G-III Apparel Group, LTD. (GIII) Trading 10% Higher on Earnings Beat
G-III Apparel Group, LTD. (NASDAQ:GIII)’s share price traded up 10% during trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $31.19 and last traded at $30.29. 3,879,162 shares were traded during mid-day trading, an increase of 301% from the average session volume of 968,164 shares. The stock had previously closed at $27.54.
The textile maker reported ($0.15) earnings per share for the quarter, beating the consensus estimate of ($0.26) by $0.11. G-III Apparel Group, LTD. had a net margin of 1.58% and a return on equity of 5.57%. The business had revenue of $538 million during the quarter, compared to analysts’ expectations of $522.45 million. During the same quarter in the prior year, the company posted $0.01 EPS. The business’s revenue for the quarter was up 21.6% on a year-over-year basis.
A number of equities research analysts have issued reports on GIII shares. Cowen and Company set a $23.00 target price on shares of G-III Apparel Group, LTD. and gave the stock a “hold” rating in a report on Monday, August 14th. Buckingham Research increased their target price on shares of G-III Apparel Group, LTD. from $28.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, August 31st. BidaskClub downgraded shares of G-III Apparel Group, LTD. from a “hold” rating to a “sell” rating in a research report on Friday, June 23rd. Piper Jaffray Companies raised shares of G-III Apparel Group, LTD. from a “neutral” rating to an “overweight” rating and set a $27.00 target price on the stock in a research report on Wednesday, August 23rd. Finally, ValuEngine raised shares of G-III Apparel Group, LTD. from a “sell” rating to a “hold” rating in a research report on Friday, September 1st. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. G-III Apparel Group, LTD. has an average rating of “Buy” and a consensus target price of $31.27.
Institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. increased its stake in G-III Apparel Group, LTD. by 19,882.5% during the first quarter. BlackRock Inc. now owns 5,643,064 shares of the textile maker’s stock valued at $123,528,000 after purchasing an additional 5,614,824 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of G-III Apparel Group, LTD. by 74.7% during the second quarter. Bank of New York Mellon Corp now owns 5,574,206 shares of the textile maker’s stock worth $139,077,000 after acquiring an additional 2,383,043 shares during the last quarter. Victory Capital Management Inc. bought a new position in shares of G-III Apparel Group, LTD. during the second quarter worth about $23,202,000. Dimensional Fund Advisors LP grew its position in shares of G-III Apparel Group, LTD. by 45.4% during the second quarter. Dimensional Fund Advisors LP now owns 2,904,916 shares of the textile maker’s stock worth $72,478,000 after acquiring an additional 907,701 shares during the last quarter. Finally, Phocas Financial Corp. bought a new position in shares of G-III Apparel Group, LTD. during the second quarter worth about $13,037,000. 99.38% of the stock is currently owned by hedge funds and other institutional investors.
The stock has a market capitalization of $1.47 billion, a price-to-earnings ratio of 37.03 and a beta of 0.26. The company has a 50-day moving average of $25.79 and a 200-day moving average of $24.08.
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G-III Apparel Group, LTD. Company Profile
G-III Apparel Group, Ltd. designs, manufactures and markets a range of apparel products. The Company operates through two segments: wholesale operations and retail operations. Its apparel products include outerwear, dresses, sportswear, swimwear, women’s suits and women’s performance wear, as well as women’s handbags, footwear, small leather goods, cold weather accessories and luggage.
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