Bank of New York Mellon Corp grew its position in shares of The Gap, Inc. (NYSE:GPS – Get Rating) by 1.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,122,321 shares of the apparel retailer’s stock after purchasing an additional 40,348 shares during the period. Bank of New York Mellon Corp owned approximately 0.86% of GAP worth $25,633,000 at the end of the most recent quarter.
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Other hedge funds also recently made changes to their positions in the company. Towle & Co increased its position in shares of GAP by 9,453.9% in the third quarter. Towle & Co now owns 2,637,840 shares of the apparel retailer’s stock valued at $21,657,000 after acquiring an additional 2,610,230 shares during the period. Russell Investments Group Ltd. increased its position in shares of GAP by 2.3% during the third quarter. Russell Investments Group Ltd. now owns 53,690 shares of the apparel retailer’s stock valued at $438,000 after acquiring an additional 1,188 shares in the last quarter. Citizens Financial Group Inc RI purchased a new stake in GAP in the third quarter worth approximately $154,000. Teachers Retirement System of The State of Kentucky purchased a new stake in GAP in the third quarter worth approximately $290,000. Finally, US Bancorp DE boosted its stake in shares of GAP by 34.9% during the 1st quarter. US Bancorp DE now owns 12,100 shares of the apparel retailer’s stock worth $170,000 after acquiring an additional 3,132 shares during the last quarter. 57.72% of the stock is owned by institutional investors.
Insider Activity at GAP
In related news, CEO Mark Breitbard sold 22,918 shares of the stock in a transaction on Friday, March 24th. The stock was sold at an average price of $8.78, for a total transaction of $201,220.04. Following the sale, the chief executive officer now owns 123,985 shares of the company’s stock, valued at $1,088,588.30. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 31,582 shares of company stock valued at $287,557 over the last quarter. Insiders own 44.19% of the company’s stock.
Wall Street Analysts Forecast Growth
Several brokerages have recently commented on GPS. The Goldman Sachs Group decreased their price objective on shares of GAP from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Friday, March 10th. Telsey Advisory Group reaffirmed a “market perform” rating and issued a $15.00 price target on shares of GAP in a research report on Monday, March 6th. JPMorgan Chase & Co. boosted their price objective on shares of GAP from $9.00 to $10.00 and gave the stock an “underweight” rating in a research note on Friday, March 10th. Morgan Stanley raised shares of GAP from an “underweight” rating to an “equal weight” rating in a report on Wednesday, January 18th. Finally, Barclays dropped their price objective on shares of GAP from $13.00 to $11.00 and set an “equal weight” rating on the stock in a report on Monday, March 13th. Four research analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $11.50.
GAP Stock Performance
GAP stock opened at $9.27 on Thursday. The Gap, Inc. has a fifty-two week low of $7.79 and a fifty-two week high of $15.49. The company has a market capitalization of $3.39 billion, a price-to-earnings ratio of -16.85, a PEG ratio of 1.23 and a beta of 1.94. The stock has a fifty day moving average of $12.29 and a two-hundred day moving average of $11.81. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.68 and a current ratio of 1.42.
GAP (NYSE:GPS – Get Rating) last posted its quarterly earnings data on Thursday, March 9th. The apparel retailer reported ($0.75) EPS for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.16). The company had revenue of $4.24 billion for the quarter, compared to analyst estimates of $4.37 billion. GAP had a negative net margin of 1.29% and a negative return on equity of 6.07%. The firm’s revenue was down 6.2% on a year-over-year basis. During the same period in the previous year, the business earned ($0.02) EPS. On average, analysts anticipate that The Gap, Inc. will post 0.61 EPS for the current fiscal year.
GAP Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 26th. Investors of record on Wednesday, April 5th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 6.47%. The ex-dividend date is Tuesday, April 4th. GAP’s payout ratio is currently -109.09%.
GAP Profile
Gap, Inc operates as a global apparel retail company, which offers clothing, apparel, accessories, and personal care products for men, women, and children. The firm operates through the following segments: Gap Global, Old Navy Global, Banana Republic Global, Athleta, and Other. 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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