Truist Financial Raises Genesco (NYSE:GCO) Price Target to $25.00

Genesco (NYSE:GCO) had its target price hoisted by research analysts at Truist Financial from $23.00 to $25.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a “hold” rating on the stock. Truist Financial’s target price indicates a potential upside of 10.08% from the stock’s previous close.

A number of other analysts also recently issued reports on the stock. Jefferies Financial Group reissued a “hold” rating and issued a $24.00 price objective (down previously from $27.00) on shares of Genesco in a report on Wednesday, May 21st. Wall Street Zen downgraded Genesco from a “buy” rating to a “hold” rating in a research report on Friday, May 30th.

Genesco Price Performance

Shares of NYSE GCO opened at $22.71 on Thursday. The firm has a market cap of $244.81 million, a P/E ratio of -9.35 and a beta of 2.17. The business’s 50 day moving average is $20.64 and its 200-day moving average is $30.84. 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 has a 1-year low of $16.19 and a 1-year high of $44.80.

Genesco (NYSE:GCO) last posted its quarterly earnings data on Wednesday, June 4th. The company reported ($2.05) earnings per share for the quarter, topping the consensus estimate of ($2.09) by $0.04. Genesco had a positive return on equity of 0.56% and a negative net margin of 1.13%. The firm had revenue of $473.97 million for the quarter, compared to analysts’ expectations of $463.90 million. During the same quarter last year, the business earned ($2.10) EPS. The company’s quarterly revenue was up 3.6% compared to the same quarter last year. Equities research analysts predict that Genesco will post 0.94 earnings per share for the current year.

Insider Buying and Selling

In other Genesco news, major shareholder Fund 1 Investments, Llc sold 25,000 shares of the firm’s 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 sale, the insider now owns 1,072,850 shares of the company’s stock, valued at approximately $24,954,491. This trade represents a 2.28% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Gregory A. Sandfort acquired 10,974 shares of the company’s stock in a transaction that occurred on Thursday, March 20th. The shares were acquired at an average price of $22.92 per share, with a total value of $251,524.08. Following the completion of the transaction, the director now owns 26,754 shares in the company, valued at $613,201.68. The trade was a 69.54% increase in their ownership of the stock. The disclosure for this purchase can be found here. 23.11% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Genesco

A number of hedge funds have recently made changes to their positions in GCO. Rhumbline Advisers increased its position in Genesco by 1.5% during the 4th quarter. Rhumbline Advisers now owns 19,146 shares of the company’s stock worth $818,000 after purchasing an additional 281 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Genesco by 4.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 14,392 shares of the company’s stock worth $616,000 after buying an additional 650 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Genesco by 2.1% during the first quarter. Bank of New York Mellon Corp now owns 33,737 shares of the company’s stock worth $716,000 after buying an additional 702 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Genesco in the 4th quarter valued at $35,000. Finally, Wells Fargo & Company MN lifted its stake in shares of Genesco by 28.1% in the 4th quarter. Wells Fargo & Company MN now owns 5,846 shares of the company’s stock valued at $250,000 after acquiring an additional 1,281 shares during the last quarter. 94.51% of the stock is currently 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.