The Gap, Inc. (NYSE: GPS – get rating) – Analysts at Jefferies Financial Group cut their second quarter 2023 earnings estimates for GAP in a research report issued to clients and investors on Thursday, April 21. Jefferies Financial Group analyst C. Tarlowe now expects the clothing retailer to earn $0.47 per share for the quarter, down from his previous estimate of $0.52. Jefferies Financial Group also issued estimates for GAP’s 2023 Q4 earnings at $0.65 EPS, 2024 Q2 earnings at $0.52 EPS and 2024 Q3 earnings at $0.61 EPS. .
GAP (NYSE: GPS – get rating) last published its quarterly earnings data on Thursday, March 3. The clothing retailer reported ($0.02) EPS for the quarter, beating analyst consensus estimates of ($0.14) by $0.12. The firm had revenue of $4.53 billion during the quarter, compared to analyst expectations of $4.49 billion. GAP had a return on capital of 19.48% and a net margin of 1.54%. The company’s quarterly revenue increased 2.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.28 EPS.
Several other analysts have also recently commented on the company. Daiwa Capital Markets cut GAP from a “neutral” rating to an “underperformer” rating and set a $13.75 price target for the company. in an investigative report on Wednesday, March 9. Goldman Sachs Group lowered its price target on GAP from $20.00 to $14.00 and set a “neutral” rating on the company in a report on Friday. Credit Suisse Group lowered its price target on GAP from $16.00 to $13.00 and set a “neutral” rating on the company in a report on Friday. Wells Fargo & Company lowered its price target on GAP from $25.00 to $20.00 and set an “overweight” rating on the company in a report on Tuesday, April 5. Finally, Robert W. Baird lowered his price target on GAP from $18.00 to $14.00 in a report on Friday. Four research analysts rated the shares with a sell rating, thirteen assigned a hold rating and four issued a buy rating on the company’s shares. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $18.93.
GAP shares opened at $11.72 on Monday. The stock has a market capitalization of $4.33 billion, a PE ratio of 17.76, a P/E/E ratio of 0.63, and a beta of 1.70. The stock has a 50-day moving average price of $14.29 and a 200-day moving average price of $17.70. GAP has a 52-week low of $11.07 and a 52-week high of $37.63. The company has a current ratio of 1.27, a quick ratio of 0.53, and a debt-to-equity ratio of 0.55.
Several hedge funds have recently changed their holdings in the business. Dodge & Cox increased its position in GAP by 6.0% in the fourth quarter. Dodge & Cox now owns 24,490,528 shares of the clothing retailer worth $432,258,000 after buying an additional 1,381,050 shares during the last quarter. Geode Capital Management LLC increased its holding in GAP stock by 2.8% during the fourth quarter. Geode Capital Management LLC now owns 3,858,043 shares of the clothing retailer valued at $67,991,000 after acquiring an additional 104,716 shares during the last quarter. Carmignac Management increased its participation in GAP shares by 25.4% during the 3rd quarter. Carmignac Gestion now owns 3,291,252 shares of the clothing retailer valued at $74,718,000 after acquiring an additional 666,301 shares during the last quarter. Parametric Portfolio Associates LLC increased its holding in GAP stock by 6.3% during the fourth quarter. Parametric Portfolio Associates LLC now owns 1,813,988 shares of the clothing retailer valued at $32,017,000 after purchasing an additional 106,730 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its holding in GAP stock by 1.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,774,210 shares of the clothing retailer valued at $40,274,000 after purchasing an additional 32,404 shares last quarter. Currently, 58.29% of the shares are owned by institutional investors.
The company also recently announced a quarterly dividend, to be paid on Wednesday, April 27. Shareholders of record on Wednesday, April 6 will receive a dividend of $0.15. This is a positive change from GAP’s previous quarterly dividend of $0.12. This represents an annualized dividend of $0.60 and a yield of 5.12%. The ex-dividend date of this dividend is Tuesday, April 5. GAP’s dividend payout ratio is currently 90.91%.
About GAP (get rating)
The Gap, Inc operates as a clothing retail company. The company offers clothing, accessories and personal care products for men, women and children under the Old Navy, Gap, Banana Republic and Athleta brands. Its products include denim, T-shirts, fleece, and khakis; eyeglasses, jewelry, shoes, bags and fragrances; and fitness and lifestyle products for use in yoga, training, sports, travel and everyday activities for women and girls.
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