Genesco (GCO) is Downgraded by Piper Jaffray to Neutral, Lowers Price Target to $ 61

Genesco (GCO) was Downgraded by Piper Jaffray to ” Neutral” while Lowering the Price Target of the company shares to $ 61 from a previous price target of $70 . Earlier the firm had a rating of “Overweight ” on the company shares. Piper Jaffray advised their investors in a research report released on May 24, 2016.

Many Wall Street Analysts have commented on Genesco. Genesco was Downgraded by Sterne Agee CRT to ” Neutral” on Apr 19, 2016. 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 .

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 closed down -0.14 points or -0.23% at $61.46 with 2,33,937 shares getting traded on Friday. Post opening the session at $61.36, the shares hit an intraday low of $60.19 and an intraday high of $61.8 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

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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