Summit Global Investments Makes New Investment in Genesco Inc. (NYSE:GCO)

Summit Global Investments acquired a new position in Genesco Inc. (NYSE:GCO) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 9,625 shares of the company’s stock, valued at approximately $204,000. Summit Global Investments owned approximately 0.09% of Genesco at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of GCO. SG Americas Securities LLC purchased a new stake in Genesco in the 4th quarter worth approximately $111,000. Empowered Funds LLC boosted its position in Genesco by 5.0% in the 4th quarter. Empowered Funds LLC now owns 61,501 shares of the company’s stock worth $2,629,000 after purchasing an additional 2,953 shares in the last quarter. Rhumbline Advisers boosted its position in Genesco by 1.5% in the 4th quarter. Rhumbline Advisers now owns 19,146 shares of the company’s stock worth $818,000 after purchasing an additional 281 shares in the last quarter. Proficio Capital Partners LLC purchased a new stake in Genesco in the 4th quarter worth approximately $479,000. Finally, Versor Investments LP purchased a new stake in Genesco in the 4th quarter worth approximately $543,000. Hedge funds and other institutional investors own 94.51% of the company’s stock.

Insider Activity at Genesco

In other news, Director Gregory A. Sandfort acquired 10,974 shares of Genesco stock in a transaction that occurred on Thursday, March 20th. The stock was purchased at an average cost of $22.92 per share, with a total value of $251,524.08. Following the purchase, the director now owns 26,754 shares in the company, valued at $613,201.68. This trade represents a 69.54% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Fund 1 Investments, Llc sold 12,000 shares of the stock in a transaction on Friday, March 28th. The shares were sold at an average price of $20.73, for a total value of $248,760.00. Following the completion of the transaction, the insider now directly owns 1,097,850 shares of the company’s stock, valued at approximately $22,758,430.50. This represents a 1.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. 23.11% of the stock is owned by corporate insiders.

Genesco Trading Up 0.4%

Shares of GCO stock opened at $21.79 on Monday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.56 and a quick ratio of 0.32. The company has a market cap of $234.90 million, a price-to-earnings ratio of -8.97 and a beta of 2.14. The stock has a 50 day simple moving average of $20.58 and a 200-day simple moving average of $31.12. Genesco Inc. has a 1-year low of $16.19 and a 1-year high of $44.80.

Genesco (NYSE:GCO) last announced its earnings results on Friday, March 7th. The company reported $3.26 earnings per share for the quarter, missing the consensus estimate of $3.31 by ($0.05). The business had revenue of $745.95 million for the quarter, compared to analyst estimates of $780.43 million. Genesco had a positive return on equity of 0.56% and a negative net margin of 1.13%. During the same period in the previous year, the company earned $2.59 earnings per share. On average, equities research analysts expect that Genesco Inc. will post 0.94 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Jefferies Financial Group restated a “hold” rating and issued a $24.00 price objective (down previously from $27.00) on shares of Genesco in a research report on Wednesday, May 21st. Truist Financial began coverage on Genesco in a research note on Wednesday, May 28th. They set a “hold” rating and a $23.00 target price for the company. Finally, Wall Street Zen downgraded Genesco from a “buy” rating to a “hold” rating in a research note on Friday.

Genesco Profile

Genesco Inc operates as a retailer and wholesaler of footwear, apparel, and accessories in the United States, Puerto Rico, Canada, the United Kingdom, and the Republic of Ireland. The company operates through four segments: Journeys Group, Schuh Group, Johnston & Murphy Group, and Genesco Brands.