G-III Apparel Group (NASDAQ:GIII) Shares Up 4.8% on Earnings Beat

G-III Apparel Group, Ltd. (NASDAQ:GIII) shares shot up 4.8% on Tuesday following a stronger than expected earnings report. The stock traded as high as $33.17 and last traded at $33.11. 205,103 shares traded hands during mid-day trading, a decline of 63% from the average session volume of 557,291 shares. The stock had previously closed at $31.58.

The textile maker reported $2.59 earnings per share for the quarter, beating analysts’ consensus estimates of $2.26 by $0.33. The business had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $1.10 billion. G-III Apparel Group had a return on equity of 12.81% and a net margin of 6.04%. G-III Apparel Group’s quarterly revenue was up 1.9% on a year-over-year basis. During the same period in the prior year, the business posted $2.78 earnings per share.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on GIII. Guggenheim began coverage on G-III Apparel Group in a report on Wednesday, October 9th. They set a “buy” rating and a $36.00 price target for the company. StockNews.com upgraded G-III Apparel Group from a “hold” rating to a “buy” rating in a report on Monday, December 2nd. Barclays increased their price target on G-III Apparel Group from $23.00 to $27.00 and gave the stock an “underweight” rating in a report on Friday, September 6th. KeyCorp increased their price target on G-III Apparel Group from $32.00 to $34.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Finally, Telsey Advisory Group reissued a “market perform” rating and set a $32.00 price objective on shares of G-III Apparel Group in a research report on Tuesday. Two analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $30.50.

Insider Activity at G-III Apparel Group

In related news, CEO Morris Goldfarb sold 100,000 shares of the firm’s stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $31.59, for a total value of $3,159,000.00. Following the transaction, the chief executive officer now owns 3,990,085 shares of the company’s stock, valued at approximately $126,046,785.15. This trade represents a 2.44 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 12.40% of the stock is owned by insiders.

Hedge Funds Weigh In On G-III Apparel Group

Large investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP increased its stake in G-III Apparel Group by 4.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,376,310 shares of the textile maker’s stock valued at $91,396,000 after buying an additional 151,425 shares during the last quarter. American Century Companies Inc. increased its stake in G-III Apparel Group by 15.6% in the 2nd quarter. American Century Companies Inc. now owns 1,147,175 shares of the textile maker’s stock valued at $31,054,000 after buying an additional 155,079 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in G-III Apparel Group by 0.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,036,158 shares of the textile maker’s stock valued at $31,624,000 after buying an additional 6,598 shares during the last quarter. Geode Capital Management LLC increased its stake in G-III Apparel Group by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 977,331 shares of the textile maker’s stock valued at $29,833,000 after buying an additional 11,196 shares during the last quarter. Finally, LSV Asset Management increased its stake in G-III Apparel Group by 0.6% in the 2nd quarter. LSV Asset Management now owns 851,683 shares of the textile maker’s stock valued at $23,055,000 after buying an additional 5,200 shares during the last quarter. Institutional investors own 92.13% of the company’s stock.

G-III Apparel Group Stock Performance

The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.80 and a current ratio of 2.92. The stock has a market cap of $1.45 billion, a PE ratio of 7.90 and a beta of 2.14. The company’s 50 day simple moving average is $30.64 and its 200 day simple moving average is $28.64.

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.