Intech Investment Management LLC Acquires New Position in G-III Apparel Group, Ltd. (NASDAQ:GIII)

Intech Investment Management LLC acquired a new stake in shares of G-III Apparel Group, Ltd. (NASDAQ:GIII) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 15,491 shares of the textile maker’s stock, valued at approximately $473,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Empowered Funds LLC raised its holdings in G-III Apparel Group by 54.3% in the 3rd quarter. Empowered Funds LLC now owns 328,123 shares of the textile maker’s stock worth $10,014,000 after acquiring an additional 115,491 shares during the last quarter. Royce & Associates LP increased its holdings in shares of G-III Apparel Group by 10.2% in the 3rd quarter. Royce & Associates LP now owns 38,064 shares of the textile maker’s stock worth $1,162,000 after purchasing an additional 3,537 shares in the last quarter. Zions Bancorporation N.A. raised its stake in shares of G-III Apparel Group by 18.4% in the third quarter. Zions Bancorporation N.A. now owns 47,248 shares of the textile maker’s stock worth $1,442,000 after purchasing an additional 7,345 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in shares of G-III Apparel Group by 4.9% during the third quarter. Victory Capital Management Inc. now owns 92,136 shares of the textile maker’s stock valued at $2,812,000 after purchasing an additional 4,294 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. purchased a new stake in shares of G-III Apparel Group during the third quarter valued at $3,671,000. Institutional investors own 92.13% of the company’s stock.

Insider Buying and Selling

In related news, CEO Morris Goldfarb sold 100,000 shares of the company’s stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $31.59, for a total value of $3,159,000.00. Following the completion of the sale, the chief executive officer now directly owns 3,990,085 shares of the company’s stock, valued at $126,046,785.15. This represents a 2.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 12.40% of the stock is currently owned by corporate insiders.

G-III Apparel Group Price Performance

Shares of G-III Apparel Group stock opened at $31.38 on Tuesday. The stock has a market cap of $1.38 billion, a P/E ratio of 7.85 and a beta of 2.19. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.80 and a current ratio of 2.92. The stock’s fifty day moving average is $30.54 and its 200 day moving average is $28.48. G-III Apparel Group, Ltd. has a one year low of $20.66 and a one year high of $35.68.

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, beating analysts’ consensus estimates of $0.27 by $0.25. G-III Apparel Group had a return on equity of 12.81% and a net margin of 6.04%. The firm had revenue of $644.80 million for the quarter, compared to analysts’ expectations of $649.54 million. During the same period in the previous year, the firm earned $0.40 EPS. The business’s quarterly revenue was down 2.3% on a year-over-year basis. Sell-side analysts anticipate that G-III Apparel Group, Ltd. will post 4.01 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. StockNews.com upgraded shares of G-III Apparel Group from a “hold” rating to a “buy” rating in a research note on Monday. KeyCorp raised their target price on shares of G-III Apparel Group from $32.00 to $34.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Guggenheim assumed coverage on shares of G-III Apparel Group in a research note on Wednesday, October 9th. They set a “buy” rating and a $36.00 target price 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 report on Thursday, September 5th. Finally, Barclays lifted their price objective on G-III Apparel Group from $23.00 to $27.00 and gave the stock an “underweight” rating in a report on Friday, September 6th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, G-III Apparel Group has an average rating of “Hold” and a consensus target price of $30.00.

G-III Apparel Group Profile

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.