The Gap Reaches New 1-Year High Following Strong Earnings (GPS)
The Gap (NYSE:GPS)’s share price reached a new 52-week high during mid-day trading on Friday following a stronger than expected earnings report, AR Network reports. The company traded as high as $45.47 and last traded at $45.12, with a volume of 5,487,999 shares trading hands. The stock had previously closed at $43.18.
The company reported $0.74 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.69 by $0.05. The company had revenue of $3.98 billion for the quarter, compared to the consensus estimate of $3.97 billion. During the same quarter in the prior year, the company posted $0.64 earnings per share. The company’s quarterly revenue was up 2.9% on a year-over-year basis.
The company also recently declared a quarterly dividend, which is scheduled for Wednesday, October 29th. Stockholders of record on Wednesday, October 8th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.04%. The ex-dividend date of this dividend is Monday, October 6th.
GPS has been the subject of a number of recent research reports. Analysts at Telsey Advisory Group raised their price target on shares of The Gap from $48.00 to $50.00 in a research note on Friday. They now have a “not rated” rating on the stock. Separately, analysts at Canaccord Genuity raised their price target on shares of The Gap from $48.00 to $50.00 in a research note on Friday. They now have a “buy” rating on the stock. Finally, analysts at Mizuho raised their price target on shares of The Gap from $48.00 to $50.00 in a research note on Friday. They now have a “buy” rating on the stock. Ten equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $42.08.
In other The Gap news, EVP John T. Keiser sold 25,000 shares of The Gap stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $42.50, for a total transaction of $1,062,500.00. The transaction was disclosed in a document filed with the SEC, which is available at this link.
The stock has a 50-day moving average of $40.93 and a 200-day moving average of $40.94. The company has a market cap of $19.863 billion and a price-to-earnings ratio of 16.53. The Gap also saw some unusual options trading activity on Thursday. Traders bought 4,371 put options on the company. This is an increase of approximately 125% compared to the typical daily volume of 1,943 put options.
The Gap, Inc (NYSE:GPS),is a global specialty apparel company.
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