6,906,915 Shares in G-III Apparel Group, LTD. $GIII Acquired by BlackRock Inc.

Key Points

• BlackRock acquired 6.9 million shares of G-III Apparel Group in the second quarter, worth approximately $232.8 million and representing a 16.37% stake. Institutional investors collectively own 92.13% of the company.
• Analyst sentiment is mixed: the stock has a consensus “Hold” rating and a $33.00 price target, although Telsey Advisory and KeyCorp raised their targets to $38 and $40, respectively.
• G-III reported quarterly revenue of $535.96 million and an adjusted loss of $0.21 per share, beating estimates, while revenue declined 8.2% year over year. The company also announced a quarterly dividend of $0.10 per share, yielding about 1.2% annually.

BlackRock Inc. bought a new stake in G-III Apparel Group, LTD. (NASDAQ:GIII - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 6,906,915 shares of the textile maker's stock, valued at approximately $232,832,000. BlackRock Inc. owned 16.37% of G-III Apparel Group as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Pallas Capital Advisors LLC bought a new stake in shares of G-III Apparel Group in the second quarter valued at approximately $253,000. Deutsche Bank AG bought a new stake in shares of G-III Apparel Group during the 2nd quarter valued at $1,299,000. Bank of New York Mellon Corp acquired a new stake in shares of G-III Apparel Group during the 2nd quarter worth $9,113,000. State of Wyoming bought a new position in shares of G-III Apparel Group in the second quarter worth $80,000. Finally, GSA Capital Partners LLP acquired a new position in G-III Apparel Group in the second quarter valued at about $1,143,000. 92.13% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts recently weighed in on GIII shares. Telsey Advisory Group reaffirmed a "market perform" rating and set a $38.00 price objective (up from $29.00) on shares of G-III Apparel Group in a research report on Monday, June 8th. Zacks Research cut shares of G-III Apparel Group from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 14th. Wall Street Zen lowered shares of G-III Apparel Group from a "buy" rating to a "hold" rating in a research report on Saturday, August 15th. Weiss Ratings raised shares of G-III Apparel Group from a "hold (c)" rating to a "buy (b-)" rating in a research note on Tuesday, June 9th. Finally, KeyCorp restated an "overweight" rating and set a $40.00 price objective (up from $35.00) on shares of G-III Apparel Group in a research report on Monday, June 8th. Three equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $33.00.

G-III Apparel Group Stock Performance

Shares of GIII opened at $33.35 on Friday. The firm has a market cap of $1.41 billion, a PE ratio of 11.78 and a beta of 1.28. The business's 50 day moving average price is $34.59 and its two-hundred day moving average price is $31.84. G-III Apparel Group, LTD. has a 52-week low of $24.61 and a 52-week high of $37.54.

G-III Apparel Group (NASDAQ:GIII - Get Free Report) last posted its earnings results on Friday, June 5th. The textile maker reported ($0.21) earnings per share for the quarter, topping analysts' consensus estimates of ($0.30) by $0.09. The company had revenue of $535.96 million for the quarter, compared to analyst estimates of $529.07 million. G-III Apparel Group had a net margin of 4.34% and a return on equity of 5.59%. The firm's revenue was down 8.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.19 EPS. 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. Research analysts predict that G-III Apparel Group, LTD. will post 2.24 EPS for the current fiscal year.

G-III Apparel Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend is Tuesday, September 15th. G-III Apparel Group's payout ratio is presently 14.13%.

G-III Apparel Group Company Profile

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.

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