GAP (NYSE:GPS) Issues Earnings Results

GAP (NYSE:GPSGet Rating) posted its quarterly earnings data on Thursday. The apparel retailer reported ($0.44) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.31), Briefing.com reports. GAP had a return on equity of 19.48% and a net margin of 1.54%. The company had revenue of $3.48 billion for the quarter, compared to the consensus estimate of $3.49 billion. During the same quarter last year, the business earned $0.48 EPS. GAP’s revenue was down 12.9% on a year-over-year basis. GAP updated its FY 2022 guidance to $0.30-$0.60 EPS and its FY23 guidance to $0.30-0.60 EPS.

Shares of GPS stock traded up $0.48 during mid-day trading on Friday, hitting $11.60. The company’s stock had a trading volume of 51,431,679 shares, compared to its average volume of 10,898,616. The company’s fifty day simple moving average is $13.01 and its 200-day simple moving average is $15.83. GAP has a 52 week low of $9.24 and a 52 week high of $35.14. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.53 and a current ratio of 1.27. The company has a market cap of $4.29 billion, a PE ratio of 17.58, a P/E/G ratio of 0.73 and a beta of 1.66.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 27th. Shareholders of record on Wednesday, July 6th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 5.17%. The ex-dividend date of this dividend is Tuesday, July 5th. GAP’s payout ratio is presently 90.91%.

A number of research firms have commented on GPS. StockNews.com began coverage on GAP in a research note on Thursday, March 31st. They set a “hold” rating on the stock. Robert W. Baird lowered their price objective on GAP from $14.00 to $11.00 and set a “neutral” rating on the stock in a research note on Friday. B. Riley lowered their price objective on GAP from $15.00 to $13.00 and set a “neutral” rating on the stock in a research note on Friday, April 22nd. UBS Group decreased their price target on GAP from $14.00 to $11.00 and set a “neutral” rating on the stock in a research note on Friday. Finally, Bank of America lowered GAP from a “neutral” rating to an “underperform” rating and decreased their price target for the company from $26.00 to $14.00 in a research note on Tuesday, February 15th. Seven equities research analysts have rated the stock with a sell rating, ten have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $14.14.

Hedge funds have recently bought and sold shares of the company. Covestor Ltd raised its position in shares of GAP by 208.4% in the 1st quarter. Covestor Ltd now owns 6,923 shares of the apparel retailer’s stock worth $97,000 after acquiring an additional 4,678 shares in the last quarter. US Bancorp DE raised its position in shares of GAP by 34.9% in 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 in the last quarter. Weiss Multi Strategy Advisers LLC bought a new position in shares of GAP in the 1st quarter worth about $915,000. American International Group Inc. raised its position in shares of GAP by 470.4% in the 1st quarter. American International Group Inc. now owns 360,438 shares of the apparel retailer’s stock worth $5,075,000 after acquiring an additional 297,247 shares in the last quarter. Finally, Rhumbline Advisers increased its position in GAP by 54.9% in the 1st quarter. Rhumbline Advisers now owns 535,779 shares of the apparel retailer’s stock valued at $7,544,000 after buying an additional 189,872 shares in the last quarter. 58.23% of the stock is owned by hedge funds and other institutional investors.

About GAP (Get Rating)

The Gap, Inc operates as an apparel retail company. The company offers apparel, accessories, and personal care products for men, women, and children under the Old Navy, Gap, Banana Republic, and Athleta brands. Its products include denim, tees, fleece, and khakis; eyewear, jewelry, shoes, handbags, and fragrances; and fitness and lifestyle products for use in yoga, training, sports, travel, and everyday activities for women and girls.

Read More

Earnings History for GAP (NYSE:GPS)

Receive News & Ratings for GAP Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for GAP and related companies with MarketBeat.com's FREE daily email newsletter.