Westpac Banking Corp Has $299,000 Position in Gap Inc. (GPS)
Westpac Banking Corp lowered its stake in shares of Gap Inc. (NYSE:GPS) by 46.9% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 14,096 shares of the apparel retailer’s stock after selling 12,440 shares during the period. Westpac Banking Corp’s holdings in Gap were worth $299,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Lazard Asset Management LLC boosted its position in Gap by 25,265.6% in the first quarter. Lazard Asset Management LLC now owns 2,020,625 shares of the apparel retailer’s stock valued at $59,406,000 after buying an additional 2,012,659 shares in the last quarter. Emerald Acquisition Ltd. acquired a new position in Gap during the second quarter valued at $36,750,000. Bank of Montreal Can acquired a new position in Gap during the second quarter valued at $29,343,000. Prudential Financial Inc. boosted its position in Gap by 99.4% in the second quarter. Prudential Financial Inc. now owns 2,432,145 shares of the apparel retailer’s stock valued at $51,610,000 after buying an additional 1,212,479 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its position in Gap by 7.4% in the second quarter. JPMorgan Chase & Co. now owns 13,531,075 shares of the apparel retailer’s stock valued at $287,129,000 after buying an additional 936,648 shares in the last quarter. 57.42% of the stock is currently owned by institutional investors.
Gap Inc. (NYSE:GPS) opened at 26.25 on Friday. The stock has a 50 day moving average price of $23.88 and a 200-day moving average price of $23.05. The stock has a market capitalization of $10.46 billion, a P/E ratio of 14.79 and a beta of 1.28. Gap Inc. has a 1-year low of $17.00 and a 1-year high of $30.49.
Gap (NYSE:GPS) last announced its quarterly earnings results on Thursday, August 18th. The apparel retailer reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.01. The firm earned $3.85 billion during the quarter, compared to analyst estimates of $3.79 billion. Gap had a return on equity of 33.26% and a net margin of 4.60%. Gap’s quarterly revenue was down 1.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.64 earnings per share. Equities research analysts expect that Gap Inc. will post ($0.01) EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 26th. Investors of record on Wednesday, October 5th will be issued a $0.23 dividend. The ex-dividend date of this dividend is Monday, October 3rd. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.50%. Gap’s payout ratio is 51.98%.
Several research analysts have weighed in on GPS shares. Jefferies Group reissued a “buy” rating on shares of Gap in a research report on Monday, August 29th. Vetr cut Gap from a “hold” rating to a “sell” rating and set a $23.22 price objective on the stock. in a research report on Thursday, July 21st. FBR & Co reissued a “market perform” rating and issued a $22.00 price objective on shares of Gap in a research report on Wednesday, July 6th. Wolfe Research raised Gap from a “market perform” rating to an “outperform” rating in a research report on Friday, June 17th. Finally, Credit Suisse Group AG reaffirmed an “underperform” rating and set a $22.00 price target (up previously from $21.00) on shares of Gap in a research report on Friday, August 19th. Six research analysts have rated the stock with a sell rating, twenty-seven have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Gap has an average rating of “Hold” and an average target price of $24.90.
The Gap, Inc (Gap Inc) is an apparel retail company. The Company offers apparel, accessories and personal care products for men, women and children under the Gap, Banana Republic, Old Navy, Athleta and Intermix brands. Its products are available to customers online through Company-owned Websites and through the use of third-parties that provide logistics and fulfillment services.
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