G-III Apparel Group (NASDAQ:GIII) Shares Gap Up on Better-Than-Expected Earnings

Shares of G-III Apparel Group, LTD. (NASDAQ:GIII) gapped up before the market opened on Friday following a better than expected earnings announcement. The stock had previously closed at $32.04, but opened at $35.84. G-III Apparel Group shares last traded at $34.43, with a volume of 153,274 shares traded.

The textile maker reported ($0.21) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.30) by $0.09. G-III Apparel Group had a net margin of 2.28% and a return on equity of 6.70%. The company had revenue of $535.96 million during the quarter, compared to the consensus estimate of $529.07 million. During the same quarter in the previous year, the company posted $0.19 earnings per share. The company’s revenue for the quarter was down 8.2% compared to the same quarter last year. G-III Apparel Group has set its FY 2027 guidance at 2.150-2.250 EPS and its Q2 2027 guidance at 0.150-0.250 EPS.

G-III Apparel Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 8th. Investors of record on Monday, June 22nd will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.2%. The ex-dividend date is Monday, June 22nd. G-III Apparel Group’s dividend payout ratio (DPR) is currently 26.67%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. BTIG Research reissued a “buy” rating and issued a $34.00 price target on shares of G-III Apparel Group in a research note on Wednesday, March 18th. UBS Group reduced their price objective on shares of G-III Apparel Group from $30.00 to $26.00 and set a “neutral” rating for the company in a report on Tuesday, March 17th. Telsey Advisory Group reiterated a “market perform” rating and issued a $29.00 target price (down from $34.00) on shares of G-III Apparel Group in a research report on Monday, March 9th. Finally, Zacks Research raised shares of G-III Apparel Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 12th. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $29.00.

Hedge Funds Weigh In On G-III Apparel Group

Several hedge funds have recently made changes to their positions in GIII. Segall Bryant & Hamill LLC acquired a new stake in shares of G-III Apparel Group during the 1st quarter valued at $932,000. Edgestream Partners L.P. acquired a new stake in shares of G-III Apparel Group during the first quarter worth $5,756,000. Empowered Funds LLC raised its position in shares of G-III Apparel Group by 3.8% during the first quarter. Empowered Funds LLC now owns 286,375 shares of the textile maker’s stock worth $7,933,000 after purchasing an additional 10,411 shares during the period. Quantinno Capital Management LP lifted its holdings in shares of G-III Apparel Group by 16.8% during the first quarter. Quantinno Capital Management LP now owns 16,690 shares of the textile maker’s stock valued at $462,000 after purchasing an additional 2,399 shares during the last quarter. Finally, Hound Partners LLC boosted its position in shares of G-III Apparel Group by 3.4% in the 1st quarter. Hound Partners LLC now owns 115,853 shares of the textile maker’s stock valued at $3,209,000 after purchasing an additional 3,849 shares during the period. Institutional investors and hedge funds own 92.13% of the company’s stock.

G-III Apparel Group Stock Performance

The stock has a 50 day moving average of $30.13 and a two-hundred day moving average of $29.77. The stock has a market cap of $1.45 billion, a PE ratio of 22.97 and a beta of 1.29.

About G-III Apparel Group

G-III Apparel Group, Ltd. is a global fashion company engaged in the design, sourcing, marketing and distribution of women’s and men’s apparel, outerwear, footwear, handbags and fashion accessories. Founded in 1956 and headquartered in New York City, the company has grown from an importer of ladies’ apparel into a diversified apparel business with a portfolio of owned and licensed brands.

The company’s product offerings span a broad spectrum of price points and styles, including formal and casual outerwear, sportswear, performance wear and contemporary fashion.