Principal Financial Group Inc. Boosts Stake in G-III Apparel Group, LTD. (NASDAQ:GIII)

Principal Financial Group Inc. increased its holdings in G-III Apparel Group, LTD. (NASDAQ:GIII) by 2.6% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 218,559 shares of the textile maker’s stock after acquiring an additional 5,524 shares during the quarter. Principal Financial Group Inc. owned approximately 0.50% of G-III Apparel Group worth $5,978,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of GIII. Marshall Wace LLP raised its position in shares of G-III Apparel Group by 80.6% in the 4th quarter. Marshall Wace LLP now owns 766,068 shares of the textile maker’s stock valued at $24,989,000 after purchasing an additional 341,870 shares in the last quarter. Balyasny Asset Management L.P. bought a new stake in shares of G-III Apparel Group in the fourth quarter worth $7,628,000. Point72 Asset Management L.P. raised its holdings in G-III Apparel Group by 111.7% in the fourth quarter. Point72 Asset Management L.P. now owns 381,126 shares of the textile maker’s stock valued at $12,432,000 after acquiring an additional 201,126 shares in the last quarter. Foundry Partners LLC bought a new position in G-III Apparel Group during the 4th quarter valued at $6,094,000. Finally, Raymond James Financial Inc. bought a new position in G-III Apparel Group during the 4th quarter valued at $5,428,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Wall Street Analyst Weigh In

GIII has been the subject of several research analyst reports. Wall Street Zen downgraded shares of G-III Apparel Group from a “strong-buy” rating to a “hold” rating in a research report on Saturday, June 14th. Telsey Advisory Group cut their price objective on G-III Apparel Group from $30.00 to $27.00 and set a “market perform” rating on the stock in a research note on Monday, June 9th. KeyCorp reduced their target price on G-III Apparel Group from $40.00 to $30.00 and set an “overweight” rating on the stock in a report on Monday, June 9th. UBS Group lowered their price target on G-III Apparel Group from $29.00 to $26.00 and set a “neutral” rating for the company in a report on Monday, June 9th. Finally, Barclays reduced their price objective on G-III Apparel Group from $21.00 to $18.00 and set an “underweight” rating on the stock in a research note on Monday, June 9th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $27.80.

G-III Apparel Group Stock Performance

Shares of GIII stock opened at $23.16 on Thursday. The stock has a fifty day moving average of $24.82 and a two-hundred day moving average of $26.87. The firm has a market capitalization of $1.00 billion, a PE ratio of 5.36 and a beta of 1.38. G-III Apparel Group, LTD. has a 1 year low of $20.33 and a 1 year high of $36.18.

G-III Apparel Group (NASDAQ:GIII) last announced its quarterly earnings data on Friday, June 6th. The textile maker reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of $0.13 by $0.06. The company had revenue of $583.61 million during the quarter, compared to the consensus estimate of $579.48 million. G-III Apparel Group had a return on equity of 12.65% and a net margin of 6.20%. The company’s quarterly revenue was down 4.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.12 EPS. Equities research analysts predict that G-III Apparel Group, LTD. will post 4.16 earnings per share for the current fiscal year.

Insider Buying and Selling at G-III Apparel Group

In other news, Director Amigo Victor Herrero acquired 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 24th. The stock was purchased at an average price of $21.95 per share, with a total value of $109,750.00. Following the purchase, the director owned 54,746 shares of the company’s stock, valued at approximately $1,201,674.70. This trade represents a 10.05% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. 13.00% of the stock is currently 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.