G-III Apparel Group, LTD. (NASDAQ:GIII) Shares Sold by Pacer Advisors Inc.

Key Points

• Pacer Advisors Inc. has significantly reduced its stake in G-III Apparel Group by 82.3%, selling over 2.3 million shares and leaving it with only 496,336 shares valued at approximately $13.57 million.
• Several other institutional investors have adjusted their positions, with significant activity in the fourth quarter, including a 75.2% increase in shares owned by JPMorgan Chase & Co..
• Analysts have lowered their price targets for G-III Apparel Group, with the average price target now at $27.80, reflecting concerns about the company's performance and a shift in ratings.

Pacer Advisors Inc. decreased its position in shares of G-III Apparel Group, LTD. (NASDAQ:GIII - Free Report) by 82.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 496,336 shares of the textile maker's stock after selling 2,312,366 shares during the quarter. Pacer Advisors Inc. owned approximately 1.13% of G-III Apparel Group worth $13,575,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. GAMMA Investing LLC lifted its position in G-III Apparel Group by 3,366.6% in the first quarter. GAMMA Investing LLC now owns 23,330 shares of the textile maker's stock valued at $638,000 after buying an additional 22,657 shares during the last quarter. Phocas Financial Corp. increased its stake in shares of G-III Apparel Group by 84.4% during the fourth quarter. Phocas Financial Corp. now owns 234,020 shares of the textile maker's stock worth $7,634,000 after buying an additional 107,082 shares during the period. CX Institutional purchased a new stake in shares of G-III Apparel Group during the first quarter worth approximately $2,571,000. Janney Montgomery Scott LLC increased its stake in G-III Apparel Group by 5.5% in the first quarter. Janney Montgomery Scott LLC now owns 16,600 shares of the textile maker's stock valued at $454,000 after purchasing an additional 861 shares during the last quarter. Finally, Illinois Municipal Retirement Fund increased its stake in G-III Apparel Group by 15.9% in the first quarter. Illinois Municipal Retirement Fund now owns 20,617 shares of the textile maker's stock valued at $564,000 after purchasing an additional 2,831 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company's stock.

Insiders Place Their Bets

In other news, Director Amigo Victor Herrero bought 5,000 shares of the business'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 $1,201,674.70. This trade represents a 10.05% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 13.00% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have commented on GIII. Wall Street Zen lowered shares of G-III Apparel Group from a "strong-buy" rating to a "hold" rating in a research note on Saturday, June 14th. UBS Group lowered their price objective on shares of G-III Apparel Group from $29.00 to $26.00 and set a "neutral" rating on the stock in a research report on Monday, June 9th. Barclays decreased their target price on shares of G-III Apparel Group from $21.00 to $18.00 and set an "underweight" rating on the stock in a research report on Monday, June 9th. KeyCorp decreased their target price on shares of G-III Apparel Group from $40.00 to $30.00 and set an "overweight" rating on the stock in a research report on Monday, June 9th. Finally, Telsey Advisory Group decreased their target price on shares of G-III Apparel Group from $30.00 to $27.00 and set a "market perform" rating on the stock in a research report on Monday, June 9th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $27.80.

G-III Apparel Group Stock Down 0.2%

Shares of G-III Apparel Group stock traded down $0.06 on Wednesday, hitting $23.94. The company's stock had a trading volume of 76,420 shares, compared to its average volume of 635,029. G-III Apparel Group, LTD. has a 52-week low of $20.33 and a 52-week high of $36.18. The firm has a fifty day moving average price of $24.11 and a 200-day moving average price of $26.31. The company has a market capitalization of $1.04 billion, a P/E ratio of 5.55 and a beta of 1.38.

G-III Apparel Group (NASDAQ:GIII - Get Free Report) last released its quarterly earnings data on Friday, June 6th. The textile maker reported $0.19 EPS for the quarter, topping the consensus estimate of $0.13 by $0.06. G-III Apparel Group had a net margin of 6.20% and a return on equity of 12.65%. The business had revenue of $583.61 million for the quarter, compared to analyst estimates of $579.48 million. During the same period in the previous year, the firm earned $0.12 EPS. The business's revenue for the quarter was down 4.3% compared to the same quarter last year. As a group, analysts expect that G-III Apparel Group, LTD. will post 4.16 earnings per share for the current year.

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.