G-III Apparel Group (NASDAQ:GIII) Shares Gap Down - Here's Why

G-III Apparel Group, Ltd. (NASDAQ:GIII - Get Free Report) shares gapped down prior to trading on Friday . The stock had previously closed at $33.67, but opened at $32.36. G-III Apparel Group shares last traded at $33.31, with a volume of 93,826 shares traded.

Analyst Ratings Changes

Several brokerages have recently issued reports on GIII. Guggenheim boosted their price target 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. Barclays boosted their target price on 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. StockNews.com upgraded G-III Apparel Group from a "hold" rating to a "buy" rating in a report on Monday, December 2nd. Telsey Advisory Group reiterated a "market perform" rating and set a $38.00 price objective on shares of G-III Apparel Group in a report on Wednesday. Finally, KeyCorp increased their target price on G-III Apparel Group from $34.00 to $40.00 and gave the stock an "overweight" rating in a research note on Wednesday, December 11th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $33.17.

G-III Apparel Group Stock Down 2.5 %

The firm has a 50-day moving average price of $31.45 and a two-hundred day moving average price of $28.96. The company has a market capitalization of $1.44 billion, a price-to-earnings ratio of 8.62 and a beta of 2.14. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.63 and a quick ratio of 1.80.

G-III Apparel Group (NASDAQ:GIII - Get Free Report) last issued its quarterly earnings results on Tuesday, December 10th. The textile maker reported $2.59 earnings per share for the quarter, topping the consensus estimate of $2.26 by $0.33. The company had revenue of $1.09 billion during the quarter, compared to analysts' expectations of $1.10 billion. G-III Apparel Group had a net margin of 5.59% and a return on equity of 11.66%. The business's quarterly revenue was up 1.9% on a year-over-year basis. During the same period last year, the business earned $2.78 EPS. As a group, sell-side analysts anticipate that G-III Apparel Group, Ltd. will post 4.15 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Morris Goldfarb sold 67,014 shares of the firm's stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $30.30, for a total value of $2,030,524.20. Following the completion of the transaction, the chief executive officer now directly owns 3,923,071 shares of the company's stock, valued at approximately $118,869,051.30. This trade represents a 1.68 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 12.40% of the company's stock.

Institutional Trading of G-III Apparel Group

A number of large investors have recently added to or reduced their stakes in GIII. Dimensional Fund Advisors LP increased its stake in shares of G-III Apparel Group by 4.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,376,310 shares of the textile maker's stock worth $91,396,000 after purchasing an additional 151,425 shares during the last quarter. American Century Companies Inc. increased its position in G-III Apparel Group by 15.6% during the second quarter. American Century Companies Inc. now owns 1,147,175 shares of the textile maker's stock worth $31,054,000 after buying an additional 155,079 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in G-III Apparel Group by 0.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,036,158 shares of the textile maker's stock worth $31,624,000 after buying an additional 6,598 shares during the last quarter. Geode Capital Management LLC raised its stake in G-III Apparel Group by 1.2% in the third quarter. Geode Capital Management LLC now owns 977,331 shares of the textile maker's stock valued at $29,833,000 after buying an additional 11,196 shares during the period. Finally, LSV Asset Management lifted its position in shares of G-III Apparel Group by 0.6% in the second quarter. LSV Asset Management now owns 851,683 shares of the textile maker's stock valued at $23,055,000 after buying an additional 5,200 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company's stock.

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.