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

G-III Apparel Group, Ltd. (NASDAQ:GIII) shares gapped up before the market opened on Thursday following a better than expected earnings announcement. 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 trading hands.

The textile maker reported $1.27 earnings per share (EPS) for the quarter, topping 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 research analysts have weighed in on the stock. StockNews.com downgraded shares of G-III Apparel Group from a “buy” rating to a “hold” rating in a report on Wednesday. KeyCorp upped their price objective on shares of G-III Apparel Group from $34.00 to $40.00 and gave the stock an “overweight” rating in a report on Wednesday, December 11th. UBS Group lowered their price objective on shares of G-III Apparel Group from $37.00 to $32.00 and set a “neutral” rating on the stock in a report on Tuesday, March 4th. Telsey Advisory Group reiterated a “market perform” rating and issued a $38.00 target price on shares of G-III Apparel Group in a report on Wednesday, December 18th. Finally, Guggenheim increased their target price on shares of G-III Apparel Group from $36.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, December 11th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $33.33.

Hedge Funds Weigh In On G-III Apparel Group

Large investors have recently modified their holdings of the company. AlphaQuest LLC purchased a new stake in G-III Apparel Group in the fourth quarter valued at approximately $49,000. Smartleaf Asset Management LLC raised its stake in G-III Apparel Group by 249.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,977 shares of the textile maker’s stock valued at $64,000 after purchasing an additional 1,412 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new stake in G-III Apparel Group in the fourth quarter valued at approximately $68,000. Quarry LP purchased a new position in shares of G-III Apparel Group during the third quarter worth approximately $63,000. Finally, Point72 Asia Singapore Pte. Ltd. raised its stake in shares of G-III Apparel Group by 93.2% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 3,026 shares of the textile maker’s stock worth $92,000 after acquiring an additional 1,460 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors.

G-III Apparel Group Price Performance

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

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.