KeyCorp research analysts cut earnings estimates for G-III Apparel Group, Ltd. (NASDAQ:GIII)
G-III Apparel Group, Ltd. (NASDAQ: GIII – Get a rating) – KeyCorp investment analysts dropped their third quarter 2023 earnings per share (EPS) estimates for G-III Apparel Group shares in a research report delivered to clients and investors on Wednesday, September 7. KeyCorp analyst N. Zatzkin now expects the textile maker to earn $1.85 per share for the quarter, down from its previous estimate of $2.20. KeyCorp currently has an “overweight” rating and a price target of $27.00 on the stock. The consensus estimate of G-III Apparel Group‘s current annual earnings is $3.65 per share. KeyCorp also released estimates for G-III Apparel Group Q4 2023 earnings at $0.72 EPS, fiscal year 2023 earnings at $3.67 EPS and fiscal year 2024 earnings at $4.09. $EPS.
Clothing Group G-III (NASDAQ: GIII – Get a rating) last reported results on Wednesday, September 7. The textile maker reported earnings per share of $0.39 for the quarter, missing consensus analyst estimates of $0.46 per ($0.07). G-III Apparel Group achieved a return on equity of 13.76% and a net margin of 7.26%. The company posted revenue of $605.20 million for the quarter, compared to $592.53 million expected by analysts. In the same quarter last year, the company posted EPS of $0.39. The company’s revenue increased 25.3% year over year.
GIII has been the subject of several other research reports. StockNews.com downgraded G-III Apparel Group from a “buy” rating to a “hold” rating in a Wednesday, June 8 research note. TheStreet downgraded G-III Apparel Group from a “b-” to a “c+” rating in a Tuesday, July 5 research note. B. Riley cut his price target on G-III Apparel Group from $41.00 to $37.00 and set a “buy” rating on the stock in a Wednesday, June 8 research note. Piper Sandler restated an “overweight” rating and posted a $28.00 price target on G-III Apparel Group shares in a research note on Friday, July 22. Finally, Barclays cut its price target on G-III Apparel Group from $22.00 to $18.00 and set an “equal weight” rating on the stock in a research note on Friday. Five analysts gave the stock a hold rating and three gave the company a buy rating. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $25.00.
Clothing group G-III inventory up 3.2%
GIII stock opened at $18.57 on Monday. G-III Apparel Group has a fifty-two week low of $17.65 and a fifty-two week high of $33.40. The company’s 50-day moving average price is $21.73 and its two-hundred-day moving average price is $24.32. The company has a debt ratio of 0.33, a quick ratio of 2.36 and a current ratio of 3.58. The company has a market capitalization of $895.54 million, a price-earnings ratio of 4.13 and a beta of 2.42.
Clothing Group G-III Institutional Trade
Several institutional investors have recently increased or reduced their stake in the company. BlackRock Inc. increased its equity stake in G-III Apparel Group by 3.0% during the 1st quarter. BlackRock Inc. now owns 7,583,681 shares of the textile maker valued at $205,139,000 after purchasing an additional 218,715 shares during the period. Vanguard Group Inc. increased its equity stake in G-III Apparel Group by 7.3% during the 1st quarter. Vanguard Group Inc. now owns 4,874,631 shares of the textile maker valued at $131,858,000 after purchasing an additional 332,865 shares during the period. Dimensional Fund Advisors LP increased its holdings of G-III Apparel Group shares by 1.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,299,935 shares of the textile maker valued at $89,266,000 after buying an additional 37,415 shares during the period. State Street Corp increased its stake in G-III Apparel Group shares by 1.7% during the second quarter. State Street Corp now owns 1,674,108 shares of the textile maker valued at $33,867,000 after buying an additional 28,751 shares during the period. Finally, Goldman Sachs Group Inc. increased its stake in G-III Apparel Group shares by 590.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,172,073 shares of the textile maker valued at $32,396,000 after buying an additional 1,002,261 shares during the period. 88.68% of the shares are currently held by hedge funds and other institutional investors.
About Clothing Group G-III
G-III Apparel Group, Ltd. designs, sources and markets women’s and men’s clothing in the United States and around the world. 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 apparel; and women’s handbags, shoes, small leather goods, cold weather accessories and luggage.
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