The company said revenue for the quarter fell 4.6% to $625.56 million. Aperio Group LLC bought a new stake in shares of Genesco during the first quarter valued at approximately $323,000. Finally, Morgan Stanley cut Genesco from an overweight rating to an equal weight rating and lowered their target price for the company from $79.00 to $74.00 in a research note on Wednesday, July 20th. Seven analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. GCO has recorded a 50-day moving average of $69.17 and two hundred day moving average of $67.16. Also, CFO Mimi Eckel Vaughn sold 4,000 shares of the business’s stock in a transaction dated Monday, June 20th. The stock was sold at an average price of $65.09, for a total transaction of $1,086,026.65.
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In a report released on Friday September 2 2016 Robert W. Baird reduced the target price of Genesco (NYSE:GCO) from $80 to $53 indicating a possible upside of 0.09%. The stock has a market capitalization of $1.01 billion and a P/E ratio of 11.45. The disclosure for this sale can be found here. This was lower than $8.48 million, or $0.36 per share, in last year’s second quarter. Analysts expected 27 cents per diluted share. Comparable sales for the third quarter through August 27 are down 5% from the same period a year ago. Adjusted for more than $10 million in one-time gains – mostly from the settlement of a lawsuit stemming from a 2010 network hack – net income was $6.9 million compared to $8.5 million in the same period previous year.
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Lids, which got its start as Hat World in 1995, had been Genesco’s most successful subsidiary for years after it was acquired in 2004, but has struggled in recent years after it stumbled in a bid to diversify into providing apparel and equipment to youth and school sports teams. Journeys Group consists of Journeys Journeys Kidz Shi by Journeys and Underground by Journeys retail footwear chains catalog and e-commerce operations. The Journeys Group and Schuh Group segments experienced 4% and 1% declines, while the Johnston & Murphy Group division observed a 3% improvement.
