Profit Investment Management LLC Reduces Stake in G-III Apparel Group, Ltd. (NASDAQ:GIII)

Profit Investment Management LLC cut its holdings in G-III Apparel Group, Ltd. (NASDAQ:GIII - Free Report) by 32.4% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 124,887 shares of the textile maker's stock after selling 59,924 shares during the period. G-III Apparel Group comprises approximately 3.0% of Profit Investment Management LLC's investment portfolio, making the stock its 3rd biggest holding. Profit Investment Management LLC owned approximately 0.28% of G-III Apparel Group worth $3,812,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Foundry Partners LLC bought a new position in shares of G-III Apparel Group in the second quarter valued at $518,000. SG Americas Securities LLC boosted its position in G-III Apparel Group by 114.0% during the first quarter. SG Americas Securities LLC now owns 36,349 shares of the textile maker's stock worth $1,054,000 after purchasing an additional 19,362 shares during the period. Hillsdale Investment Management Inc. bought a new position in G-III Apparel Group during the first quarter worth $913,000. Caxton Associates LP boosted its position in G-III Apparel Group by 283.2% during the first quarter. Caxton Associates LP now owns 34,551 shares of the textile maker's stock worth $1,002,000 after purchasing an additional 25,535 shares during the period. Finally, O Shaughnessy Asset Management LLC boosted its position in G-III Apparel Group by 167.4% during the first quarter. O Shaughnessy Asset Management LLC now owns 53,814 shares of the textile maker's stock worth $1,561,000 after purchasing an additional 33,690 shares during the period. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other G-III Apparel Group news, CEO Morris Goldfarb sold 67,014 shares of the stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $30.30, for a total transaction of $2,030,524.20. Following the transaction, the chief executive officer now directly owns 3,923,071 shares in the company, valued at approximately $118,869,051.30. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 12.40% of the company's stock.

Analyst Upgrades and Downgrades

GIII has been the subject of a number of recent research reports. 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 for the company. Barclays boosted their target price 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. KeyCorp boosted their target price 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. Telsey Advisory Group reissued a "market perform" rating and issued a $29.00 target price on shares of G-III Apparel Group in a research report on Thursday, September 5th. Finally, StockNews.com cut shares of G-III Apparel Group from a "buy" rating to a "hold" rating in a research report on Friday. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $30.00.

G-III Apparel Group Trading Up 0.3 %

GIII stock traded up $0.10 during trading on Friday, hitting $30.45. The company had a trading volume of 272,216 shares, compared to its average volume of 597,991. The business has a 50-day moving average of $28.27 and a 200-day moving average of $27.86. G-III Apparel Group, Ltd. has a one year low of $20.66 and a one year high of $35.68. The stock has a market cap of $1.37 billion, a PE ratio of 7.97 and a beta of 2.19. 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 - Get Free Report) last announced its earnings results on Thursday, September 5th. The textile maker reported $0.52 EPS for the quarter, beating the consensus estimate of $0.27 by $0.25. G-III Apparel Group had a return on equity of 12.81% and a net margin of 6.04%. The business had revenue of $644.80 million for the quarter, compared to analysts' expectations of $649.54 million. During the same period in the prior year, the business posted $0.40 earnings per share. The firm's revenue was down 2.3% on a year-over-year basis. Research analysts predict that G-III Apparel Group, Ltd. will post 4.01 earnings per share for the current fiscal year.

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.