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

StockNews.com upgraded shares of Genesco (NYSE:GCO) from a hold rating to a buy rating in a research note published on Thursday morning.

Genesco Stock Up 1.6 %

Genesco stock opened at $30.13 on Thursday. The stock has a market capitalization of $350.29 million, a price-to-earnings ratio of -15.45 and a beta of 2.40. The stock has a 50 day moving average of $28.06 and a two-hundred day moving average of $27.03. Genesco has a twelve month low of $23.21 and a twelve month high of $37.89. 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 released its quarterly earnings results 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. The company had revenue of $525.19 million during the quarter, compared to the consensus estimate of $512.19 million. Genesco had a positive return on equity of 0.49% and a negative net margin of 0.03%. As a group, research analysts expect that Genesco will post 0.66 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Quarry LP purchased a new position in Genesco in the second quarter valued at about $27,000. nVerses Capital LLC purchased a new stake in shares of Genesco during the third quarter worth about $30,000. CWM LLC increased its position in shares of Genesco by 256.4% during the third quarter. CWM LLC now owns 2,363 shares of the company’s stock worth $64,000 after acquiring an additional 1,700 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of Genesco by 4,977.8% during the second quarter. Allspring Global Investments Holdings LLC now owns 3,656 shares of the company’s stock worth $95,000 after acquiring an additional 3,584 shares during the last quarter. Finally, Meeder Asset Management Inc. purchased a new stake in shares of Genesco during the second quarter worth about $113,000. 94.51% of the stock is owned by hedge funds and other institutional investors.

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.