G-III Apparel Group (NASDAQ:GIII) Stock Price Down 5%

Shares of G-III Apparel Group, Ltd. (NASDAQ:GIII) traded down 5% on Wednesday . The stock traded as low as $23.42 and last traded at $23.55, 558,312 shares changed hands during trading. A decline of 20% from the average session volume of 701,958 shares. The stock had previously closed at $24.80.

Several research analysts recently weighed in on the company. Stifel Nicolaus set a $22.00 target price on G-III Apparel Group and gave the company a “hold” rating in a research note on Friday, September 6th. ValuEngine raised G-III Apparel Group from a “strong sell” rating to a “sell” rating in a research note on Wednesday. Needham & Company LLC decreased their target price on G-III Apparel Group from $47.00 to $34.00 and set a “buy” rating for the company in a research note on Tuesday, September 3rd. KeyCorp decreased their price target on G-III Apparel Group from $52.00 to $45.00 and set an “overweight” rating for the company in a research report on Thursday, June 6th. Finally, Bank of America lowered G-III Apparel Group from a “buy” rating to a “neutral” rating and decreased their price target for the company from $35.00 to $21.00 in a research report on Wednesday, September 4th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $32.73.

The company has a current ratio of 2.08, a quick ratio of 0.88 and a debt-to-equity ratio of 0.71. The firm has a market cap of $1.18 billion, a price-to-earnings ratio of 8.40, a price-to-earnings-growth ratio of 1.24 and a beta of 1.52. The stock has a 50-day moving average of $23.05 and a two-hundred day moving average of $30.08.

G-III Apparel Group (NASDAQ:GIII) last released its quarterly earnings results on Thursday, September 5th. The textile maker reported $0.23 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.22 by $0.01. G-III Apparel Group had a return on equity of 12.37% and a net margin of 4.53%. The business had revenue of $643.90 million during the quarter, compared to analyst estimates of $656.16 million. During the same quarter last year, the company posted $0.22 EPS. G-III Apparel Group’s revenue for the quarter was up 3.1% on a year-over-year basis. Sell-side analysts expect that G-III Apparel Group, Ltd. will post 3.19 EPS for the current fiscal year.

In related news, CEO Morris Goldfarb purchased 40,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 11th. The stock was acquired at an average price of $26.47 per share, for a total transaction of $1,058,800.00. Following the transaction, the chief executive officer now directly owns 3,250,483 shares of the company’s stock, valued at approximately $86,040,285.01. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 8.60% of the company’s stock.

Large investors have recently added to or reduced their stakes in the stock. FTB Advisors Inc. acquired a new stake in G-III Apparel Group during the 2nd quarter worth about $27,000. Price Wealth Management Inc. acquired a new stake in G-III Apparel Group in the 2nd quarter valued at approximately $113,000. Glen Harbor Capital Management LLC grew its holdings in G-III Apparel Group by 14.7% in the 2nd quarter. Glen Harbor Capital Management LLC now owns 4,608 shares of the textile maker’s stock valued at $136,000 after buying an additional 592 shares during the last quarter. Riverhead Capital Management LLC grew its holdings in G-III Apparel Group by 15.8% in the 2nd quarter. Riverhead Capital Management LLC now owns 5,131 shares of the textile maker’s stock valued at $151,000 after buying an additional 700 shares during the last quarter. Finally, Tyers Asset Management LLC grew its holdings in G-III Apparel Group by 14.7% in the 2nd quarter. Tyers Asset Management LLC now owns 6,336 shares of the textile maker’s stock valued at $186,000 after buying an additional 814 shares during the last quarter.

G-III Apparel Group Company Profile (NASDAQ:GIII)

G-III Apparel Group, Ltd. designs, sources, 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.

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