares of the company’s stock valued at $756,000 after acquiring an additional 556 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in Genesco by 4,977.8% in the second quarter. Allspring Global Investments Holdings LLC now owns 3,656 shares of the company’s stock valued at $95,000 after acquiring an additional 3,584 shares during the last quarter. Pzena Investment Management LLC boosted its stake in Genesco by 64.1% in the second quarter. Pzena Investment Management LLC now owns 1,221,342 shares of the company’s stock valued at $31,584,000 after acquiring an additional 477,166 shares during the last quarter. Acadian Asset Management LLC boosted its stake in Genesco by 57.3% in the second quarter. Acadian Asset Management LLC now owns 271,394 shares of the company’s stock valued at $7,016,000 after acquiring an additional 98,901 shares during the last quarter. Finally, American Century Companies Inc. boosted its stake in Genesco by 20.2% in the second quarter. American Century Companies Inc. now owns 157,064 shares of the company’s stock valued at $4,062,000 after acquiring an additional 26,436 shares during the last quarter. 94.51% of the stock is owned by institutional investors.

About Genesco

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.