Genesco (GCO) is Downgraded by Morgan Stanley to Equal-Weight

Genesco (GCO) was Downgraded by Morgan Stanley to ” Equal-Weight”. Earlier the firm had a rating of “Overweight ” on the company shares. Morgan Stanley advised their investors in a research report released on Jul 20, 2016.

Many Wall Street Analysts have commented on Genesco. Company shares were Upgraded by Robert W. Baird on May 26, 2016 to ” Outperform”, Firm has raised the Price Target to $ 80 from a previous price target of $68 .Shares were Downgraded by Piper Jaffray on May 24, 2016 to ” Neutral” and Lowered the Price Target to $ 61 from a previous price target of $70 .

On the company’s financial health, Genesco reported $0.62 EPS for the quarter, beating the analyst consensus estimate by $ 0.23 according to the earnings call on May 26, 2016. Analyst had a consensus of $0.39. The company had revenue of $648.80 million for the quarter, compared to analysts expectations of $658.79 million. The company’s revenue was down -1.8 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.51 EPS.

Genesco opened for trading at $67.19 and hit $68.31 on the upside on Monday, eventually ending the session at $68.05, with a gain of 1.64% or 1.1 points. The heightened volatility saw the trading volume jump to 1,20,736 shares. Company has a market cap of $1,411 M.

In a different news, on Jun 21, 2016, Mimi Eckel Vaughn (Sr VP-Finance and CFO) sold 4,000 shares at $66.10 per share price. According to the SEC, on Jun 10, 2016, Robert J Dennis (Chairman, President & CEO) sold 16,685 shares at $65.15 per share price. On Dec 17, 2015, Kenneth Kocher (Senior Vice President) sold 10,000 shares at $55.83 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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