Commonwealth Bank of Australia lessened its stake in shares of Gap Inc (NYSE:GPS) by 33.3% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 109,754 shares of the apparel retailer’s stock after selling 54,700 shares during the quarter. Commonwealth Bank of Australia’s holdings in GAP were worth $3,551,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Squar Milner Financial Services LLC purchased a new stake in shares of GAP during the 2nd quarter valued at about $196,000. Rampart Investment Management Company LLC boosted its holdings in shares of GAP by 118.7% during the 1st quarter. Rampart Investment Management Company LLC now owns 6,398 shares of the apparel retailer’s stock valued at $200,000 after acquiring an additional 3,472 shares during the last quarter. Tirschwell & Loewy Inc. purchased a new stake in shares of GAP during the 2nd quarter valued at about $207,000. Opera Trading Capital purchased a new stake in shares of GAP during the 2nd quarter valued at about $227,000. Finally, Fiduciary Trust Co. purchased a new stake in shares of GAP during the 1st quarter valued at about $228,000. 57.67% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE:GPS opened at $28.94 on Friday. The company has a current ratio of 1.96, a quick ratio of 1.02 and a debt-to-equity ratio of 0.37. Gap Inc has a 1-year low of $25.28 and a 1-year high of $35.68. The company has a market cap of $11.16 billion, a price-to-earnings ratio of 12.24, a PEG ratio of 1.25 and a beta of 0.62.
GAP (NYSE:GPS) last issued its quarterly earnings results on Thursday, August 23rd. The apparel retailer reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.04. GAP had a net margin of 5.43% and a return on equity of 29.25%. The business had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.02 billion. During the same quarter in the previous year, the firm earned $0.58 earnings per share. The company’s revenue for the quarter was up 7.5% on a year-over-year basis. equities research analysts predict that Gap Inc will post 2.59 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 31st. Shareholders of record on Wednesday, October 10th will be issued a dividend of $0.2425 per share. This represents a $0.97 annualized dividend and a yield of 3.35%. The ex-dividend date of this dividend is Tuesday, October 9th. GAP’s dividend payout ratio is currently 45.54%.
In other GAP news, Director William Sydney Fisher sold 1,000,000 shares of GAP stock in a transaction that occurred on Tuesday, June 19th. The shares were sold at an average price of $32.37, for a total transaction of $32,370,000.00. Following the transaction, the director now owns 10,760,396 shares of the company’s stock, valued at $348,314,018.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 27.30% of the stock is owned by insiders.
A number of equities analysts recently issued reports on the stock. Zacks Investment Research raised shares of GAP from a “hold” rating to a “buy” rating and set a $33.00 price objective on the stock in a report on Tuesday, July 31st. Barclays set a $39.00 price objective on shares of GAP and gave the stock a “buy” rating in a report on Sunday, May 27th. ValuEngine raised shares of GAP from a “hold” rating to a “buy” rating in a report on Thursday, May 24th. Deutsche Bank dropped their price objective on shares of GAP from $34.00 to $33.00 and set a “hold” rating on the stock in a report on Friday, May 25th. Finally, Deutsche Bank dropped their price objective on shares of GAP from $34.00 to $33.00 and set a “hold” rating on the stock in a report on Friday, May 25th. Twenty research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. GAP presently has an average rating of “Hold” and a consensus target price of $33.74.
Gap, Inc operates as a global apparel retail company. It offers apparel, accessories, and personal care products for men, women and children. The company operates through segments: Gap Global, Old Navy Global, Banana Republic Global, Athleta, and Intermix. The Gap Global segment includes apparel and accessories for men and women under the Gap brand, along with the GapKids, BabyGap, GapMaternity, GapBody and GapFit collections.
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