Genesco (GCO) is Downgraded by Sterne Agee CRT to Neutral

Genesco (GCO) was Downgraded by Sterne Agee CRT to ” Neutral”. Earlier the firm had a rating of “Buy ” on the company shares. Sterne Agee CRT advised their investors in a research report released on Apr 19, 2016.

Many Wall Street Analysts have commented on Genesco. Company shares were Reiterated by Piper Jaffray on Mar 9, 2016 to “Overweight”, Firm has raised the Price Target to $ 70 from a previous price target of $65 .Genesco was Initiated by BB&T Capital Mkts to “Hold” on Jan 27, 2016.

On the company’s financial health, Genesco reported $2.11 EPS for the quarter, missing the analyst consensus estimate by $ -0.02 based on the information available during the earnings call on Mar 11, 2016. Analyst had a consensus of $2.13. The company had revenue of $932.20 million for the quarter, compared to analysts expectations of $939.09 million. The company’s revenue was up 4.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.12 EPS.

Genesco opened for trading at $70.84 and hit $71.69 on the upside on Monday, eventually ending the session at $71.19, with a gain of 0.48% or 0.34 points. The heightened volatility saw the trading volume jump to 98,879 shares. Company has a market cap of $1,517 M.

In a different news, on Mar 16, 2016, Robert J Dennis (Chairman, President & CEO) sold 15,000 shares at $65.90 per share price. According to the SEC, on Dec 17, 2015, Kenneth Kocher (Senior Vice President) sold 10,000 shares at $55.83 per share price. On Sep 15, 2015, Roger G Sisson (Sr VP, Secretary & Gen Counsel) sold 2,322 shares at $57.46 per share price, according to the Form-4 filing with the securities and exchange commission.

Genesco Inc. is a retailer and wholesaler of footwear apparel and accessories. The Company operates in five segments: Journeys Group Schuh Group Lids Sports Group Johnston & Murphy Group and Licensed Brands. Journeys Group consists of Journeys Journeys Kidz Shi by Journeys and Underground by Journeys retail footwear chains catalog and e-commerce operations. Schuh Group consists of the Schuh retail footwear chain and e-commerce operations. Lids Sports Group consists of Lids the Lids Locker Room and Lids Clubhouse businesses Locker Room Lids Team Sports and headwear and accessory stores. Johnston & Murphy Group consists of Johnston & Murphy retail operations catalog and e-commerce operations and wholesale distribution of products under the Johnston & Murphy and Trask brands. Licensed Brands consists of Dockers Footwear sourced and marketed under a license from Levi Strauss & Company and SureGrip Footwear occupational footwear sold directly to consumers and other brands.


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