G-III Apparel Group (NASDAQ:GIII) Shares Up 4.8% on Earnings Beat

G-III Apparel Group, Ltd. (NASDAQ:GIII)’s stock price rose 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 were traded during mid-day 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 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.26 by $0.33. G-III Apparel Group had a net margin of 6.04% and a return on equity of 12.81%. The company had revenue of $1.09 billion during the quarter, compared to analyst estimates of $1.10 billion. During the same quarter last year, the business posted $2.78 EPS. G-III Apparel Group’s quarterly revenue was up 1.9% compared to the same quarter last year.

Analysts Set New Price Targets

GIII has been the subject of several research analyst reports. KeyCorp raised their price target 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. Barclays raised their price target on shares of G-III Apparel Group from $23.00 to $27.00 and gave the stock an “underweight” rating in a research note on Friday, September 6th. Telsey Advisory Group restated a “market perform” rating and set a $32.00 price target on shares of G-III Apparel Group in a research note on Tuesday. StockNews.com upgraded shares of G-III Apparel Group from a “hold” rating to a “buy” rating in a research note on Monday, December 2nd. Finally, Guggenheim initiated coverage on shares of G-III Apparel Group in a research note on Wednesday, October 9th. They issued a “buy” rating and a $36.00 price objective for the company. Two investment 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 data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $30.50.

Insider Activity at G-III Apparel Group

In other G-III Apparel Group news, CEO Morris Goldfarb sold 67,014 shares of the firm’s stock in a transaction on 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 directly owns 3,923,071 shares of the company’s stock, valued at $118,869,051.30. This trade represents a 1.68 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 12.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Point72 Asia Singapore Pte. Ltd. purchased a new stake in G-III Apparel Group during the second quarter valued at about $42,000. CWM LLC raised its stake 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 during the last quarter. Quarry LP bought a new position in shares of G-III Apparel Group during the third quarter valued at about $63,000. Point72 DIFC Ltd bought a new position in shares of G-III Apparel Group during the second quarter valued at about $78,000. Finally, Innealta Capital LLC bought a new position in shares of G-III Apparel Group during the second quarter valued at about $124,000. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

G-III Apparel Group Trading Up 4.8 %

The stock has a market capitalization of $1.45 billion, a P/E ratio of 7.90 and a beta of 2.14. The firm’s 50 day moving average price is $30.64 and its 200 day moving average price is $28.64. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.92 and a quick ratio of 1.80.

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.