GAP (NYSE:GPS) Given New $24.00 Price Target at Telsey Advisory Group

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GAP (NYSE:GPS) had its price objective boosted by Telsey Advisory Group from $22.00 to $24.00 in a research report report published on Friday morning, Briefing.com Automated Import reports. Telsey Advisory Group currently has an outperform rating on the apparel retailer’s stock.

A number of other brokerages also recently issued reports on GPS. Wells Fargo & Co reissued a market perform rating and issued a $18.00 price target (down from $25.00) on shares of GAP in a report on Friday, August 23rd. Credit Suisse Group reduced their target price on GAP from $23.00 to $20.00 and set a neutral rating for the company in a research note on Friday, August 23rd. Guggenheim reiterated a hold rating on shares of GAP in a research report on Thursday. JPMorgan Chase & Co. decreased their target price on GAP from $24.00 to $17.00 and set an underweight rating on the stock in a research note on Friday, May 31st. Finally, Morgan Stanley reduced their price target on GAP from $16.00 to $15.00 and set an underweight rating on the stock in a research report on Friday, August 23rd. Six equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have given a buy rating to the stock. The stock has an average rating of Hold and a consensus price target of $23.83.

GPS stock opened at $19.24 on Friday. The company has a debt-to-equity ratio of 1.90, a current ratio of 1.46 and a quick ratio of 0.72. The business has a 50-day moving average price of $17.34 and a 200 day moving average price of $21.29. The company has a market capitalization of $7.21 billion, a P/E ratio of 7.43, a PEG ratio of 1.03 and a beta of 0.71. GAP has a 1-year low of $15.11 and a 1-year high of $31.39.

GAP (NYSE:GPS) last posted its earnings results on Thursday, August 22nd. The apparel retailer reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.11. GAP had a return on equity of 24.53% and a net margin of 5.71%. The company had revenue of $4.01 billion for the quarter, compared to analyst estimates of $4.02 billion. During the same quarter in the previous year, the firm earned $0.76 earnings per share. The firm’s quarterly revenue was down 2.0% compared to the same quarter last year. On average, analysts anticipate that GAP will post 2.06 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 30th. Stockholders of record on Wednesday, October 9th will be given a $0.243 dividend. The ex-dividend date is Tuesday, October 8th. This represents a $0.97 dividend on an annualized basis and a dividend yield of 5.05%. This is an increase from GAP’s previous quarterly dividend of $0.24. GAP’s payout ratio is currently 37.45%.

In other news, CEO Mcneil S. Fiske, Jr. sold 16,183 shares of GAP stock in a transaction on Friday, June 21st. The stock was sold at an average price of $18.00, for a total value of $291,294.00. Following the completion of the sale, the chief executive officer now owns 32,500 shares of the company’s stock, valued at $585,000. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 37.60% of the stock is owned by insiders.

A number of hedge funds have recently bought and sold shares of GPS. BlackRock Inc. grew its position in GAP by 28.2% during the first quarter. BlackRock Inc. now owns 20,412,955 shares of the apparel retailer’s stock valued at $534,413,000 after acquiring an additional 4,491,047 shares during the period. Nuveen Asset Management LLC grew its position in GAP by 691.9% during the second quarter. Nuveen Asset Management LLC now owns 1,061,116 shares of the apparel retailer’s stock valued at $19,068,000 after acquiring an additional 927,119 shares during the period. Price T Rowe Associates Inc. MD boosted its position in shares of GAP by 43.3% in the second quarter. Price T Rowe Associates Inc. MD now owns 3,053,569 shares of the apparel retailer’s stock worth $54,873,000 after buying an additional 923,316 shares during the period. Invesco Ltd. boosted its position in shares of GAP by 14.0% in the second quarter. Invesco Ltd. now owns 7,517,993 shares of the apparel retailer’s stock worth $135,098,000 after buying an additional 922,167 shares during the period. Finally, Victory Capital Management Inc. boosted its position in shares of GAP by 168.8% in the first quarter. Victory Capital Management Inc. now owns 717,701 shares of the apparel retailer’s stock worth $18,789,000 after buying an additional 450,727 shares during the period. 59.90% of the stock is owned by hedge funds and other institutional investors.

GAP Company 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, Intermix, and Hill City 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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