Zacks Investment Research Downgrades Genesco (NYSE:GCO) to Sell

Zacks Investment Research cut shares of Genesco (NYSE:GCO) from a hold rating to a sell rating in a research note published on Wednesday morning, Zacks.com reports.

According to Zacks, “Genesco Inc., a Nashville-based specialty retailer, sells footwear, headwear and accessories in retail stores in the United States and Canada. The Company sells its products principally under the names Journeys, Journeys Kidz, Shi by Journeys, Johnston & Murphy, Underground Station, Hatworld, Lids, Hat Shack, Hat Zone, Head Quarters and Cap Connection, and on internet websites. The Company also sells footwear at wholesale under its Johnston & Murphy brand and under the licensed Dockers brand. “

Other equities analysts have also recently issued reports about the stock. TheStreet cut shares of Genesco from a c rating to a d rating in a research report on Tuesday, June 9th. ValuEngine upgraded shares of Genesco from a hold rating to a buy rating in a report on Thursday, June 11th. Pivotal Research restated a buy rating and set a $32.00 price target on shares of Genesco in a report on Tuesday, June 9th. Finally, Susquehanna Bancshares restated a buy rating and set a $32.00 price target on shares of Genesco in a report on Tuesday, June 9th. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company’s stock. Genesco has a consensus rating of Buy and a consensus target price of $32.80.

NYSE GCO opened at $15.55 on Wednesday. Genesco has a twelve month low of $5.51 and a twelve month high of $53.20. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.80 and a current ratio of 1.71. The stock has a market cap of $228.27 million, a price-to-earnings ratio of -2.72 and a beta of 1.69. The firm’s 50 day moving average price is $19.31 and its two-hundred day moving average price is $24.17.

Genesco (NYSE:GCO) last posted its quarterly earnings data on Tuesday, June 9th. The company reported ($3.65) earnings per share for the quarter, missing the consensus estimate of ($2.52) by ($1.13). Genesco had a positive return on equity of 2.57% and a negative net margin of 4.03%. The firm had revenue of $279.20 million for the quarter, compared to analysts’ expectations of $306.47 million. During the same quarter in the previous year, the firm posted $0.36 earnings per share. The company’s revenue for the quarter was down 43.7% on a year-over-year basis. On average, research analysts forecast that Genesco will post -0.15 EPS for the current fiscal year.

Several hedge funds have recently added to or reduced their stakes in the stock. Strs Ohio lifted its stake in shares of Genesco by 4.7% in the 2nd quarter. Strs Ohio now owns 15,500 shares of the company’s stock valued at $335,000 after purchasing an additional 700 shares during the last quarter. Comerica Bank lifted its stake in shares of Genesco by 6.7% in the 2nd quarter. Comerica Bank now owns 14,790 shares of the company’s stock valued at $257,000 after purchasing an additional 929 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. lifted its stake in shares of Genesco by 906.5% in the 4th quarter. Ladenburg Thalmann Financial Services Inc. now owns 1,077 shares of the company’s stock valued at $51,000 after purchasing an additional 970 shares during the last quarter. Victory Capital Management Inc. lifted its stake in shares of Genesco by 8.0% in the 1st quarter. Victory Capital Management Inc. now owns 14,621 shares of the company’s stock valued at $195,000 after purchasing an additional 1,089 shares during the last quarter. Finally, Public Employees Retirement Association of Colorado lifted its stake in shares of Genesco by 42.0% in the 1st quarter. Public Employees Retirement Association of Colorado now owns 3,740 shares of the company’s stock valued at $50,000 after purchasing an additional 1,107 shares during the last quarter.

Genesco Company Profile

Genesco Inc operates as a retailer and wholesaler of footwear, apparel, and accessories. The company operates through four segments: Journeys Group, Schuh Group, Johnston & Murphy Group, and Licensed Brands. The Journeys Group segment offers footwear and accessories through the Journeys, Journeys Kidz, and Little Burgundy retail chains, as well as through e-commerce and catalogs for young men, women, and children.

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