G-III Apparel Group (NASDAQ:GIII) Trading 4.8% Higher Following Better-Than-Expected Earnings

G-III Apparel Group, Ltd. (NASDAQ:GIII) shares traded up 4.8% during trading 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 mid-day trading, a decline of 63% from the average session volume of 557,291 shares. The stock had previously closed at $31.58.

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

Analyst Upgrades and Downgrades

GIII has been the topic of a number of research analyst reports. KeyCorp upped 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 research note on Friday, September 6th. Guggenheim initiated coverage on G-III Apparel Group in a report on Wednesday, October 9th. They set a “buy” rating and a $36.00 price objective on the stock. Barclays upped their target price 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. StockNews.com upgraded G-III Apparel Group from a “hold” rating to a “buy” rating in a research note on Monday, December 2nd. Finally, Telsey Advisory Group reaffirmed a “market perform” rating and issued a $32.00 price objective on shares of G-III Apparel Group in a research note on Tuesday. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $30.50.

Insider Buying and Selling

In related news, CEO Morris Goldfarb sold 67,014 shares of the business’s 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 completion of the transaction, the chief executive officer now owns 3,923,071 shares in the company, valued at $118,869,051.30. The trade was a 1.68 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 12.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On G-III Apparel Group

Large investors have recently made changes to their positions in the business. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of G-III Apparel Group in the 2nd quarter worth $42,000. CWM LLC increased its holdings in shares of G-III Apparel Group by 115.0% during the second quarter. CWM LLC now owns 1,892 shares of the textile maker’s stock valued at $51,000 after acquiring an additional 1,012 shares in the last quarter. Quarry LP purchased a new position in shares of G-III Apparel Group in the 3rd quarter valued at approximately $63,000. Point72 DIFC Ltd acquired a new stake in G-III Apparel Group in the 2nd quarter worth approximately $78,000. Finally, Innealta Capital LLC purchased a new stake in G-III Apparel Group during the 2nd quarter worth approximately $124,000. 92.13% of the stock is owned by institutional investors and hedge funds.

G-III Apparel Group Price Performance

The stock’s 50 day simple moving average is $30.73 and its 200-day simple moving average is $28.68. The firm has a market cap of $1.53 billion, a price-to-earnings ratio of 8.72 and a beta of 2.14. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.80 and a current ratio of 2.92.

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.