G-III Apparel Group (NASDAQ:GIII) Shares Gap Up Following Earnings Beat

G-III Apparel Group, Ltd. (NASDAQ:GIII) gapped up before the market opened on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $25.34, but opened at $29.30. G-III Apparel Group shares last traded at $28.69, with a volume of 210,815 shares changing hands.

The textile maker reported $1.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.30. G-III Apparel Group had a net margin of 5.59% and a return on equity of 11.66%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on GIII shares. Barclays lifted their price target on shares of G-III Apparel Group from $27.00 to $29.00 and gave the company an “underweight” rating in a research note on Wednesday, December 11th. UBS Group decreased their price objective on shares of G-III Apparel Group from $37.00 to $32.00 and set a “neutral” rating for the company in a research report on Tuesday, March 4th. Guggenheim lifted their price objective on shares of G-III Apparel Group from $36.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, December 11th. StockNews.com cut shares of G-III Apparel Group from a “buy” rating to a “hold” rating in a research note on Wednesday. Finally, Telsey Advisory Group reiterated a “market perform” rating and issued a $38.00 price objective on shares of G-III Apparel Group in a research note on Wednesday, December 18th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $33.33.

Institutional Investors Weigh In On G-III Apparel Group

Institutional investors have recently added to or reduced their stakes in the business. Phocas Financial Corp. boosted its stake in shares of G-III Apparel Group by 84.4% in the 4th quarter. Phocas Financial Corp. now owns 234,020 shares of the textile maker’s stock valued at $7,634,000 after purchasing an additional 107,082 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of G-III Apparel Group in the 4th quarter valued at $3,970,000. Public Employees Retirement System of Ohio bought a new position in G-III Apparel Group during the fourth quarter worth $68,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in G-III Apparel Group by 16.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 74,135 shares of the textile maker’s stock worth $2,418,000 after acquiring an additional 10,320 shares in the last quarter. Finally, iSAM Funds UK Ltd bought a new position in G-III Apparel Group during the fourth quarter worth $217,000. 92.13% of the stock is owned by institutional investors.

G-III Apparel Group Stock Performance

The firm has a market capitalization of $1.26 billion, a P/E ratio of 7.59 and a beta of 2.09. The company’s 50 day moving average is $29.68 and its 200-day moving average is $30.48. The company has a quick ratio of 1.75, a current ratio of 2.63 and a debt-to-equity ratio of 0.13.

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.