Washington Trust Bank decreased its stake in shares of Gap Inc (NYSE:GPS) by 27.6% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 12,155 shares of the apparel retailer’s stock after selling 4,637 shares during the quarter. Washington Trust Bank’s holdings in GAP were worth $153,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Franklin Resources Inc. boosted its position in shares of GAP by 14.9% during the first quarter. Franklin Resources Inc. now owns 171,952 shares of the apparel retailer’s stock worth $1,211,000 after acquiring an additional 22,339 shares during the last quarter. State Street Corp raised its stake in GAP by 13.5% during the first quarter. State Street Corp now owns 13,339,983 shares of the apparel retailer’s stock valued at $93,913,000 after purchasing an additional 1,591,094 shares in the last quarter. Parametric Portfolio Associates LLC raised its stake in GAP by 71.8% during the first quarter. Parametric Portfolio Associates LLC now owns 1,840,689 shares of the apparel retailer’s stock valued at $12,958,000 after purchasing an additional 769,172 shares in the last quarter. Legal & General Group Plc raised its stake in GAP by 1.9% during the first quarter. Legal & General Group Plc now owns 2,026,382 shares of the apparel retailer’s stock valued at $14,284,000 after purchasing an additional 38,520 shares in the last quarter. Finally, Norges Bank purchased a new stake in GAP during the fourth quarter valued at $63,059,000. Hedge funds and other institutional investors own 60.77% of the company’s stock.

GPS stock traded down $0.26 during trading on Friday, hitting $13.37. The company had a trading volume of 7,345,816 shares, compared to its average volume of 11,709,912. The firm has a market capitalization of $4.99 billion, a P/E ratio of -6.10 and a beta of 1.51. Gap Inc has a 52-week low of $5.26 and a 52-week high of $19.86. The company has a 50 day simple moving average of $11.90 and a 200-day simple moving average of $11.82. The company has a quick ratio of 0.58, a current ratio of 1.23 and a debt-to-equity ratio of 2.84.

GAP (NYSE:GPS) last posted its quarterly earnings results on Thursday, June 4th. The apparel retailer reported ($2.51) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.67) by ($1.84). The company had revenue of $2.11 billion during the quarter, compared to analysts’ expectations of $2.35 billion. GAP had a negative return on equity of 8.63% and a negative net margin of 5.47%. The company’s quarterly revenue was down 43.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.24 EPS. Sell-side analysts forecast that Gap Inc will post -2.37 earnings per share for the current year.

In other GAP news, insider John Strain bought 5,500 shares of the company’s stock in a transaction on Tuesday, June 9th. The shares were bought at an average cost of $12.84 per share, for a total transaction of $70,620.00. Following the acquisition, the insider now directly owns 7,005 shares in the company, valued at $89,944.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 45.30% of the company’s stock.

A number of equities research analysts recently issued reports on GPS shares. Citigroup upped their price target on shares of GAP from $10.00 to $12.00 and gave the company a “neutral” rating in a research note on Friday, June 5th. TheStreet downgraded shares of GAP from a “c” rating to a “d” rating in a research note on Thursday, June 4th. Wedbush increased their target price on shares of GAP from $7.00 to $10.00 and gave the company a “neutral” rating in a research note on Thursday, May 28th. ValuEngine raised shares of GAP from a “hold” rating to a “buy” rating in a research note on Sunday, June 7th. Finally, Barclays reduced their target price on shares of GAP from $10.00 to $5.00 in a research note on Monday, April 27th. Four equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and three have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $12.33.

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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Institutional Ownership by Quarter for GAP (NYSE:GPS)

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