Korea Investment CORP lessened its position in Gap Inc (NYSE:GPS) by 15.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 262,469 shares of the apparel retailer’s stock after selling 46,700 shares during the quarter. Korea Investment CORP owned 0.07% of GAP worth $7,572,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in GAP during the third quarter valued at about $111,000. CSat Investment Advisory L.P. purchased a new stake in shares of GAP during the second quarter worth about $148,000. Titus Wealth Management purchased a new stake in shares of GAP during the second quarter worth about $201,000. LFA Lugano Financial Advisors SA purchased a new stake in shares of GAP during the second quarter worth about $202,000. Finally, Cornerstone Wealth Management LLC purchased a new stake in shares of GAP during the third quarter worth about $204,000. 56.60% of the stock is currently owned by institutional investors and hedge funds.
GPS has been the subject of a number of analyst reports. Wedbush initiated coverage on shares of GAP in a report on Friday, August 10th. They set a “neutral” rating and a $32.00 target price for the company. Zacks Investment Research lowered shares of GAP from a “buy” rating to a “hold” rating in a report on Tuesday, August 21st. Guggenheim reiterated a “hold” rating on shares of GAP in a report on Friday, August 24th. B. Riley dropped their target price on shares of GAP from $35.00 to $33.00 and set a “neutral” rating for the company in a report on Friday, August 24th. Finally, JPMorgan Chase & Co. dropped their target price on shares of GAP from $32.00 to $30.00 and set a “neutral” rating for the company in a report on Friday, August 24th. Two equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating and five have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $31.30.
GAP (NYSE:GPS) last announced its earnings results on Tuesday, November 20th. The apparel retailer reported $0.69 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.68 by $0.01. GAP had a net margin of 5.57% and a return on equity of 29.45%. The business had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4 billion. During the same quarter last year, the firm earned $0.58 earnings per share. The business’s revenue for the quarter was up 6.5% on a year-over-year basis. Sell-side analysts predict that Gap Inc will post 2.56 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 30th. Shareholders of record on Wednesday, January 9th will be paid a dividend of $0.2425 per share. This represents a $0.97 dividend on an annualized basis and a dividend yield of 3.55%. The ex-dividend date of this dividend is Tuesday, January 8th. GAP’s dividend payout ratio is 45.54%.
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, and Intermix 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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