Gap Inc. (GPS) Trading Up 14.2% Following Analyst Upgrade
Gap Inc. (NYSE:GPS)’s share price rose 14.2% during trading on Friday after Jefferies Group raised their price target on the stock to $22.78. Jefferies Group currently has a hold rating on the stock. Gap traded as high as $26.67 and last traded at $26.01, with a volume of 22,284,577 shares trading hands. The stock had previously closed at $22.78.
Several other equities analysts also recently issued reports on the stock. Vetr downgraded shares of Gap from a “hold” rating to a “sell” rating and set a $23.22 price target for the company. in a research note on Thursday, July 21st. FBR & Co reaffirmed a “market perform” rating and set a $22.00 price target on shares of Gap in a research note on Wednesday, July 6th. Wolfe Research raised shares of Gap from a “market perform” rating to an “outperform” rating in a research note on Friday, June 17th. Credit Suisse Group AG reaffirmed an “underperform” rating and set a $22.00 price target (up previously from $21.00) on shares of Gap in a research note on Friday, August 19th. Finally, BMO Capital Markets reaffirmed a “market perform” rating and set a $20.00 price target on shares of Gap in a research note on Thursday, July 7th. Six research analysts have rated the stock with a sell rating, twenty-seven have assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $24.90.
A number of hedge funds and other institutional investors have recently modified their holdings of GPS. Acropolis Investment Management LLC raised its position in shares of Gap by 1.2% in the third quarter. Acropolis Investment Management LLC now owns 74,920 shares of the apparel retailer’s stock valued at $1,666,000 after buying an additional 900 shares during the period. BNP Paribas Arbitrage SA raised its position in shares of Gap by 11.2% in the third quarter. BNP Paribas Arbitrage SA now owns 154,810 shares of the apparel retailer’s stock valued at $3,443,000 after buying an additional 15,647 shares during the period. Kentucky Retirement Systems bought a new position in shares of Gap during the second quarter valued at approximately $409,000. Mason Street Advisors LLC bought a new position in shares of Gap during the second quarter valued at approximately $648,000. Finally, Tobam raised its position in shares of Gap by 61.3% in the second quarter. Tobam now owns 2,175,221 shares of the apparel retailer’s stock valued at $46,159,000 after buying an additional 826,805 shares during the period. Institutional investors and hedge funds own 57.42% of the company’s stock.
The company has a 50-day moving average of $23.88 and a 200 day moving average of $23.05. The company has a market capitalization of $10.46 billion, a price-to-earnings ratio of 14.79 and a beta of 1.28.
Gap (NYSE:GPS) last issued its quarterly earnings results on Thursday, August 18th. The apparel retailer reported $0.60 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.59 by $0.01. Gap had a return on equity of 33.26% and a net margin of 4.60%. The business had revenue of $3.85 billion for the quarter, compared to analyst estimates of $3.79 billion. During the same quarter in the previous year, the firm earned $0.64 earnings per share. The company’s revenue was down 1.2% on a year-over-year basis. Equities research analysts predict that Gap Inc. will post ($0.01) earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 26th. Stockholders of record on Wednesday, October 5th will be paid a dividend of $0.23 per share. The ex-dividend date is Monday, October 3rd. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.50%. Gap’s payout ratio is 51.98%.
The Gap, Inc (Gap Inc) is an apparel retail company. The Company offers apparel, accessories and personal care products for men, women and children under the Gap, Banana Republic, Old Navy, Athleta and Intermix brands. Its products are available to customers online through Company-owned Websites and through the use of third-parties that provide logistics and fulfillment services.
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