Arrowstreet Capital Limited Partnership Reduces Stake in G-III Apparel Group, Ltd. (NASDAQ:GIII)

Arrowstreet Capital Limited Partnership trimmed its stake in G-III Apparel Group, Ltd. (NASDAQ:GIII) by 0.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 964,250 shares of the textile maker’s stock after selling 9,094 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in G-III Apparel Group were worth $31,454,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of GIII. Norges Bank purchased a new stake in G-III Apparel Group during the 4th quarter valued at $3,079,000. JPMorgan Chase & Co. raised its stake in shares of G-III Apparel Group by 75.2% in the fourth quarter. JPMorgan Chase & Co. now owns 233,913 shares of the textile maker’s stock valued at $7,630,000 after acquiring an additional 100,395 shares during the period. Mitsubishi UFJ Trust & Banking Corp purchased a new stake in shares of G-III Apparel Group in the fourth quarter valued at $271,000. Zions Bancorporation N.A. boosted its stake in shares of G-III Apparel Group by 19.7% during the 4th quarter. Zions Bancorporation N.A. now owns 56,577 shares of the textile maker’s stock worth $1,846,000 after purchasing an additional 9,329 shares during the period. Finally, Segall Bryant & Hamill LLC purchased a new position in shares of G-III Apparel Group during the 4th quarter worth about $493,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Guggenheim raised their price objective on shares of G-III Apparel Group from $36.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, December 11th. Barclays decreased their price target on G-III Apparel Group from $29.00 to $25.00 and set an “underweight” rating for the company in a research note on Tuesday, March 18th. KeyCorp increased their target price on G-III Apparel Group from $34.00 to $40.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 11th. StockNews.com raised shares of G-III Apparel Group from a “hold” rating to a “buy” rating in a research note on Wednesday, March 26th. Finally, Telsey Advisory Group cut their price target on shares of G-III Apparel Group from $38.00 to $30.00 and set a “market perform” rating on the stock in a report on Friday, March 14th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $33.00.

G-III Apparel Group Price Performance

Shares of GIII stock opened at $27.90 on Thursday. G-III Apparel Group, Ltd. has a twelve month low of $20.66 and a twelve month high of $36.18. The company has a current ratio of 2.63, a quick ratio of 1.75 and a debt-to-equity ratio of 0.13. The stock has a fifty day simple moving average of $28.32 and a two-hundred day simple moving average of $30.34. The stock has a market capitalization of $1.22 billion, a price-to-earnings ratio of 7.32 and a beta of 2.09.

G-III Apparel Group (NASDAQ:GIII) last issued its earnings results 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 net margin of 5.59% and a return on equity of 11.66%. The company had revenue of $839.50 million for the quarter, compared to analysts’ expectations of $808.59 million. During the same period in the prior year, the business earned $0.76 EPS. The firm’s quarterly revenue was up 9.8% on a year-over-year basis. On average, analysts predict that G-III Apparel Group, Ltd. will post 4.16 EPS for the current fiscal year.

G-III Apparel Group Company Profile

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.