Deutsche Bank AG reduced its stake in Genesco Inc. (NYSE:GCO) by 72.5% during the 4th quarter, Holdings Channel reports. The firm owned 25,714 shares of the company’s stock after selling 67,820 shares during the period. Deutsche Bank AG’s holdings in Genesco were worth $1,137,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also bought and sold shares of GCO. Meeder Asset Management Inc. lifted its holdings in shares of Genesco by 112.3% in the 4th quarter. Meeder Asset Management Inc. now owns 603 shares of the company’s stock valued at $27,000 after buying an additional 319 shares during the period. Oppenheimer Asset Management Inc. acquired a new stake in shares of Genesco in the 4th quarter valued at approximately $48,000. PNC Financial Services Group Inc. lifted its holdings in shares of Genesco by 24.4% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,350 shares of the company’s stock valued at $60,000 after buying an additional 265 shares during the period. Bowling Portfolio Management LLC acquired a new stake in shares of Genesco in the 4th quarter valued at approximately $225,000. Finally, Municipal Employees Retirement System of Michigan acquired a new stake in shares of Genesco in the 4th quarter valued at approximately $255,000.
Several research firms have recently commented on GCO. Zacks Investment Research cut Genesco from a “buy” rating to a “hold” rating in a report on Thursday, February 21st. ValuEngine cut Genesco from a “buy” rating to a “hold” rating in a report on Friday, March 1st. One research analyst has rated the stock with a sell rating and six have issued a hold rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $44.00.
Genesco (NYSE:GCO) last issued its quarterly earnings data on Thursday, March 14th. The company reported $2.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.30 by ($0.12). The firm had revenue of $675.50 million for the quarter, compared to analyst estimates of $914.85 million. Genesco had a positive return on equity of 7.52% and a negative net margin of 1.93%. The business’s revenue for the quarter was down 2.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.15 earnings per share. As a group, research analysts forecast that Genesco Inc. will post 3.5 EPS for the current fiscal year.
Genesco declared that its Board of Directors has initiated a stock repurchase program on Friday, May 3rd that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to purchase up to 11.7% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.
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Genesco Company Profile
Genesco Inc operates as a retailer and wholesaler of footwear, apparel, and accessories. The company operates through four segments: Journeys Group, Schuh Group, Johnston & Murphy Group, and Licensed Brands. The Journeys Group segment offers footwear and accessories through the Journeys, Journeys Kidz, and Little Burgundy retail chains, as well as through e-commerce and catalogs for young men, women, and children.
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