Norges Bank Makes New Investment in G-III Apparel Group, Ltd. (NASDAQ:GIII)

Norges Bank acquired a new stake in shares of G-III Apparel Group, Ltd. (NASDAQ:GIII) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 94,383 shares of the textile maker’s stock, valued at approximately $3,079,000.

Other large investors also recently modified their holdings of the company. AlphaQuest LLC bought a new position in G-III Apparel Group during the fourth quarter valued at approximately $49,000. Smartleaf Asset Management LLC boosted its stake in shares of G-III Apparel Group by 249.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,977 shares of the textile maker’s stock valued at $64,000 after purchasing an additional 1,412 shares in the last quarter. Virtu Financial LLC bought a new position in shares of G-III Apparel Group during the 3rd quarter valued at $211,000. XTX Topco Ltd purchased a new position in G-III Apparel Group in the 3rd quarter worth $213,000. Finally, Wealthfront Advisers LLC bought a new stake in G-III Apparel Group in the fourth quarter worth $215,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

G-III Apparel Group Price Performance

Shares of GIII stock opened at $24.79 on Friday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.75 and a current ratio of 2.63. The firm has a market cap of $1.09 billion, a P/E ratio of 6.51 and a beta of 1.63. The business’s 50 day moving average price is $27.15 and its 200-day moving average price is $29.94. G-III Apparel Group, Ltd. has a fifty-two week low of $20.66 and a fifty-two week high of $36.18.

G-III Apparel Group (NASDAQ:GIII) last issued its quarterly earnings data on Thursday, March 13th. The textile maker reported $1.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.97 by $0.30. G-III Apparel Group had a net margin of 5.59% and a return on equity of 11.66%. The business had revenue of $839.50 million for the quarter, compared to the consensus estimate of $808.59 million. During the same period in the previous year, the firm earned $0.76 EPS. The company’s quarterly revenue was up 9.8% compared to the same quarter last year. On average, equities research analysts anticipate that G-III Apparel Group, Ltd. will post 4.16 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have recently commented on GIII shares. Barclays decreased their price objective on G-III Apparel Group from $29.00 to $25.00 and set an “underweight” rating on the stock in a report on Tuesday, March 18th. Telsey Advisory Group reaffirmed a “market perform” rating and issued a $30.00 price target on shares of G-III Apparel Group in a research note on Friday, April 4th. UBS Group dropped their price objective on G-III Apparel Group from $37.00 to $32.00 and set a “neutral” rating for the company in a research note on Tuesday, March 4th. Finally, StockNews.com downgraded shares of G-III Apparel Group from a “buy” rating to a “hold” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $33.00.

G-III Apparel Group Company 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.