Genesco (GCO) is Downgraded by CL King to Buy

Genesco (GCO) was Downgraded by CL King to ” Buy”. Earlier the firm had a rating of “Strong Buy ” on the company shares. CL King advised their investors in a research report released on Oct 19, 2016.

Many Wall Street Analysts have commented on Genesco. Genesco was Initiated by Susquehanna to “Positive” on Sep 16, 2016. Shares were Downgraded by Robert W. Baird on Sep 2, 2016 to ” Neutral” and Lowered the Price Target to $ 53 from a previous price target of $80 .

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 opened for trading at $54.92 and hit $55.57 on the upside on Friday, eventually ending the session at $55.37, with a gain of 1.06% or 0.58 points. The heightened volatility saw the trading volume jump to 1,39,740 shares. Company has a market cap of $1,142 M.

In a different news, on Sep 21, 2016, Kevin Patrick Mcdermott (director) purchased 1,000 shares at $51.39 per share price. According to the SEC, on Sep 21, 2016, David Baxter (Senior Vice President) purchased 5,000 shares at $51.34 per share price. On Sep 19, 2016, Leonard L Berry (director) purchased 2,000 shares at $51.34 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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