StockNews.com Upgrades Genesco (NYSE:GCO) to “Buy”

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

Genesco Price Performance

Shares of NYSE:GCO opened at $30.09 on Thursday. Genesco has a 1-year low of $23.21 and a 1-year high of $37.89. The firm has a market capitalization of $349.83 million, a PE ratio of -15.43 and a beta of 2.40. The business’s 50 day moving average is $28.06 and its 200-day moving average is $27.04. The company has a current ratio of 1.53, a quick ratio of 0.40 and a debt-to-equity ratio of 0.15.

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

Hedge Funds Weigh In On Genesco

Several hedge funds and other institutional investors have recently modified their holdings of the stock. SummerHaven Investment Management LLC lifted its position in shares of Genesco by 1.9% during the 2nd quarter. SummerHaven Investment Management LLC now owns 29,246 shares of the company’s stock worth $756,000 after buying an additional 556 shares during the period. Quarry LP bought a new position in shares of Genesco during the 2nd quarter worth approximately $27,000. nVerses Capital LLC bought a new position in shares of Genesco during the 3rd quarter worth approximately $30,000. CWM LLC lifted its position in shares of Genesco by 256.4% during the 3rd quarter. CWM LLC now owns 2,363 shares of the company’s stock worth $64,000 after buying an additional 1,700 shares during the period. Finally, Empowered Funds LLC lifted its position in shares of Genesco by 7.9% during the 1st quarter. Empowered Funds LLC now owns 31,089 shares of the company’s stock worth $875,000 after buying an additional 2,275 shares during the period. Institutional investors own 94.51% of the company’s stock.

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.