Pinebridge Investments L.P. Trims Position in Gap, Inc. (The) (GPS)
Pinebridge Investments L.P. lowered its position in Gap, Inc. (The) (NYSE:GPS) by 8.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,828 shares of the apparel retailer’s stock after selling 1,672 shares during the quarter. Pinebridge Investments L.P.’s holdings in Gap, Inc. (The) were worth $414,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. increased its position in Gap, Inc. (The) by 4,968.6% in the 1st quarter. BlackRock Inc. now owns 22,738,113 shares of the apparel retailer’s stock worth $552,308,000 after purchasing an additional 22,289,507 shares during the last quarter. Prudential Financial Inc. raised its stake in shares of Gap, Inc. (The) by 202.2% during the 2nd quarter. Prudential Financial Inc. now owns 3,801,842 shares of the apparel retailer’s stock worth $83,603,000 after purchasing an additional 2,543,850 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Gap, Inc. (The) by 8.8% during the 1st quarter. Vanguard Group Inc. now owns 23,100,485 shares of the apparel retailer’s stock worth $561,111,000 after purchasing an additional 1,876,653 shares in the last quarter. NN Investment Partners Holdings N.V. raised its stake in shares of Gap, Inc. (The) by 36.6% during the 2nd quarter. NN Investment Partners Holdings N.V. now owns 2,605,366 shares of the apparel retailer’s stock worth $57,291,000 after purchasing an additional 697,881 shares in the last quarter. Finally, Skandinaviska Enskilda Banken AB publ raised its stake in shares of Gap, Inc. (The) by 1,623.5% during the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 520,732 shares of the apparel retailer’s stock worth $12,649,000 after purchasing an additional 490,518 shares in the last quarter. Hedge funds and other institutional investors own 56.22% of the company’s stock.
Gap, Inc. (GPS) opened at 29.50 on Tuesday. The firm’s 50-day moving average price is $25.80 and its 200 day moving average price is $24.18. The firm has a market capitalization of $11.57 billion, a price-to-earnings ratio of 14.05 and a beta of 0.87. Gap, Inc. has a 1-year low of $21.02 and a 1-year high of $30.74. Gap, Inc. (The) also saw unusually large options trading activity on Monday. Investors bought 619 put options on the stock. This is an increase of 443% compared to the average volume of 114 put options.
Gap, Inc. (The) (NYSE:GPS) last announced its earnings results on Thursday, August 17th. The apparel retailer reported $0.58 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.52 by $0.06. Gap, Inc. (The) had a net margin of 5.42% and a return on equity of 28.50%. The company had revenue of $3.80 billion for the quarter, compared to analysts’ expectations of $3.77 billion. During the same period last year, the firm earned $0.60 earnings per share. The business’s revenue for the quarter was down 1.4% on a year-over-year basis. On average, analysts predict that Gap, Inc. will post $2.06 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 25th. Investors of record on Wednesday, October 4th will be given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 3.12%. The ex-dividend date of this dividend is Tuesday, October 3rd. Gap, Inc. (The)’s dividend payout ratio is currently 43.81%.
In related news, EVP Paul Joseph Chapman sold 4,898 shares of the business’s stock in a transaction dated Tuesday, August 22nd. The stock was sold at an average price of $22.82, for a total value of $111,772.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William Sydney Fisher sold 666,849 shares of the company’s stock in a transaction dated Wednesday, September 20th. The stock was sold at an average price of $27.99, for a total transaction of $18,665,103.51. Following the sale, the director now directly owns 12,237,873 shares of the company’s stock, valued at approximately $342,538,065.27. The disclosure for this sale can be found here. Insiders have sold 675,682 shares of company stock worth $18,874,530 in the last three months. 27.30% of the stock is currently owned by company insiders.
Several equities research analysts have recently issued reports on the company. CIBC upgraded Gap, Inc. (The) from a “market perform” rating to an “outperform” rating in a report on Monday, June 5th. BidaskClub upgraded Gap, Inc. (The) from a “sell” rating to a “hold” rating in a report on Tuesday, June 13th. BMO Capital Markets set a $23.00 price objective on Gap, Inc. (The) and gave the stock a “hold” rating in a report on Thursday, July 6th. J P Morgan Chase & Co restated a “neutral” rating and issued a $27.00 price objective (up previously from $26.00) on shares of Gap, Inc. (The) in a report on Friday, July 14th. Finally, Zacks Investment Research raised shares of Gap, Inc. (The) from a “hold” rating to a “buy” rating and set a $27.00 price objective on the stock in a research report on Tuesday, August 8th. Three analysts have rated the stock with a sell rating, twenty-two have given a hold rating and seven have given a buy rating to the stock. Gap, Inc. (The) currently has an average rating of “Hold” and a consensus target price of $26.55.
Gap, Inc. (The) Profile
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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