First Trust Advisors LP Lowers Holdings in Gap Inc (GPS)

First Trust Advisors LP decreased its position in shares of Gap Inc (NYSE:GPS) by 10.8% during the second quarter, HoldingsChannel reports. The firm owned 679,860 shares of the apparel retailer’s stock after selling 82,010 shares during the period. First Trust Advisors LP’s holdings in GAP were worth $22,021,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in GPS. BlackRock Inc. increased its holdings in shares of GAP by 0.8% in the first quarter. BlackRock Inc. now owns 17,263,705 shares of the apparel retailer’s stock worth $538,626,000 after buying an additional 133,362 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of GAP by 25.8% in the first quarter. JPMorgan Chase & Co. now owns 12,542,927 shares of the apparel retailer’s stock worth $391,339,000 after buying an additional 2,575,906 shares during the period. Wells Fargo & Company MN increased its holdings in shares of GAP by 41.9% in the second quarter. Wells Fargo & Company MN now owns 4,137,469 shares of the apparel retailer’s stock worth $134,013,000 after buying an additional 1,221,383 shares during the period. Northern Trust Corp increased its holdings in shares of GAP by 0.9% in the first quarter. Northern Trust Corp now owns 3,703,323 shares of the apparel retailer’s stock worth $115,543,000 after buying an additional 32,088 shares during the period. Finally, Bank of Montreal Can increased its holdings in shares of GAP by 5.5% in the second quarter. Bank of Montreal Can now owns 3,075,518 shares of the apparel retailer’s stock worth $99,617,000 after buying an additional 160,961 shares during the period. Institutional investors and hedge funds own 58.32% of the company’s stock.

NYSE GPS opened at $30.75 on Friday. The company has a current ratio of 2.03, a quick ratio of 1.05 and a debt-to-equity ratio of 0.39. The stock has a market capitalization of $12.14 billion, a P/E ratio of 14.44, a price-to-earnings-growth ratio of 1.35 and a beta of 0.71. Gap Inc has a 1 year low of $21.84 and a 1 year high of $35.68.

GAP (NYSE:GPS) last posted its earnings results on Thursday, May 24th. The apparel retailer reported $0.42 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.46 by ($0.04). The business had revenue of $3.78 billion during the quarter, compared to the consensus estimate of $3.60 billion. GAP had a return on equity of 28.04% and a net margin of 5.36%. The firm’s revenue for the quarter was up 10.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.36 earnings per share. analysts anticipate that Gap Inc will post 2.59 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 1st. Shareholders of record on Wednesday, July 11th were given a dividend of $0.2425 per share. The ex-dividend date was Tuesday, July 10th. This represents a $0.97 annualized dividend and a yield of 3.15%. GAP’s payout ratio is 45.54%.

Several research firms have recently commented on GPS. MKM Partners decreased their price objective on GAP to $32.00 and set a “neutral” rating on the stock in a report on Tuesday, May 29th. Credit Suisse Group decreased their price objective on GAP from $35.00 to $33.00 and set a “neutral” rating on the stock in a report on Friday, May 25th. Wedbush began coverage on GAP in a report on Friday, August 10th. They issued a “neutral” rating and a $32.00 price objective on the stock. Deutsche Bank decreased their price objective on GAP from $34.00 to $33.00 and set a “hold” rating on the stock in a report on Friday, May 25th. Finally, Telsey Advisory Group upgraded GAP from a “market perform” rating to an “outperform” rating and set a $39.00 price objective on the stock in a report on Tuesday, May 15th. Two analysts have rated the stock with a sell rating, nineteen have given a hold rating and seven have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $32.72.

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 stock was sold at an average price of $32.37, for a total transaction of $32,370,000.00. Following the sale, the director now directly owns 10,760,396 shares of the company’s stock, valued at approximately $348,314,018.52. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 30.60% of the company’s stock.

GAP Profile

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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Institutional Ownership by Quarter for GAP (NYSE:GPS)

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