G-III Apparel Group (NASDAQ:GIII) Stock Price Up 4.8% After Earnings Beat

G-III Apparel Group, Ltd. (NASDAQ:GIII) shares were up 4.8% on Tuesday after the company announced better than expected quarterly earnings. The company traded as high as $33.17 and last traded at $33.11. Approximately 205,103 shares traded hands during trading, a decline of 63% from the average daily volume of 557,291 shares. The stock had previously closed at $31.58.

The textile maker reported $2.59 EPS for the quarter, topping the consensus estimate of $2.26 by $0.33. G-III Apparel Group had a return on equity of 12.81% and a net margin of 6.04%. The firm had revenue of $1.09 billion during the quarter, compared to analyst estimates of $1.10 billion. During the same period in the prior year, the business posted $2.78 EPS. G-III Apparel Group’s revenue was up 1.9% on a year-over-year basis.

Wall Street Analyst Weigh In

GIII has been the topic of several analyst reports. Barclays lifted their price target on shares of G-III Apparel Group from $23.00 to $27.00 and gave the company an “underweight” rating in a report on Friday, September 6th. Telsey Advisory Group reaffirmed a “market perform” rating and issued a $32.00 target price on shares of G-III Apparel Group in a report on Tuesday. Guggenheim began coverage on G-III Apparel Group in a report on Wednesday, October 9th. They set a “buy” rating and a $36.00 price target on the stock. StockNews.com raised G-III Apparel Group from a “hold” rating to a “buy” rating in a research note on Monday, December 2nd. Finally, KeyCorp lifted their target price on G-III Apparel Group from $32.00 to $34.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, G-III Apparel Group presently has a consensus rating of “Hold” and a consensus price target of $30.50.

Insider Buying and Selling at G-III Apparel Group

In related news, CEO Morris Goldfarb sold 67,014 shares of the stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $30.30, for a total value of $2,030,524.20. Following the completion of the transaction, the chief executive officer now owns 3,923,071 shares of the company’s stock, valued at approximately $118,869,051.30. This trade represents a 1.68 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 12.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On G-III Apparel Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP increased its position in shares of G-III Apparel Group by 4.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,376,310 shares of the textile maker’s stock valued at $91,396,000 after purchasing an additional 151,425 shares during the last quarter. American Century Companies Inc. increased its position in G-III Apparel Group by 15.6% during the second quarter. American Century Companies Inc. now owns 1,147,175 shares of the textile maker’s stock valued at $31,054,000 after acquiring an additional 155,079 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in G-III Apparel Group by 0.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,036,158 shares of the textile maker’s stock valued at $31,624,000 after acquiring an additional 6,598 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of G-III Apparel Group by 1.2% in the third quarter. Geode Capital Management LLC now owns 977,331 shares of the textile maker’s stock valued at $29,833,000 after acquiring an additional 11,196 shares during the period. Finally, LSV Asset Management lifted its holdings in shares of G-III Apparel Group by 0.6% in the 2nd quarter. LSV Asset Management now owns 851,683 shares of the textile maker’s stock worth $23,055,000 after acquiring an additional 5,200 shares during the last quarter. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

G-III Apparel Group Stock Performance

The stock has a market capitalization of $1.53 billion, a PE ratio of 8.72 and a beta of 2.14. The business’s 50 day moving average is $30.73 and its 200 day moving average is $28.68. 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 Company 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.