G-III Apparel Group (NASDAQ:GIII) Shares Gap Down After Analyst Downgrade

Shares of G-III Apparel Group, Ltd. (NASDAQ:GIII) gapped down before the market opened on Monday after Barclays lowered their price target on the stock from $25.00 to $21.00. The stock had previously closed at $25.87, but opened at $25.31. Barclays currently has an underweight rating on the stock. G-III Apparel Group shares last traded at $25.67, with a volume of 49,578 shares traded.

Several other research analysts have also recently issued reports on the stock. UBS Group decreased their price objective on shares of G-III Apparel Group from $37.00 to $32.00 and set a “neutral” rating for the company in a report on Tuesday, March 4th. StockNews.com lowered G-III Apparel Group from a “buy” rating to a “hold” rating in a research note on Wednesday, April 9th. Finally, Telsey Advisory Group reissued a “market perform” rating and issued a $30.00 price objective on shares of G-III Apparel Group in a research note on Friday, April 4th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, G-III Apparel Group has an average rating of “Hold” and an average target price of $32.20.

Hedge Funds Weigh In On G-III Apparel Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GIII. New York State Common Retirement Fund boosted its position in shares of G-III Apparel Group by 46.6% in the fourth quarter. New York State Common Retirement Fund now owns 44,071 shares of the textile maker’s stock worth $1,438,000 after buying an additional 14,016 shares during the period. JPMorgan Chase & Co. boosted its position in G-III Apparel Group by 80.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 133,518 shares of the textile maker’s stock worth $4,075,000 after acquiring an additional 59,718 shares during the period. Victory Capital Management Inc. grew its stake in G-III Apparel Group by 513.2% during the 4th quarter. Victory Capital Management Inc. now owns 564,998 shares of the textile maker’s stock valued at $18,430,000 after acquiring an additional 472,862 shares in the last quarter. Proficio Capital Partners LLC acquired a new position in shares of G-III Apparel Group in the 4th quarter valued at about $375,000. Finally, EMC Capital Management lifted its position in shares of G-III Apparel Group by 345.5% in the fourth quarter. EMC Capital Management now owns 11,965 shares of the textile maker’s stock worth $390,000 after purchasing an additional 9,279 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

G-III Apparel Group Stock Performance

The firm’s fifty day moving average is $25.99 and its 200 day moving average is $29.53. The firm has a market capitalization of $1.12 billion, a price-to-earnings ratio of 6.72 and a beta of 1.63. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.63 and a quick ratio of 1.75.

G-III Apparel Group (NASDAQ:GIII) last announced its quarterly earnings data on Thursday, March 13th. The textile maker reported $1.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.97 by $0.30. G-III Apparel Group had a return on equity of 11.66% and a net margin of 5.59%. The business had revenue of $839.50 million during the quarter, compared to analyst estimates of $808.59 million. During the same period last year, the company earned $0.76 earnings per share. G-III Apparel Group’s quarterly revenue was up 9.8% compared to the same quarter last year. On average, analysts predict that G-III Apparel Group, Ltd. will post 4.16 EPS for the current fiscal 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.