G-III Apparel Group (NASDAQ:GIII) Cut to “Hold” at Wall Street Zen

Wall Street Zen downgraded shares of G-III Apparel Group (NASDAQ:GIII) from a strong-buy rating to a hold rating in a research note released on Saturday.

Several other brokerages have also weighed in on GIII. UBS Group cut their price objective on shares of G-III Apparel Group from $29.00 to $26.00 and set a “neutral” rating on the stock in a report on Monday, June 9th. Barclays cut their target price on shares of G-III Apparel Group from $21.00 to $18.00 and set an “underweight” rating on the stock in a report on Monday, June 9th. Telsey Advisory Group cut their target price on shares of G-III Apparel Group from $30.00 to $27.00 and set a “market perform” rating on the stock in a report on Monday, June 9th. Finally, KeyCorp lowered their price objective on shares of G-III Apparel Group from $40.00 to $30.00 and set an “overweight” rating for the company in a research report on Monday, June 9th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $27.80.

G-III Apparel Group Price Performance

GIII opened at $21.46 on Friday. G-III Apparel Group has a one year low of $20.33 and a one year high of $36.18. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.63 and a quick ratio of 1.75. The company’s 50 day simple moving average is $25.76 and its 200-day simple moving average is $28.40. The stock has a market capitalization of $929.35 million, a P/E ratio of 5.63 and a beta of 1.48.

G-III Apparel Group (NASDAQ:GIII) last released its quarterly earnings results on Friday, June 6th. The textile maker reported $0.19 EPS for the quarter, beating the consensus estimate of $0.13 by $0.06. G-III Apparel Group had a net margin of 5.59% and a return on equity of 11.66%. The business had revenue of $583.61 million for the quarter, compared to analysts’ expectations of $579.48 million. During the same period in the prior year, the firm earned $0.12 earnings per share. G-III Apparel Group’s revenue was down 4.3% compared to the same quarter last year. Sell-side analysts anticipate that G-III Apparel Group will post 4.16 earnings per share for the current fiscal year.

Institutional Investors Weigh In On G-III Apparel Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GIII. Millennium Management LLC increased its stake in G-III Apparel Group by 139.3% in the 1st quarter. Millennium Management LLC now owns 953,185 shares of the textile maker’s stock valued at $26,070,000 after buying an additional 554,933 shares during the last quarter. Victory Capital Management Inc. increased its stake in G-III Apparel Group by 513.2% in the 4th quarter. Victory Capital Management Inc. now owns 564,998 shares of the textile maker’s stock valued at $18,430,000 after buying an additional 472,862 shares during the last quarter. Nuveen LLC bought a new position in shares of G-III Apparel Group in the 1st quarter valued at about $11,614,000. Marshall Wace LLP grew its position in shares of G-III Apparel Group by 80.6% in the 4th quarter. Marshall Wace LLP now owns 766,068 shares of the textile maker’s stock valued at $24,989,000 after acquiring an additional 341,870 shares during the period. Finally, Balyasny Asset Management L.P. bought a new position in shares of G-III Apparel Group in the 4th quarter valued at about $7,628,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

G-III Apparel Group Company Profile

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.