Prudential Financial Inc. boosted its holdings in G-III Apparel Group, Ltd. (NASDAQ:GIII) by 169.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 188,808 shares of the textile maker’s stock after acquiring an additional 118,610 shares during the quarter. Prudential Financial Inc. owned about 0.39% of G-III Apparel Group worth $5,555,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of the business. FTB Advisors Inc. acquired a new stake in G-III Apparel Group during the 2nd quarter worth about $27,000. Price Wealth Management Inc. acquired a new stake in G-III Apparel Group during the 2nd quarter worth about $113,000. Nvwm LLC raised its holdings in G-III Apparel Group by 9.9% during the 1st quarter. Nvwm LLC now owns 4,276 shares of the textile maker’s stock worth $171,000 after buying an additional 384 shares during the period. Everence Capital Management Inc. acquired a new stake in G-III Apparel Group during the 1st quarter worth about $204,000. Finally, Actinver Wealth Management Inc. acquired a new stake in G-III Apparel Group during the 1st quarter worth about $206,000.
GIII has been the topic of several research analyst reports. KeyCorp lowered their target price on G-III Apparel Group from $52.00 to $45.00 and set an “overweight” rating on the stock in a research note on Thursday, June 6th. Bank of America cut G-III Apparel Group from a “buy” rating to a “neutral” rating and lowered their target price for the company from $35.00 to $21.00 in a research note on Wednesday, September 4th. Piper Jaffray Companies lifted their target price on G-III Apparel Group from $22.00 to $25.00 and gave the company a “neutral” rating in a research note on Thursday. Needham & Company LLC lowered their target price on G-III Apparel Group from $47.00 to $34.00 and set a “buy” rating on the stock in a research note on Tuesday, September 3rd. Finally, Telsey Advisory Group cut G-III Apparel Group from an “outperform” rating to a “market perform” rating and lowered their target price for the company from $34.00 to $20.00 in a research note on Tuesday, September 3rd. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company. G-III Apparel Group has an average rating of “Hold” and a consensus price target of $33.40.
In other news, CEO Morris Goldfarb purchased 40,000 shares of the stock in a transaction that occurred on Thursday, July 11th. The stock was acquired at an average price of $26.47 per share, with a total value of $1,058,800.00. Following the purchase, the chief executive officer now owns 3,250,483 shares in the company, valued at approximately $86,040,285.01. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 8.60% of the company’s stock.
Shares of NASDAQ GIII traded up $0.27 during trading hours on Friday, hitting $27.53. The stock had a trading volume of 9,175 shares, compared to its average volume of 1,036,624. The company has a market capitalization of $1.28 billion, a P/E ratio of 9.64, a P/E/G ratio of 0.79 and a beta of 1.47. The firm’s 50-day moving average price is $23.49 and its two-hundred day moving average price is $31.18. G-III Apparel Group, Ltd. has a 52 week low of $18.18 and a 52 week high of $48.79. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.17 and a current ratio of 2.08.
G-III Apparel Group (NASDAQ:GIII) last announced its quarterly earnings results on Thursday, September 5th. The textile maker reported $0.23 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.22 by $0.01. The business had revenue of $643.90 million during the quarter, compared to analysts’ expectations of $656.16 million. G-III Apparel Group had a return on equity of 12.37% and a net margin of 4.53%. The firm’s quarterly revenue was up 3.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.22 EPS. As a group, analysts expect that G-III Apparel Group, Ltd. will post 3.19 EPS 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 in 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.
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