In a recent research report issued on September 3, 2023, Telsey Advisory Group reaffirmed its “market perform” rating for G-III Apparel Group’s stock (NASDAQ:GIII). The advisory firm also specified a price target of $22.00 for the textile maker’s stock. This target suggests a potential upside of 10.83% from the company’s current price.
On Friday, GIII stock began trading at $19.85. The company currently holds a market capitalization of $905.04 million, accompanied by a PE ratio of -5.72 and a beta of 2.66. Additionally, G-III Apparel Group maintains a debt-to-equity ratio of 0.29 and boasts a quick ratio of 1.70 and current ratio of 2.94. The stock has experienced fluctuations over the past year with a 52-week low at $11.60 and a high at $22.55.Retrieved from bennzinga.com
Several notable large investors have either increased or decreased their stakes in G-III Apparel Group recently. Financial Management Professionals Inc., for instance, acquired a new position in the textile maker during the second quarter valued at approximately $29,000.Quarry LP saw significant growth in its position within G-III Apparel Group during the same period, now owning 1,712 shares valued at $33,000 after an additional purchase of 1,483 shares.Lazard Asset Management LLC entered as well and acquired a stake worth around $34,000.Point72 Middle East FZE similarly purchased shares valued at about $40,000.Finally,Galadius Capital Management LP took action during Q1 purchasing shares totaling around $36,000.These institutional investors now aggregate to own approximately 92.13% of the company’s stock.Retrieved from bennzinga.com
Turning to financial performance,G-III Apparel Group last reported its quarterly earnings data on June 6th,2023.During this quarter, the company announced earnings per share of $0.13 (EPS), surpassing analysts’ consensus estimates of ($0.10) by $0.23.The textile maker also revealed revenue totaling $606.60 million for the quarter, compared to an estimated $558.33 million in consensus.G-III Apparel Group exhibited a negative net margin of 5.10% but still managed to generate a positive return on equity of 7.40%. However, the business experienced an 11.9% decline in revenue on a year-over-year basis during this period.Lastly, during the same period in the previous year, G-III Apparel Group reported earnings per share of $0.72.As per sell-side analysts’ predictions, G-III Apparel Group is expected to post earnings per share of 2.86 for the entirety of this current year.Retrieved from bennzinfa.com.
In conclusion, Telsey Advisory group has reiterated its “market perform” rating for G-III Apparel Group’s stock and has assigned a price target of $22.00.This represents a potential increase of about 10.83% from its current price.Large institutional investors have also shown interest in G-III Apparel group with some adding to their stakes while others reducing theirs.In terms of financial performance,G-III posted strong second-quarter results exceeding market expectations despite experiencing a decline in revenue compared to the previous year.As we approach the end of this fiscal year,it remains to be seen how G-III will continue to navigate its way through market challenges and maintain its position within the industry.Retrieved from bennzinga.com
[bs_slider_forecast ticker=”GIII”]
G-III Apparel Group Attracts Attention with Analyst Reports and Insider Selling Activity
September 3, 2023 – The equities research analysts have been buzzing about G-III Apparel Group lately. With multiple research notes and reports issued recently, it seems that this company is catching the attention of investors. KeyCorp, Barclays, Piper Sandler, and UBS Group are just a few of the firms that have followed up on G-III Apparel Group’s performance with their own analysis.
KeyCorp increased their price objective from $18.00 to $23.00 in a research note back on June 7th. This optimistic outlook has undoubtedly fueled a sense of curiosity among investment circles. StockNews.com also initiated coverage on G-III Apparel Group in August and labeled it as a “hold” rating.
Meanwhile, Barclays revealed that they too had increased their price objective on G-III Apparel Group shares from $15.00 to $20.00 after conducting their own research assessment. Piper Sandler followed suit by raising their target price from $16.00 to $17.00.
Lastly, UBS Group joined the chorus by increasing its target price from $16.00 to $21.00 in early June as well.
Overall, seven analysts rate the stock as a hold while one analyst has taken a bullish stance with a buy rating for the company.
Bloomberg provides an average rating of “Hold” for G-III Apparel Group stock along with an average target price of $20.29.
In recent insider news, Director Laura H. Pomerantz made headlines when she sold 10,904 shares of G-III Apparel Group stock on July 12th at an average price of $20.42 per share, resulting in a total value of approximately $222,659.68.
Following this transaction, Pomerantz’s ownership was reduced to 31,070 shares of the company’s stock worth around $634,449.40 at the time.
Another significant sale came from Vice Chairman Sammy Aaron, who disposed of 208,943 shares on June 27th at an average price of $19.75 per share. With a total value of $4,126,624.25, this transaction caught the attention of investors.
After selling these shares, Aaron’s remaining stake in the company amounted to 200,143 shares valued at approximately $3,952,824.25.
Both transactions have been publicly disclosed in documents filed with the Securities & Exchange Commission (SEC). Interested parties can access these filings through the provided links.
It is worth noting that Director Laura H. Pomerantz also sold 10,904 shares on July 12th for an average price of $20.42 per share. After completing this sale, Pomerantz retains ownership of 31,070 shares with a total value of approximately $634,449.40.
According to recent reports from the SEC, insider selling has been prevalent within G-III Apparel Group over the last 90 days. Insiders have sold a staggering 229,151 shares valued at $4,529,782 – representing around 13.20% of the company’s outstanding stock.
These significant insider sales may raise questions and concern among investors as they monitor G-III Apparel Group’s future performance closely.
As more market analysts provide their insights and insiders continue to make moves in G-III Apparel Group’s stock, it remains essential for potential investors to stay informed and make well-researched decisions based on their investment strategies and risk tolerance levels.