The tide of share selling among local public-company executives has ebbed a bit, but there have still been a few noteworthy transactions in the past week and change at companies where leaders have been active of late. At shoe and hat retailer Genesco, Senior Vice President Jonathan Caplan took in more than $900,000 from the sale of more than a sixth of his stock while fellow SVP Mimi Vaughn pocketed about $245,000 by selling more than 3,000 of her more than 48,000 shares.
Over at Acadia Healthcare, former COO and Eastern Division President Karen Prince unloaded all but 100 of her remaining shares for about $250,000. Prince left Franklin-based Acadia in the spring of 2012.
SEE ALSO: Other recent insider trades of note
Various Genesco insiders continue to trim their positions in the shoe and hat retailer as its stock trades at near-record highs. Marty Dickens, the former AT&T Tennessee president and a Genesco director since 2003, last Tuesday sold about a fifth of his Genesco shares for $285,000 and General Counsel Roger Sisson booked a profit of almost $770,000 on the exercise of more than 15,000 stock options and the sale of the resulting shares. Those transactions came a couple of days after CFO Jim Gulmi shed about a tenth of his stake in Nashville-based Genesco for almost $1.2 million. Gulmi's sale in turn came just a few days after he unloaded more than $300,000 worth of Genesco stock, which is up (Ticker: GCO) about 7 percent so far this year.
SEE ALSO: Other recent insider trades
Shares of Genesco climbed to within a percentage point of their all-time high Friday morning after Sterne Agee analyst Sam Poser upgraded his rating of the retailer to 'buy' from 'neutral.' Poser sees better things ahead for hat sales from the company's Lids Sports Group and sees "signs of improvement" at the Journeys Kidz concept. He has lifted his target to $85 from $74. Investors responded Friday, pushing up Genesco shares (Ticker: GCO) more than 5 percent to $79.99 — their record high is $80.52 — before profit-taking cut those gains in half.
Going in the other direction are shares of Dollar General, which are down 1 percent (Ticker: DG) to about $56.70 after Jefferies analyst Daniel Binder launched coverage with a 'hold' rating and a $56 target. Binder says the discount store giant will struggle to grow its valuation multiple in the face of several competitive and macroeconomic headwinds.
The Lids Sports Group division of Genesco has signed a 10-year pact to be the official retail partner of Ohio State University athletics programs. Genesco already ran four Buckeye Corner stores in the Columbus area. Those will now become official Ohio State stores and the pact adds e-commerce, on-campus, arena/stadium and game-day concessions operations to the company's purview.
On a (maybe) unrelated note, shares of Genesco (Ticker: GCO) hit a new all-time high of $80.11 this morning on strong volume. They've climbed 12 percent in the past month and are up 35 percent over the past year.
Analyst Jill Nelson at Johnson Rice has downgraded shares of Genesco on the heels of the company's fourth-quarter earnings report. Nelson now has Genesco at 'equalweight' instead of 'overweight.' That puts her in the same ballpark as local Avondale Partners analyst Mark Montagna, who has reiterated his 'market perform' rating and $70 price target, which is about 7 percent below where the stock (Ticker: GCO) opened Monday morning. Montagna has lowered his EPS estimates for the coming year to $5.53 from $5.70. The Street's consensus is a penny lower.
Two of the most prominent retailers based in Middle Tennessee are trading down Wednesday morning after negative notes from analysts.
Genesco is off more than 3 percent following the decision by Goldman Sachs analyst Taposh Bari to launch coverage of the shoe and hat seller with a 'sell' rating based on "the absence of positive alpha catalysts." Bari also questions the company's investments in the Lids Locker Room sports gear division and sees the stock (Ticker: GCO) falling to $63 from its $72 Tuesday close.
Dollar General shares (Ticker: DG) also are swimming against the tide this morning after Wells Fargo's Matt Nemer downgraded the discount giant to 'market perform' from 'outperform' because of the risk that a weak economy will eat into the company's sales and margins. He has lowered his 2014 EPS outlook by 5 percent and sees the stock going nowhere from its current level of $57 and change.
Shoe and hat seller Genesco has signed a new revolving debt agreement with a group of banks led by Bank of America. The $400 million facility is a little bit smaller than the previous package signed in 2011 but can be expanded to $600 million and will expire in early 2019.
- BRASWELL, ROBERT
- GARRETT, JOHNNY C EXECUTOR; GARRETT, JOHNNY C IV EXECUTOR; GARRETT, ANN BIGGER ESTATE; GARRETT, TIMOTHY M EXECUTOR
- GARRETT, TIMOTHY M EXECUTOR; GARRETT, ANN BIGGER ESTATE; GARRETT, JOHNNY C EXECUTOR; GARRETT, JOHNNY C IV EXECUTOR
- GARRETT, JOHNNY C IV EXECUTOR; GARRETT, JOHNNY C EXECUTOR; GARRETT, ANN BIGGER ESTATE; GARRETT, TIMOTHY M EXECUTOR