Principal Financial Group Inc. Has $6.40 Million Position in G-III Apparel Group, Ltd. (NASDAQ:GIII)

Principal Financial Group Inc. lessened its stake in shares of G-III Apparel Group, Ltd. (NASDAQ:GIII) by 6.6% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 209,551 shares of the textile maker’s stock after selling 14,714 shares during the quarter. Principal Financial Group Inc. owned about 0.48% of G-III Apparel Group worth $6,395,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of GIII. Point72 Asia Singapore Pte. Ltd. acquired a new stake in G-III Apparel Group during the second quarter worth approximately $42,000. CWM LLC lifted its holdings in G-III Apparel Group by 115.0% during the 2nd quarter. CWM LLC now owns 1,892 shares of the textile maker’s stock worth $51,000 after purchasing an additional 1,012 shares during the last quarter. Point72 DIFC Ltd bought a new stake in G-III Apparel Group in the 2nd quarter valued at $78,000. Innealta Capital LLC acquired a new position in G-III Apparel Group in the 2nd quarter valued at $124,000. Finally, Pallas Capital Advisors LLC acquired a new stake in shares of G-III Apparel Group during the third quarter worth $229,000. Institutional investors own 92.13% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on GIII. Barclays raised their price target on shares of G-III Apparel Group from $23.00 to $27.00 and gave the stock an “underweight” rating in a research report on Friday, September 6th. Guggenheim started coverage on shares of G-III Apparel Group in a research report on Wednesday, October 9th. They issued a “buy” rating and a $36.00 price target for the company. Telsey Advisory Group reissued a “market perform” rating and set a $29.00 price target on shares of G-III Apparel Group in a research report on Thursday, September 5th. KeyCorp lifted their price objective on G-III Apparel Group from $32.00 to $34.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Finally, StockNews.com lowered G-III Apparel Group from a “buy” rating to a “hold” rating in a report on Tuesday, October 22nd. Two analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, G-III Apparel Group has an average rating of “Hold” and a consensus target price of $30.00.

Insider Buying and Selling

In other G-III Apparel Group news, CEO Morris Goldfarb sold 67,014 shares of the stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $30.30, for a total transaction of $2,030,524.20. Following the transaction, the chief executive officer now directly owns 3,923,071 shares in the company, valued at $118,869,051.30. This trade represents a 1.68 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 12.40% of the stock is currently owned by insiders.

G-III Apparel Group Stock Down 2.3 %

GIII stock opened at $28.56 on Thursday. The firm has a 50-day moving average price of $30.76 and a 200-day moving average price of $28.40. G-III Apparel Group, Ltd. has a 12 month low of $20.66 and a 12 month high of $35.68. The stock has a market capitalization of $1.25 billion, a P/E ratio of 7.14 and a beta of 2.19. The company has a current ratio of 2.92, a quick ratio of 1.80 and a debt-to-equity ratio of 0.27.

G-III Apparel Group (NASDAQ:GIII) last posted its quarterly earnings data on Thursday, September 5th. The textile maker reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.25. G-III Apparel Group had a net margin of 6.04% and a return on equity of 12.81%. The company had revenue of $644.80 million during the quarter, compared to analysts’ expectations of $649.54 million. During the same period in the prior year, the company posted $0.40 earnings per share. G-III Apparel Group’s revenue for the quarter was down 2.3% compared to the same quarter last year. As a group, equities research analysts anticipate that G-III Apparel Group, Ltd. will post 4.01 EPS for the current fiscal year.

About G-III Apparel Group

G-III Apparel Group, Ltd. designs, sources, and markets women's and men's apparel in the United States and internationally. The company operates through two segments, Wholesale Operations and Retail Operations. Its products include outerwear, dresses, sportswear, swimwear, women's suits, and women's performance wear; and women's handbags, footwear, small leather goods, cold weather accessories, and luggage.