Genesco Inc. (GCO) Stock Soars on Quarterly Report


Genesco Inc. (NYSE:GCO) shares are up big today after the company released their quarterly earnings. They reported $1.43 per share in earnings which beat the Street’s consensus of $1.30 by a whopping $0.13 per share. In addition, they also announced earnings of $774 million for the quarter, which far surpassed Wall Streets projections of $760.4 million.

Genesco Inc. (NYSE:GCO), a Nashville, TN based retailer of apparel, headwear and footwear saw investors flock to its stock in morning trading as a results of these better than expected numbers.

The stock is up 9.55% or $4.99 following the news, hitting $57.23 per share. About 138,229 shares traded hands. GCO has declined 23.17% since May 1, 2015 and is downtrending. It has underperformed the S&P500 by 20.38%.

From a total of 7 analysts covering Genesco (NYSE:GCO) stock, 3 rate it a “Buy”, 1 a “Sell”, and 3 a “Hold”. This means that 43% of the ratings are positive. The highest target price is $72 while the lowest target price is $63. The mean of all analyst targets is $68.40 which is 19.52% above today’s ($57.23) stock price. Genesco was the topic of 9 analyst reports since July 24, 2015 according to the firm StockzIntelligence Inc. Sterne Agee CRT upgraded shares on October 13 to a “Buy” rating. Zacks upgraded shares to a”Strong Sell” rating and a $71 target share price in their report from an August 4. Jefferies maintained GCO stock in a recent report from October 2 with a “Hold” rating. Macquarie Research initiated the rating on July 24. Macquarie Research has a “Neutral” rating and a $69 price target on shares. Finally, Zacks downgraded the stock to a “Sell” rating in a report they issued on a September 2.

The institutional sentiment decreased to 1.11 in Q2 2015. It’s down 0.95, from 2.06 in 2015Q1. The ratio worsened, as 21 funds sold all their Genesco Inc. shares they owned while 51 reduced their positions. 20 funds bought stakes while 60 increased their total positions. Institutions now own 23.08 million shares which is 1.41% more than the previous share count of 22.76 million in 2015Q1.

Euclidean Technologies Management Llc holds 2.05% of its total portfolio in Genesco Inc., equating to 33,130 shares. Lombardia Capital Partners Llc owns 600,277 shares representing 1.34% of their total US portfolio. Moreover, Eagle Asset Management Inc has 1.13% of their total portfolio invested in the company, equating to 3.04 million shares. The California-based Snyder Capital Management L P has a total of 1.11% of their portfolio invested in the stock. Pembroke Management Ltd, a Quebec – Canada-based fund reported 258,378 shares owned.

Since March 18, 2015, the stock had 0 insider purchases, and 3 selling transactions for a total of $960,099 in net activity. Sisson Roger G sold 2,322 shares worth $133,414. Kocher Kenneth sold 2,491 shares worth $155,050. Dennis Robert J sold 10,000 shares worth $671,635.

Genesco Inc. is a retailer and wholesaler of footwear, apparel and accessories. The company has a market cap of $1.28 billion. The Firm operates in five divisions: Journeys Group, Schuh Group, Lids Sports Group, Johnston & Murphy Group and Licensed Brands. It has 13.86 P/E ratio. Journeys Group consists of Journeys, Journeys Kidz, Shi by Journeys and Underground by Journeys retail footwear chains, catalog and e-commerce operations.