KLP Kapitalforvaltning AS Raises Stake in Genesco Inc. (NYSE:GCO)

KLP Kapitalforvaltning AS increased its holdings in Genesco Inc. (NYSE:GCO) by 25.4% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 17,800 shares of the company’s stock after acquiring an additional 3,600 shares during the period. KLP Kapitalforvaltning AS owned approximately 0.16% of Genesco worth $378,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Point72 Asia Singapore Pte. Ltd. purchased a new position in Genesco in the 4th quarter valued at approximately $35,000. GAMMA Investing LLC boosted its holdings in shares of Genesco by 7,348.3% in the 1st quarter. GAMMA Investing LLC now owns 8,938 shares of the company’s stock valued at $190,000 after buying an additional 8,818 shares in the last quarter. Summit Global Investments purchased a new position in shares of Genesco during the first quarter worth about $204,000. Bayesian Capital Management LP acquired a new position in Genesco during the fourth quarter worth approximately $234,000. Finally, State of Wyoming acquired a new position in shares of Genesco in the 4th quarter valued at $242,000. 94.51% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have weighed in on GCO. Jefferies Financial Group reaffirmed a “hold” rating and set a $24.00 price objective (down from $27.00) on shares of Genesco in a research report on Wednesday, May 21st. Truist Financial lifted their price target on shares of Genesco from $23.00 to $25.00 and gave the company a “hold” rating in a research report on Thursday, June 5th. Finally, Wall Street Zen downgraded Genesco from a “buy” rating to a “hold” rating in a research report on Friday, May 30th.

Genesco Stock Performance

Genesco stock opened at $24.03 on Thursday. The company has a current ratio of 1.91, a quick ratio of 0.55 and a debt-to-equity ratio of 0.22. The firm has a market capitalization of $259.04 million, a P/E ratio of -15.40 and a beta of 2.11. The stock has a fifty day moving average price of $22.37 and a 200 day moving average price of $26.39. Genesco Inc. has a 52 week low of $16.19 and a 52 week high of $44.80.

Genesco (NYSE:GCO) last released its earnings results on Wednesday, June 4th. The company reported ($2.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($2.09) by $0.04. The firm had revenue of $473.97 million during the quarter, compared to the consensus estimate of $463.90 million. Genesco had a negative net margin of 0.67% and a positive return on equity of 2.22%. Genesco’s revenue was up 3.6% compared to the same quarter last year. During the same period in the previous year, the firm earned ($2.10) earnings per share. Equities research analysts anticipate that Genesco Inc. will post 0.94 earnings per share for the current year.

Insider Buying and Selling at Genesco

In other Genesco news, major shareholder Fund 1 Investments, Llc sold 25,000 shares of the business’s stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $23.26, for a total transaction of $581,500.00. Following the completion of the sale, the insider owned 1,072,850 shares of the company’s stock, valued at approximately $24,954,491. The trade was a 2.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 23.11% of the company’s stock.

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.