Genesco (GCO) is Downgraded by Robert W. Baird to Neutral, Lowers Price Target to $ 53

Genesco (GCO) was Downgraded by Robert W. Baird to ” Neutral” while Lowering the Price Target of the company shares to $ 53 from a previous price target of $80 . Earlier the firm had a rating of “Outperform ” on the company shares. Robert W. Baird advised their investors in a research report released on Sep 2, 2016.

Many Wall Street Analysts have commented on Genesco. Genesco was Downgraded by Morgan Stanley to ” Equal-Weight” on Jul 20, 2016.

On the company’s financial health, Genesco reported $0.34 EPS for the quarter, beating the analyst consensus estimate by $ 0.07 according to the earnings call on Sep 1, 2016. Analyst had a consensus of $0.27. The company had revenue of $625.60 million for the quarter, compared to analysts expectations of $642.38 million. The company’s revenue was down -4.6 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.36 EPS.

Genesco closed down -23.85 points or -32.83% at $48.79 with 40,61,203 shares getting traded on Thursday. Post opening the session at $56.25, the shares hit an intraday low of $48.43 and an intraday high of $57.98 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.

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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