Victory Capital Management Inc. cut its stake in G-III Apparel Group, Ltd. (NASDAQ:GIII) by 19.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 991,722 shares of the textile maker’s stock after selling 238,491 shares during the period. Victory Capital Management Inc. owned approximately 2.02% of G-III Apparel Group worth $44,032,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in GIII. Xact Kapitalforvaltning AB increased its stake in shares of G-III Apparel Group by 20.0% in the 2nd quarter. Xact Kapitalforvaltning AB now owns 7,816 shares of the textile maker’s stock valued at $347,000 after purchasing an additional 1,300 shares during the last quarter. Suffolk Capital Management LLC grew its position in G-III Apparel Group by 9.0% during the 2nd quarter. Suffolk Capital Management LLC now owns 17,437 shares of the textile maker’s stock worth $774,000 after acquiring an additional 1,445 shares during the last quarter. Prudential Financial Inc. grew its position in G-III Apparel Group by 2.4% during the 1st quarter. Prudential Financial Inc. now owns 70,728 shares of the textile maker’s stock worth $2,665,000 after acquiring an additional 1,630 shares during the last quarter. Envestnet Asset Management Inc. grew its position in G-III Apparel Group by 16.0% during the 4th quarter. Envestnet Asset Management Inc. now owns 12,599 shares of the textile maker’s stock worth $465,000 after acquiring an additional 1,736 shares during the last quarter. Finally, Rhumbline Advisers grew its position in G-III Apparel Group by 2.3% during the 1st quarter. Rhumbline Advisers now owns 103,027 shares of the textile maker’s stock worth $3,882,000 after acquiring an additional 2,280 shares during the last quarter. 98.95% of the stock is owned by hedge funds and other institutional investors.

A number of equities research analysts recently weighed in on the company. Stifel Nicolaus boosted their price objective on G-III Apparel Group from $33.00 to $45.00 and gave the stock a “hold” rating in a research report on Wednesday, June 6th. Telsey Advisory Group boosted their price objective on G-III Apparel Group from $48.00 to $54.00 and gave the stock an “outperform” rating in a research report on Saturday, June 9th. ValuEngine lowered G-III Apparel Group from a “buy” rating to a “hold” rating in a research report on Saturday, April 21st. Buckingham Research boosted their price objective on G-III Apparel Group from $45.00 to $55.00 and gave the stock a “buy” rating in a research report on Wednesday, June 6th. Finally, CL King assumed coverage on G-III Apparel Group in a research report on Friday, May 4th. They set a “buy” rating and a $42.00 price objective on the stock. Five analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $47.17.

Shares of G-III Apparel Group opened at $45.90 on Monday, according to MarketBeat. The stock has a market cap of $2.26 billion, a price-to-earnings ratio of 28.69, a P/E/G ratio of 1.30 and a beta of 0.28. G-III Apparel Group, Ltd. has a 12 month low of $22.66 and a 12 month high of $51.20. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.33 and a current ratio of 2.35.

G-III Apparel Group (NASDAQ:GIII) last announced its quarterly earnings data on Tuesday, June 5th. The textile maker reported $0.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.27. The company had revenue of $611.70 million for the quarter, compared to the consensus estimate of $570.59 million. G-III Apparel Group had a return on equity of 9.15% and a net margin of 2.85%. The firm’s revenue was up 15.6% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.21) EPS. equities research analysts forecast that G-III Apparel Group, Ltd. will post 2.35 EPS for the current year.

In other news, EVP Jeffrey David Goldfarb sold 20,000 shares of the business’s stock in a transaction dated Friday, June 8th. The stock was sold at an average price of $49.08, for a total value of $981,600.00. Following the transaction, the executive vice president now directly owns 406,043 shares of the company’s stock, valued at approximately $19,928,590.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Morris Goldfarb sold 770,000 shares of the business’s stock in a transaction dated Tuesday, June 19th. The shares were sold at an average price of $47.32, for a total value of $36,436,400.00. Following the completion of the transaction, the chief executive officer now directly owns 3,812,427 shares in the company, valued at $180,404,045.64. The disclosure for this sale can be found here. Insiders sold a total of 967,513 shares of company stock worth $45,759,996 over the last three months. 9.80% of the stock is owned by company insiders.

G-III Apparel Group Profile

G-III Apparel Group, Ltd. designs, manufactures, and markets women's and men's apparel in the United States and internationally. The company operates in 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.

Further Reading: Momentum Indicator: Relative Strength Index

Institutional Ownership by Quarter for G-III Apparel Group (NASDAQ:GIII)

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