Chart of The Day: Is Genesco Inc. a Buy? The Stock Formed Inverse Head & Shoulders Pattern

Chart of The Day: Is Genesco Inc. a Buy? The Stock Formed Inverse Head & Shoulders Pattern

The stock of Genesco Inc. (GCO) formed H&SI with $65.93 price target or 6.00% above the current $62.20 share price. The 7 months Head & Shoulders Inverse reveals low risk for the $1.27 billion company. This trade was featured by on Jan, 11. If the $65.93 target price is reached, the company’s valuation will be $76.20 million more.
Inverse Head-and-shoulders are some of the best chart patterns to trade. These formations work as in bear as in bull markets and many researchers states that they have very low failure rates. Despite the high pullback rate, these trading patterns are usually good places to trade based on their risk-reward profile. Industry experts’s backtests show that 55% of these patterns reach their targets. About 38,382 shares traded hands. Genesco Inc. (NYSE:GCO) has declined 3.18% since June 7, 2016 and is downtrending. It has underperformed by 10.60% the S&P500.

Genesco Inc. (NYSE:GCO) Ratings Coverage

Out of 11 analysts covering Genesco (NYSE:GCO), 1 rate it a “Buy”, 1 “Sell”, while 9 “Hold”. This means 9% are positive. $74 is the highest target while $53 is the lowest. The $64.71 average target is 4.04% above today’s ($62.2) stock price. Genesco has been the topic of 21 analyst reports since July 24, 2015 according to StockzIntelligence Inc. CL King upgraded the stock to “Strong Buy” rating in Thursday, October 8 report. The stock has “Hold” rating given by Jefferies on Friday, October 2. The rating was upgraded by Sterne Agee CRT to “Buy” on Tuesday, October 13. As per Friday, July 24, the company rating was initiated by Macquarie Research. Piper Jaffray upgraded Genesco Inc. (NYSE:GCO) rating on Wednesday, January 20. Piper Jaffray has “Overweight” rating and $65 price target. The stock of Genesco Inc. (NYSE:GCO) has “Strong Sell” rating given on Tuesday, August 4 by Zacks. The stock has “Positive” rating given by Susquehanna on Thursday, November 3. As per Thursday, November 17, the company rating was downgraded by Susquehanna. The stock has “Hold” rating given by Sterne Agee CRT on Friday, September 4. B. Riley & Co initiated Genesco Inc. (NYSE:GCO) on Thursday, February 11 with “Neutral” rating.

According to Zacks Investment Research, “Genesco Inc., a Nashville-based specialty retailer, sells footwear, headwear and accessories in retail stores in the United States and Canada. The Company sells its products principally under the names Journeys, Journeys Kidz, Shi by Journeys, Johnston & Murphy, Underground Station, Hatworld, Lids, Hat Shack, Hat Zone, Head Quarters and Cap Connection, and on internet websites. The Company also sells footwear at wholesale under its Johnston & Murphy brand and under the licensed Dockers brand.”

Insitutional Activity: The institutional sentiment increased to 1.05 in 2016 Q3. Its up 0.44, from 0.61 in 2016Q2. The ratio increased, as 31 funds sold all Genesco Inc. shares owned while 48 reduced positions. 32 funds bought stakes while 51 increased positions. They now own 19.51 million shares or 2.67% more from 19.00 million shares in 2016Q2.
Royal Bankshares Of Canada holds 633 shares or 0% of its portfolio. Credit Suisse Ag last reported 0% of its portfolio in the stock. Federated Pa holds 0% of its portfolio in Genesco Inc. (NYSE:GCO) for 18 shares. Wedge Cap Mgmt L Limited Partnership Nc has invested 0.14% of its portfolio in Genesco Inc. (NYSE:GCO). California State Teachers Retirement Systems holds 0% or 43,480 shares in its portfolio. Ladenburg Thalmann Finance has 0% invested in the company for 133 shares. The Texas-based Capstone Asset Mngmt Communications has invested 0.02% in Genesco Inc. (NYSE:GCO). The Japan-based Blackrock Japan Ltd has invested 0% in Genesco Inc. (NYSE:GCO). Gemmer Asset Management Limited Liability Co, a California-based fund reported 47 shares. Tudor Investment Corporation Et Al reported 7,944 shares or 0.01% of all its holdings. Peak6 Invs L P has 2,150 shares for 0% of their US portfolio. Retail Bank Of America De, a North Carolina-based fund reported 147,215 shares. Deere And holds 0.03% of its portfolio in Genesco Inc. (NYSE:GCO) for 9,807 shares. Bnp Paribas Arbitrage Sa has 0% invested in the company for 4,429 shares. Capwealth Advsrs Ltd Llc last reported 150 shares in the company.

Insider Transactions: Since September 9, 2016, the stock had 4 insider purchases, and 4 insider sales for $1.50 million net activity. On Friday, September 16 BERRY LEONARD L bought $102,676 worth of the stock or 2,000 shares. The insider BAXTER DAVID bought 5,000 shares worth $256,701. Shares for $51,390 were bought by McDermott Kevin Patrick. 4,000 Genesco Inc. (NYSE:GCO) shares with value of $283,355 were sold by DICKENS MARTY G. Shares for $96,313 were sold by MARSHALL THURGOOD JR on Thursday, December 29. $199,520 worth of Genesco Inc. (NYSE:GCO) was bought by TEHLE DAVID M on Friday, September 9. Shares for $1.03M were sold by Dennis Robert J on Tuesday, December 6.

GCO Company Profile

Genesco Inc., incorporated on October 19, 1934, is a retailer and wholesaler of footwear, apparel and accessories. The Firm operates in five divisions: Journeys Group, Schuh Group, Lids Sports Group, Johnston & Murphy Group and Licensed Brands. The Firm relies on independent third-party manufacturers for production of its footwear products sold at wholesale. The Firm sources footwear and accessory products from foreign manufacturers located in Bangladesh, Brazil, Cambodia, Canada, China, Dominican Republic, El Salvador, France, Germany, Hong Kong, India, Indonesia, Italy, Mexico, the Netherlands, Portugal, Peru, Romania, Taiwan and Vietnam. The Firm operates approximately 2,850 retail footwear, headwear and sports apparel and accessory stores and leased departments located primarily throughout the United States and in Puerto Rico, including over 150 headwear and sports apparel and accessory stores and approximately 80 footwear stores in Canada and over 120 footwear stores in the United Kingdom, the Republic of Ireland and Germany.

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