Envestnet Asset Management Inc. boosted its holdings in Gap Inc (NYSE:GPS) by 217.4% during the third quarter, Holdings Channel.com reports. The fund owned 361,133 shares of the apparel retailer’s stock after buying an additional 247,345 shares during the quarter. Envestnet Asset Management Inc.’s holdings in GAP were worth $6,269,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also made changes to their positions in GPS. Atlas Capital Advisors LLC bought a new position in GAP in the 2nd quarter worth about $52,000. Signaturefd LLC increased its stake in GAP by 52.5% in the 3rd quarter. Signaturefd LLC now owns 6,104 shares of the apparel retailer’s stock worth $106,000 after acquiring an additional 2,101 shares during the last quarter. ETF Managers Group LLC bought a new position in GAP in the 2nd quarter worth about $128,000. Cerebellum GP LLC bought a new position in GAP in the 3rd quarter worth about $130,000. Finally, FNY Investment Advisers LLC bought a new position in GAP in the 2nd quarter worth about $158,000. Institutional investors and hedge funds own 59.96% of the company’s stock.
A number of equities analysts have recently issued reports on the company. Jefferies Financial Group set a $37.00 price objective on GAP and gave the stock a “buy” rating in a report on Friday, September 13th. ValuEngine upgraded GAP from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Credit Suisse Group cut GAP from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $20.00 to $14.00 in a report on Friday, October 18th. Wedbush reiterated a “neutral” rating on shares of GAP in a report on Monday, August 19th. Finally, Bank of America set a $14.00 price objective on GAP and gave the stock a “sell” rating in a report on Friday, August 23rd. Six investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $22.15.
Shares of GPS stock opened at $17.20 on Tuesday. The stock has a market capitalization of $6.51 billion, a PE ratio of 6.64, a P/E/G ratio of 0.93 and a beta of 0.70. Gap Inc has a 1-year low of $15.11 and a 1-year high of $31.39. The business has a 50-day moving average of $17.35 and a 200 day moving average of $19.32. The company has a debt-to-equity ratio of 1.90, a current ratio of 1.46 and a quick ratio of 0.72.
GAP (NYSE:GPS) last issued its earnings results on Thursday, August 22nd. The apparel retailer reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.11. The company had revenue of $4.01 billion during the quarter, compared to analysts’ expectations of $4.02 billion. GAP had a return on equity of 24.53% and a net margin of 5.71%. GAP’s quarterly revenue was down 2.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.76 EPS. Analysts anticipate that Gap Inc will post 2.06 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 30th. Investors of record on Wednesday, October 9th will be issued a dividend of $0.243 per share. The ex-dividend date is Tuesday, October 8th. This is a boost from GAP’s previous quarterly dividend of $0.24. This represents a $0.97 annualized dividend and a yield of 5.65%. GAP’s dividend payout ratio is currently 37.45%.
The Gap, Inc operates as an apparel retail company worldwide. The company offers apparel, accessories, and personal care products for men, women, and children under the Old Navy, Gap, Banana Republic, Athleta, Intermix, and Hill City brands. Its products include denim, tees, button-downs, khakis, and other products; and fitness and lifestyle products for use in yoga, training, sports, travel, and everyday activities to women and girls.
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