Bank of New York Mellon Corp Trims Holdings in G-III Apparel Group, Ltd. (NASDAQ:GIII)

Bank of New York Mellon Corp trimmed its position in G-III Apparel Group, Ltd. (NASDAQ:GIII) by 2.4% in the 2nd quarter, HoldingsChannel reports. The fund owned 331,553 shares of the textile maker’s stock after selling 8,174 shares during the quarter. Bank of New York Mellon Corp’s holdings in G-III Apparel Group were worth $8,975,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in GIII. Vanguard Group Inc. grew its holdings in G-III Apparel Group by 6.2% during the 1st quarter. Vanguard Group Inc. now owns 5,046,803 shares of the textile maker’s stock valued at $146,408,000 after buying an additional 292,668 shares in the last quarter. Norges Bank purchased a new stake in G-III Apparel Group during the 4th quarter valued at approximately $9,440,000. Dimensional Fund Advisors LP grew its holdings in G-III Apparel Group by 5.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,777,980 shares of the textile maker’s stock valued at $94,396,000 after buying an additional 145,232 shares in the last quarter. Quantedge Capital Pte Ltd grew its holdings in G-III Apparel Group by 63.7% during the 4th quarter. Quantedge Capital Pte Ltd now owns 162,900 shares of the textile maker’s stock valued at $5,535,000 after buying an additional 63,400 shares in the last quarter. Finally, CastleKnight Management LP purchased a new stake in G-III Apparel Group during the 4th quarter valued at approximately $2,015,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Barclays increased their price objective on shares of G-III Apparel Group from $23.00 to $27.00 and gave the company an “underweight” rating in a report on Friday. KeyCorp increased their price objective on shares of G-III Apparel Group from $32.00 to $34.00 and gave the company an “overweight” rating in a report on Friday. StockNews.com raised shares of G-III Apparel Group from a “hold” rating to a “buy” rating in a report on Friday. Finally, Telsey Advisory Group reissued a “market perform” rating and issued a $29.00 target price on shares of G-III Apparel Group in a report on Thursday, September 5th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat, G-III Apparel Group presently has an average rating of “Hold” and an average target price of $28.80.

G-III Apparel Group Price Performance

GIII stock opened at $30.85 on Tuesday. G-III Apparel Group, Ltd. has a 52 week low of $20.66 and a 52 week high of $35.68. The company has a quick ratio of 2.62, a current ratio of 3.79 and a debt-to-equity ratio of 0.26. The company has a fifty day simple moving average of $26.26 and a two-hundred day simple moving average of $27.69. The firm has a market capitalization of $1.39 billion, a P/E ratio of 8.08 and a beta of 2.19.

G-III Apparel Group (NASDAQ:GIII) last released its quarterly earnings data on Thursday, September 5th. The textile maker reported $0.52 EPS for the quarter, beating the consensus estimate of $0.27 by $0.25. G-III Apparel Group had a net margin of 6.04% and a return on equity of 12.79%. The business had revenue of $644.80 million during the quarter, compared to analyst estimates of $649.54 million. During the same quarter last year, the business earned $0.40 earnings per share. G-III Apparel Group’s quarterly revenue was down 2.3% compared to the same quarter last year. Analysts anticipate that G-III Apparel Group, Ltd. will post 4.01 earnings per share 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.