Gap Inc. Stock Drops 6.3% Following September Same-Store Sales Report (NYSE:GPS)
Gap’s (NYSE:GPS) same-store sales decreased by 4% in the month of September. The company missed analysts’ estimates of a 3.6% year-over-year decline in sales. Gap’s shares dropped by 6.3% in the first full-day of trading following the report.
A number of brokerages have weighed in on GPS. Cowen and Company reissued a “hold” rating on shares of Gap in a research note on Saturday, July 9th. Guggenheim reissued a “hold” rating on shares of Gap in a research note on Saturday, July 9th. MKM Partners reissued a “hold” rating and set a $21.00 price target on shares of Gap in a research note on Saturday, July 9th. Wedbush reissued a “hold” rating on shares of Gap in a research note on Saturday, July 9th. Finally, Jefferies Group reissued a “buy” rating on shares of Gap in a research note on Saturday, July 9th. Six investment analysts have rated the stock with a sell rating, twenty-seven have issued a hold rating and five have issued a buy rating to the company. Gap currently has an average rating of “Hold” and an average target price of $25.29.
Gap (NYSE:GPS) opened at 26.45 on Friday. Gap has a 1-year low of $17.00 and a 1-year high of $30.49. The company has a 50-day moving average of $23.85 and a 200-day moving average of $23.00. The firm has a market cap of $10.54 billion, a price-to-earnings ratio of 14.90 and a beta of 1.28.
Gap (NYSE:GPS) last released its quarterly earnings results on Thursday, August 18th. The apparel retailer reported $0.60 EPS for the quarter, beating the Zacks’ consensus estimate of $0.59 by $0.01. The firm had revenue of $3.85 billion for the quarter, compared to analyst estimates of $3.79 billion. Gap had a net margin of 4.60% and a return on equity of 33.26%. The company’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.64 earnings per share. Analysts predict that Gap will post ($0.01) earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 26th. Stockholders of record on Wednesday, October 5th will be given a dividend of $0.23 per share. 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 3.48%. Gap’s payout ratio is 51.98%.
Several institutional investors have recently made changes to their positions in GPS. Pacer Advisors Inc. raised its position in shares of Gap by 11.7% in the second quarter. Pacer Advisors Inc. now owns 5,777 shares of the apparel retailer’s stock worth $123,000 after buying an additional 606 shares during the last quarter. Advisory Services Network LLC raised its position in shares of Gap by 22.1% in the second quarter. Advisory Services Network LLC now owns 5,869 shares of the apparel retailer’s stock worth $125,000 after buying an additional 1,062 shares during the last quarter. Americafirst Capital Management LLC bought a new position in shares of Gap during the second quarter worth about $139,000. Beddow Capital Management Inc. bought a new position in shares of Gap during the first quarter worth about $226,000. Finally, Commonwealth Equity Services Inc bought a new position in shares of Gap during the first quarter worth about $287,000. Institutional investors own 57.42% of the company’s stock.
Gap Company Profile
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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