G-III Apparel Group (NASDAQ:GIII) Shares Gap Up on Better-Than-Expected Earnings

G-III Apparel Group, Ltd. (NASDAQ:GIII)’s share price gapped up before the market opened on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $25.34, but opened at $29.30. G-III Apparel Group shares last traded at $28.69, with a volume of 210,815 shares traded.

The textile maker reported $1.27 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.30. The firm had revenue of $839.50 million for the quarter, compared to analyst estimates of $808.59 million. G-III Apparel Group had a return on equity of 11.66% and a net margin of 5.59%. The business’s quarterly revenue was up 9.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.76 EPS.

Wall Street Analyst Weigh In

Several analysts have issued reports on GIII shares. UBS Group dropped their price objective on G-III Apparel Group from $37.00 to $32.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 4th. Telsey Advisory Group restated a “market perform” rating and issued a $38.00 price objective on shares of G-III Apparel Group in a research note on Wednesday, December 18th. Barclays upped their price objective on G-III Apparel Group from $27.00 to $29.00 and gave the company an “underweight” rating in a research note on Wednesday, December 11th. KeyCorp raised their price objective on shares of G-III Apparel Group from $34.00 to $40.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 11th. Finally, StockNews.com downgraded shares of G-III Apparel Group from a “buy” rating to a “hold” rating in a research report on Wednesday. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, G-III Apparel Group currently has an average rating of “Hold” and a consensus target price of $33.33.

Institutional Trading of G-III Apparel Group

Institutional investors have recently bought and sold shares of the business. Phocas Financial Corp. grew its stake in G-III Apparel Group by 84.4% during the fourth quarter. Phocas Financial Corp. now owns 234,020 shares of the textile maker’s stock worth $7,634,000 after buying an additional 107,082 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in G-III Apparel Group during the fourth quarter worth about $3,970,000. Public Employees Retirement System of Ohio acquired a new stake in G-III Apparel Group during the fourth quarter worth about $68,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in G-III Apparel Group by 16.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 74,135 shares of the textile maker’s stock worth $2,418,000 after buying an additional 10,320 shares in the last quarter. Finally, iSAM Funds UK Ltd acquired a new stake in G-III Apparel Group during the fourth quarter worth about $217,000. Institutional investors own 92.13% of the company’s stock.

G-III Apparel Group Price Performance

The stock has a market capitalization of $1.15 billion, a price-to-earnings ratio of 6.85 and a beta of 2.09. The company has a quick ratio of 1.75, a current ratio of 2.63 and a debt-to-equity ratio of 0.13. The business’s 50 day simple moving average is $29.68 and its 200-day simple moving average is $30.48.

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.