G-III Apparel Group (NASDAQ:GIII) Shares Gap Up – Here’s What Happened

Shares of G-III Apparel Group, Ltd. (NASDAQ:GIII) gapped up prior to trading on Thursday . The stock had previously closed at $27.26, but opened at $27.96. G-III Apparel Group shares last traded at $27.34, with a volume of 38,579 shares trading hands.

Wall Street Analysts Forecast Growth

GIII has been the topic of several recent research reports. Guggenheim boosted their target price on G-III Apparel Group from $36.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, December 11th. UBS Group dropped their target price on G-III Apparel Group from $37.00 to $32.00 and set a “neutral” rating for the company in a report on Tuesday, March 4th. KeyCorp lifted their price target on shares of G-III Apparel Group from $34.00 to $40.00 and gave the company an “overweight” rating in a research report on Wednesday, December 11th. Barclays lowered their price target on G-III Apparel Group from $29.00 to $25.00 and set an “underweight” rating for the company in a report on Tuesday, March 18th. Finally, StockNews.com upgraded shares of G-III Apparel Group from a “hold” rating to a “buy” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $33.00.

G-III Apparel Group Stock Performance

The company has a quick ratio of 1.75, a current ratio of 2.63 and a debt-to-equity ratio of 0.13. The firm has a 50-day moving average price of $28.68 and a 200 day moving average price of $30.46. The firm has a market capitalization of $1.21 billion, a PE ratio of 7.25 and a beta of 2.09.

G-III Apparel Group (NASDAQ:GIII) last announced its earnings results on Thursday, March 13th. The textile maker reported $1.27 EPS for the quarter, beating analysts’ consensus estimates of $0.97 by $0.30. The company had revenue of $839.50 million during the quarter, compared to analysts’ expectations of $808.59 million. G-III Apparel Group had a return on equity of 11.66% and a net margin of 5.59%. G-III Apparel Group’s revenue for the quarter was up 9.8% on a year-over-year basis. During the same period last year, the business posted $0.76 EPS. Research analysts expect that G-III Apparel Group, Ltd. will post 4.16 earnings per share for the current year.

Institutional Investors Weigh In On G-III Apparel Group

A number of hedge funds have recently added to or reduced their stakes in the business. AlphaQuest LLC purchased a new stake in shares of G-III Apparel Group during the fourth quarter worth $49,000. Quarry LP acquired a new position in G-III Apparel Group during the 3rd quarter worth $63,000. Smartleaf Asset Management LLC increased its holdings in G-III Apparel Group by 249.9% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,977 shares of the textile maker’s stock worth $64,000 after purchasing an additional 1,412 shares during the period. Public Employees Retirement System of Ohio acquired a new stake in G-III Apparel Group in the 4th quarter valued at about $68,000. Finally, Point72 Asia Singapore Pte. Ltd. boosted its stake in shares of G-III Apparel Group by 93.2% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 3,026 shares of the textile maker’s stock valued at $92,000 after buying an additional 1,460 shares during the period. 92.13% of the stock is currently owned by institutional investors and hedge funds.

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.