State Street Corp Reduces Holdings in G-III Apparel Group, Ltd. (NASDAQ:GIII)

State Street Corp lessened its holdings in G-III Apparel Group, Ltd. (NASDAQ:GIII) by 1.6% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,602,983 shares of the textile maker’s stock after selling 25,582 shares during the period. State Street Corp owned 3.65% of G-III Apparel Group worth $48,923,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Point72 Asia Singapore Pte. Ltd. purchased a new stake in G-III Apparel Group in the 2nd quarter valued at approximately $42,000. Quarry LP acquired a new position in shares of G-III Apparel Group in the third quarter worth $63,000. CWM LLC raised its holdings in shares of G-III Apparel Group by 46.8% in the third quarter. CWM LLC now owns 2,777 shares of the textile maker’s stock worth $85,000 after acquiring an additional 885 shares during the last quarter. Point72 DIFC Ltd purchased a new stake in shares of G-III Apparel Group in the second quarter valued at $78,000. Finally, Innealta Capital LLC acquired a new stake in shares of G-III Apparel Group during the second quarter valued at $124,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

GIII has been the topic of a number of recent research reports. Telsey Advisory Group restated a “market perform” rating and issued a $38.00 target price on shares of G-III Apparel Group in a report on Wednesday. StockNews.com raised shares of G-III Apparel Group from a “hold” rating to a “buy” rating in a research note on Monday, December 2nd. KeyCorp lifted their target price on shares of G-III Apparel Group from $34.00 to $40.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 11th. Barclays increased their price target on G-III Apparel Group from $27.00 to $29.00 and gave the stock an “underweight” rating in a research note on Wednesday, December 11th. Finally, Guggenheim lifted their price objective on G-III Apparel Group from $36.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, December 11th. Two investment 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. According to data from MarketBeat, G-III Apparel Group presently has a consensus rating of “Hold” and an average target price of $33.17.

Insider Activity at G-III Apparel Group

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

G-III Apparel Group Trading Down 1.2 %

GIII stock opened at $33.67 on Friday. The company has a quick ratio of 1.80, a current ratio of 2.63 and a debt-to-equity ratio of 0.13. The company has a market cap of $1.48 billion, a price-to-earnings ratio of 8.84 and a beta of 2.14. The business has a fifty day simple moving average of $31.45 and a 200-day simple moving average of $28.96. G-III Apparel Group, Ltd. has a 52 week low of $20.66 and a 52 week high of $36.18.

G-III Apparel Group (NASDAQ:GIII) last announced its quarterly earnings results on Tuesday, December 10th. The textile maker reported $2.59 EPS for the quarter, topping the consensus estimate of $2.26 by $0.33. The company had revenue of $1.09 billion during the quarter, compared to analyst estimates of $1.10 billion. G-III Apparel Group had a return on equity of 11.66% and a net margin of 5.59%. The firm’s revenue was up 1.9% on a year-over-year basis. During the same period in the prior year, the firm posted $2.78 earnings per share. On average, equities research analysts expect that G-III Apparel Group, Ltd. will post 4.15 EPS for the current 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.