Verition Fund Management LLC Acquires Shares of 29,612 G-III Apparel Group, Ltd. (NASDAQ:GIII)

Verition Fund Management LLC bought a new position in shares of G-III Apparel Group, Ltd. (NASDAQ:GIII - Free Report) during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor bought 29,612 shares of the textile maker's stock, valued at approximately $904,000. Verition Fund Management LLC owned approximately 0.07% of G-III Apparel Group at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in GIII. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of G-III Apparel Group in the 2nd quarter worth $42,000. CWM LLC boosted its holdings 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 valued at $51,000 after buying an additional 1,012 shares in the last quarter. Point72 DIFC Ltd purchased a new position in shares of G-III Apparel Group in the 2nd quarter worth approximately $78,000. Innealta Capital LLC bought a new position in shares of G-III Apparel Group during the 2nd quarter worth approximately $124,000. Finally, Quantbot Technologies LP purchased a new stake in G-III Apparel Group during the third quarter valued at approximately $181,000. 92.13% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. KeyCorp upped their price target on G-III Apparel Group from $32.00 to $34.00 and gave the stock an "overweight" rating in a research report on Friday, September 6th. StockNews.com upgraded G-III Apparel Group from a "hold" rating to a "buy" rating in a research note on Monday, December 2nd. Telsey Advisory Group restated a "market perform" rating and set a $32.00 price target on shares of G-III Apparel Group in a research note on Wednesday, December 4th. Barclays increased 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. Finally, Guggenheim started coverage on shares of G-III Apparel Group in a research report on Wednesday, October 9th. They set a "buy" rating and a $36.00 target price on the stock. Two analysts have rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $30.50.

G-III Apparel Group Stock Performance

Shares of GIII stock traded up $0.16 during trading hours on Monday, hitting $31.58. The company's stock had a trading volume of 786,046 shares, compared to its average volume of 558,917. The stock has a market cap of $1.39 billion, a PE ratio of 7.90 and a beta of 2.14. G-III Apparel Group, Ltd. has a 12-month low of $20.66 and a 12-month high of $35.68. The company has a 50 day moving average of $30.64 and a 200 day moving average of $28.64. 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 released its quarterly earnings data on Thursday, September 5th. The textile maker reported $0.52 earnings per share for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $649.54 million. During the same quarter last year, the business posted $0.40 EPS. The company's revenue was down 2.3% on a year-over-year basis. On average, sell-side analysts forecast that G-III Apparel Group, Ltd. will post 4.01 EPS for the current fiscal year.

Insider Activity at G-III Apparel Group

In other news, CEO Morris Goldfarb sold 100,000 shares of the stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $31.59, for a total transaction of $3,159,000.00. Following the sale, the chief executive officer now directly owns 3,990,085 shares of the company's stock, valued at $126,046,785.15. This represents a 2.44 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 12.40% of the stock is owned by company insiders.

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.