Norges Bank Acquires Shares of 1,250,000 G-III Apparel Group, LTD. $GIII

Norges Bank acquired a new stake in G-III Apparel Group, LTD. (NASDAQ:GIII) during the fourth quarter, Holdings Channel reports. The fund acquired 1,250,000 shares of the textile maker’s stock, valued at approximately $36,200,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in GIII. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in G-III Apparel Group by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,228 shares of the textile maker’s stock valued at $635,000 after purchasing an additional 1,018 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in G-III Apparel Group by 8.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 80,197 shares of the textile maker’s stock valued at $2,193,000 after purchasing an additional 6,062 shares in the last quarter. Intech Investment Management LLC lifted its stake in G-III Apparel Group by 14.1% in the 1st quarter. Intech Investment Management LLC now owns 46,076 shares of the textile maker’s stock worth $1,260,000 after purchasing an additional 5,685 shares in the last quarter. Strs Ohio purchased a new position in G-III Apparel Group in the 1st quarter worth approximately $77,000. Finally, First Trust Advisors LP lifted its stake in G-III Apparel Group by 15.7% in the 2nd quarter. First Trust Advisors LP now owns 154,445 shares of the textile maker’s stock worth $3,460,000 after purchasing an additional 20,984 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on GIII shares. Zacks Research raised shares of G-III Apparel Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 12th. UBS Group decreased their target price on shares of G-III Apparel Group from $30.00 to $26.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 17th. KeyCorp reissued an “overweight” rating and issued a $40.00 target price (up from $35.00) on shares of G-III Apparel Group in a research note on Monday. Telsey Advisory Group reissued a “market perform” rating and issued a $38.00 target price (up from $29.00) on shares of G-III Apparel Group in a research note on Monday. Finally, BTIG Research lifted their price target on G-III Apparel Group from $34.00 to $40.00 and gave the stock a “buy” rating in a report on Friday. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, G-III Apparel Group presently has a consensus rating of “Hold” and a consensus target price of $33.00.

G-III Apparel Group Trading Up 3.6%

Shares of GIII opened at $34.92 on Tuesday. The firm has a market cap of $1.47 billion, a P/E ratio of 12.34 and a beta of 1.29. G-III Apparel Group, LTD. has a 12-month low of $20.33 and a 12-month high of $36.53. The company’s 50-day moving average price is $30.42 and its 200 day moving average price is $29.87.

G-III Apparel Group (NASDAQ:GIII) last issued its quarterly earnings data on Friday, June 5th. The textile maker reported ($0.21) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.30) by $0.09. The firm had revenue of $535.96 million for the quarter, compared to analyst estimates of $529.07 million. G-III Apparel Group had a net margin of 4.34% and a return on equity of 5.65%. G-III Apparel Group’s revenue was down 8.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.19 EPS. 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. Equities research analysts forecast that G-III Apparel Group, LTD. will post 2.2 earnings per share for the current year.

G-III Apparel Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 8th. Shareholders of record on Monday, June 22nd will be given a $0.10 dividend. The ex-dividend date of this dividend is Monday, June 22nd. This represents a $0.40 dividend on an annualized basis and a yield of 1.1%. G-III Apparel Group’s payout ratio is presently 26.67%.

G-III Apparel Group Company 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.