Fred Alger Management Inc. trimmed its position in shares of Gap Inc (NYSE:GPS) by 8.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 54,871 shares of the apparel retailer’s stock after selling 5,119 shares during the period. Fred Alger Management Inc.’s holdings in GAP were worth $1,869,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Chevy Chase Trust Holdings Inc. grew its holdings in GAP by 1.0% during the 3rd quarter. Chevy Chase Trust Holdings Inc. now owns 192,812 shares of the apparel retailer’s stock valued at $5,694,000 after purchasing an additional 1,902 shares in the last quarter. Hermes Investment Management Ltd. grew its holdings in GAP by 7.3% during the 4th quarter. Hermes Investment Management Ltd. now owns 29,252 shares of the apparel retailer’s stock valued at $996,000 after purchasing an additional 2,000 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in GAP by 0.3% during the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 728,655 shares of the apparel retailer’s stock valued at $21,517,000 after purchasing an additional 2,093 shares in the last quarter. Acropolis Investment Management LLC grew its holdings in GAP by 115.4% during the 4th quarter. Acropolis Investment Management LLC now owns 4,185 shares of the apparel retailer’s stock valued at $143,000 after purchasing an additional 2,242 shares in the last quarter. Finally, Piedmont Investment Advisors LLC grew its holdings in GAP by 1.9% during the 3rd quarter. Piedmont Investment Advisors LLC now owns 125,492 shares of the apparel retailer’s stock valued at $3,706,000 after purchasing an additional 2,357 shares in the last quarter. 58.72% of the stock is owned by institutional investors and hedge funds.
Gap Inc (GPS) opened at $32.67 on Wednesday. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.86 and a quick ratio of 1.04. Gap Inc has a 52-week low of $21.02 and a 52-week high of $35.68. The stock has a market cap of $12,541.36, a PE ratio of 15.14, a PEG ratio of 1.53 and a beta of 0.88.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 2nd. Stockholders of record on Wednesday, April 11th will be given a $0.2425 dividend. This is an increase from GAP’s previous quarterly dividend of $0.23. This represents a $0.97 dividend on an annualized basis and a dividend yield of 2.97%. The ex-dividend date is Tuesday, April 10th. GAP’s dividend payout ratio (DPR) is presently 42.99%.
In other news, CEO Jeff Kirwan sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, March 13th. The shares were sold at an average price of $32.56, for a total value of $1,628,000.00. Following the transaction, the chief executive officer now directly owns 50,000 shares in the company, valued at approximately $1,628,000. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Sonia Syngal sold 28,846 shares of the firm’s stock in a transaction dated Thursday, March 8th. The stock was sold at an average price of $33.10, for a total transaction of $954,802.60. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 696,033 shares of company stock worth $23,754,526. Insiders own 27.30% of the company’s stock.
GPS has been the subject of a number of recent analyst reports. Barclays raised their price target on shares of GAP from $34.00 to $39.00 and gave the company an “overweight” rating in a report on Thursday, January 25th. KeyCorp reaffirmed an “overweight” rating on shares of GAP in a report on Friday, November 17th. Zacks Investment Research lowered shares of GAP from a “hold” rating to a “sell” rating in a report on Tuesday, November 14th. Royal Bank of Canada raised their price target on shares of GAP from $26.00 to $28.00 and gave the company a “sector perform” rating in a report on Friday, November 17th. Finally, Canaccord Genuity reaffirmed a “buy” rating on shares of GAP in a report on Thursday, December 14th. Three investment analysts have rated the stock with a sell rating, twenty have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company. GAP currently has an average rating of “Hold” and an average price target of $31.99.
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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