Royal Bank of Canada Lowers Stake in G-III Apparel Group, LTD. $GIII

Royal Bank of Canada reduced its position in G-III Apparel Group, LTD. (NASDAQ:GIII) by 24.7% in the first quarter, HoldingsChannel.com reports. The firm owned 486,899 shares of the textile maker’s stock after selling 159,289 shares during the period. Royal Bank of Canada’s holdings in G-III Apparel Group were worth $13,487,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Empowered Funds LLC lifted its stake in shares of G-III Apparel Group by 3.8% during the 1st quarter. Empowered Funds LLC now owns 286,375 shares of the textile maker’s stock valued at $7,933,000 after buying an additional 10,411 shares in the last quarter. Quantinno Capital Management LP increased its stake in G-III Apparel Group by 16.8% in the 1st quarter. Quantinno Capital Management LP now owns 16,690 shares of the textile maker’s stock worth $462,000 after buying an additional 2,399 shares in the last quarter. Hound Partners LLC raised its holdings in G-III Apparel Group by 3.4% during the first quarter. Hound Partners LLC now owns 115,853 shares of the textile maker’s stock valued at $3,209,000 after acquiring an additional 3,849 shares during the period. Sei Investments Co. raised its holdings in G-III Apparel Group by 99.8% during the first quarter. Sei Investments Co. now owns 24,511 shares of the textile maker’s stock valued at $679,000 after acquiring an additional 12,242 shares during the period. Finally, State of Wyoming lifted its position in shares of G-III Apparel Group by 139.4% in the first quarter. State of Wyoming now owns 11,532 shares of the textile maker’s stock valued at $319,000 after acquiring an additional 6,715 shares in the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on GIII shares. BTIG Research lifted their target price on G-III Apparel Group from $34.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, June 5th. Telsey Advisory Group restated a “market perform” rating and issued a $38.00 price target (up from $29.00) on shares of G-III Apparel Group in a research note on Monday, June 8th. KeyCorp reaffirmed an “overweight” rating and set a $40.00 price objective (up from $35.00) on shares of G-III Apparel Group in a report on Monday, June 8th. Zacks Research cut shares of G-III Apparel Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 14th. Finally, Weiss Ratings raised shares of G-III Apparel Group from a “hold (c)” rating to a “buy (b-)” rating in a report on Tuesday, June 9th. Three research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $33.00.

G-III Apparel Group Stock Performance

Shares of GIII opened at $35.46 on Friday. The stock has a market capitalization of $1.50 billion, a PE ratio of 12.53 and a beta of 1.28. The company’s fifty day moving average is $34.63 and its 200 day moving average is $31.39. G-III Apparel Group, LTD. has a fifty-two week low of $23.95 and a fifty-two week high of $37.54.

G-III Apparel Group (NASDAQ:GIII) last released its quarterly earnings data on Friday, June 5th. The textile maker reported ($0.21) EPS for the quarter, beating the consensus estimate of ($0.30) by $0.09. G-III Apparel Group had a net margin of 4.34% and a return on equity of 5.59%. The business had revenue of $535.96 million during the quarter, compared to analyst estimates of $529.07 million. During the same quarter last year, the business earned $0.19 earnings per share. G-III Apparel Group’s quarterly revenue was down 8.2% compared to the same quarter last year. G-III Apparel Group has set its FY 2027 guidance at 2.150-2.250 EPS and its Q2 2027 guidance at 0.150-0.250 EPS. As a group, research analysts forecast that G-III Apparel Group, LTD. will post 2.24 earnings per share for the current year.

G-III Apparel Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 8th. Shareholders of record on Monday, June 22nd were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend was Monday, June 22nd. G-III Apparel Group’s payout ratio is presently 14.13%.

G-III Apparel Group Profile

G-III Apparel Group, Ltd. is a global fashion company engaged in the design, sourcing, marketing and distribution of women’s and men’s apparel, outerwear, footwear, handbags and fashion accessories. Founded in 1956 and headquartered in New York City, the company has grown from an importer of ladies’ apparel into a diversified apparel business with a portfolio of owned and licensed brands.

The company’s product offerings span a broad spectrum of price points and styles, including formal and casual outerwear, sportswear, performance wear and contemporary fashion.