G-III Apparel Group, Ltd. (NASDAQ:GIII) Shares Sold by Profit Investment Management LLC

Profit Investment Management LLC reduced its stake in shares of G-III Apparel Group, Ltd. (NASDAQ:GIII) by 32.4% in the 3rd quarter, Holdings Channel.com reports. The fund owned 124,887 shares of the textile maker’s stock after selling 59,924 shares during the quarter. G-III Apparel Group makes up about 3.0% of Profit Investment Management LLC’s holdings, making the stock its 3rd largest position. Profit Investment Management LLC’s holdings in G-III Apparel Group were worth $3,812,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the stock. Point72 Asia Singapore Pte. Ltd. bought a new stake in G-III Apparel Group in the 2nd quarter valued at about $42,000. CWM LLC grew its stake in shares of G-III Apparel Group by 115.0% in the 2nd quarter. CWM LLC now owns 1,892 shares of the textile maker’s stock worth $51,000 after purchasing an additional 1,012 shares during the last quarter. Point72 DIFC Ltd acquired a new position in shares of G-III Apparel Group in the 2nd quarter worth approximately $78,000. Innealta Capital LLC acquired a new position in shares of G-III Apparel Group in the 2nd quarter worth approximately $124,000. Finally, Allspring Global Investments Holdings LLC purchased a new position in shares of G-III Apparel Group in the first quarter worth approximately $171,000. 92.13% of the stock is owned by institutional investors and hedge funds.

G-III Apparel Group Stock Performance

NASDAQ:GIII traded down $0.10 during trading hours on Friday, hitting $30.25. 32,866 shares of the company traded hands, compared to its average volume of 596,776. The stock has a market capitalization of $1.33 billion, a price-to-earnings ratio of 7.59 and a beta of 2.19. G-III Apparel Group, Ltd. has a twelve month low of $20.66 and a twelve month high of $35.68. The firm has a 50-day moving average of $28.16 and a 200 day moving average of $27.84. The company has a current ratio of 2.92, a quick ratio of 1.80 and a debt-to-equity ratio of 0.27.

G-III Apparel Group (NASDAQ:GIII) last posted its earnings results on Thursday, September 5th. The textile maker reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.25. G-III Apparel Group had a net margin of 6.04% and a return on equity of 12.81%. The business had revenue of $644.80 million for the quarter, compared to analyst estimates of $649.54 million. During the same quarter in the prior year, the firm earned $0.40 EPS. The firm’s quarterly revenue was down 2.3% compared to the same quarter last year. On average, analysts forecast that G-III Apparel Group, Ltd. will post 4.01 EPS for the current year.

Insiders Place Their Bets

In other G-III Apparel Group news, CEO Morris Goldfarb sold 67,014 shares of the stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $30.30, for a total transaction of $2,030,524.20. Following the sale, the chief executive officer now owns 3,923,071 shares of the company’s stock, valued at $118,869,051.30. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 12.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Guggenheim initiated coverage on shares of G-III Apparel Group in a research report on Wednesday. They issued a “buy” rating and a $36.00 target price on the stock. Telsey Advisory Group reaffirmed a “market perform” rating and set a $29.00 price objective on shares of G-III Apparel Group in a research report on Thursday, September 5th. KeyCorp boosted their price objective on shares of G-III Apparel Group from $32.00 to $34.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. StockNews.com downgraded shares of G-III Apparel Group from a “buy” rating to a “hold” rating in a research report on Friday. Finally, Barclays boosted their price objective on shares of G-III Apparel Group from $23.00 to $27.00 and gave the company an “underweight” rating in a research report on Friday, September 6th. 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 data from MarketBeat.com, G-III Apparel Group has a consensus rating of “Hold” and an average price target of $30.00.

G-III Apparel Group 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.