Wedge Capital Management L L P NC Makes New Investment in G-III Apparel Group, Ltd. (NASDAQ:GIII)

Wedge Capital Management L L P NC acquired a new stake in shares of G-III Apparel Group, Ltd. (NASDAQ:GIII) during the 3rd quarter, HoldingsChannel.com reports. The firm acquired 38,517 shares of the textile maker’s stock, valued at approximately $1,176,000.

Several other institutional investors and hedge funds have also recently modified their holdings of GIII. Vanguard Group Inc. raised its position in shares of G-III Apparel Group by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 4,754,135 shares of the textile maker’s stock valued at $161,546,000 after buying an additional 51,902 shares during the last quarter. Guidance Capital Inc. bought a new stake in shares of G-III Apparel Group during the first quarter valued at approximately $403,000. Allspring Global Investments Holdings LLC bought a new stake in shares of G-III Apparel Group during the first quarter valued at approximately $171,000. Principal Financial Group Inc. raised its position in shares of G-III Apparel Group by 1.4% during the first quarter. Principal Financial Group Inc. now owns 234,814 shares of the textile maker’s stock valued at $6,812,000 after buying an additional 3,222 shares during the last quarter. Finally, Mutual Advisors LLC raised its position in shares of G-III Apparel Group by 1.0% during the first quarter. Mutual Advisors LLC now owns 49,317 shares of the textile maker’s stock valued at $1,431,000 after buying an additional 498 shares during the last quarter. Institutional investors own 92.13% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Morris Goldfarb sold 67,014 shares of G-III Apparel Group stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $30.30, for a total transaction of $2,030,524.20. Following the completion of the sale, the chief executive officer now directly owns 3,923,071 shares in the company, valued at approximately $118,869,051.30. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 12.40% of the stock is owned by insiders.

Analyst Ratings Changes

Several research firms have recently issued reports on GIII. Telsey Advisory Group reiterated a “market perform” rating and set a $29.00 price objective on shares of G-III Apparel Group in a research report on Thursday, September 5th. KeyCorp raised their target price 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, September 6th. Guggenheim began coverage on shares of G-III Apparel Group in a report on Wednesday, October 9th. They issued a “buy” rating and a $36.00 target price for the company. Barclays raised their target price 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, September 6th. Finally, StockNews.com lowered shares of G-III Apparel Group from a “buy” rating to a “hold” rating in a report on Friday, October 11th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, G-III Apparel Group has a consensus rating of “Hold” and an average target price of $30.00.

G-III Apparel Group Stock Up 2.9 %

NASDAQ GIII opened at $32.23 on Thursday. The company has a quick ratio of 1.80, a current ratio of 2.92 and a debt-to-equity ratio of 0.27. The company has a fifty day moving average of $28.70 and a two-hundred day moving average of $27.91. The firm has a market capitalization of $1.45 billion, a price-to-earnings ratio of 8.44 and a beta of 2.19. G-III Apparel Group, Ltd. has a 52 week low of $20.66 and a 52 week high of $35.68.

G-III Apparel Group (NASDAQ:GIII) last posted its quarterly earnings data on Thursday, September 5th. The textile maker reported $0.52 EPS for the quarter, topping the consensus estimate of $0.27 by $0.25. The company had revenue of $644.80 million during the quarter, compared to analyst estimates of $649.54 million. G-III Apparel Group had a net margin of 6.04% and a return on equity of 12.81%. G-III Apparel Group’s quarterly revenue was down 2.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.40 earnings per share. On average, analysts predict that G-III Apparel Group, Ltd. will post 4.01 earnings per share for the current 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.