Phocas Financial Corp. Sells 12,529 Shares of G-III Apparel Group, LTD. (NASDAQ:GIII)

Key Points

• Phocas Financial Corp. has reduced its stake in G-III Apparel Group by 5.4%, holding now 221,491 shares valued at around $6 million.
• G-III Apparel Group reported a quarterly earnings per share of $0.19, exceeding estimates, despite a 4.3% decrease in revenue year-over-year.
• Institutional investors collectively own 92.13% of G-III Apparel Group, with several funds adjusting their stakes in the company during the recent quarters.

Phocas Financial Corp. reduced its position in G-III Apparel Group, LTD. (NASDAQ:GIII - Free Report) by 5.4% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 221,491 shares of the textile maker's stock after selling 12,529 shares during the period. Phocas Financial Corp. owned about 0.50% of G-III Apparel Group worth $6,058,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. LPL Financial LLC boosted its position in G-III Apparel Group by 25.7% in the fourth quarter. LPL Financial LLC now owns 66,321 shares of the textile maker's stock valued at $2,067,000 after buying an additional 13,550 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in G-III Apparel Group by 75.2% in the fourth quarter. JPMorgan Chase & Co. now owns 233,913 shares of the textile maker's stock worth $7,630,000 after purchasing an additional 100,395 shares in the last quarter. Norges Bank acquired a new position in shares of G-III Apparel Group during the 4th quarter valued at $3,079,000. Headlands Technologies LLC bought a new position in shares of G-III Apparel Group during the 4th quarter worth about $172,000. Finally, Trexquant Investment LP bought a new position in G-III Apparel Group in the fourth quarter worth approximately $3,902,000. 92.13% of the stock is currently owned by institutional investors.

G-III Apparel Group Stock Performance

GIII traded up $0.13 during trading on Wednesday, reaching $24.52. The stock had a trading volume of 220,496 shares, compared to its average volume of 635,224. G-III Apparel Group, LTD. has a one year low of $20.33 and a one year high of $36.18. The business has a 50-day moving average of $23.73 and a 200-day moving average of $26.06. The stock has a market cap of $1.06 billion, a PE ratio of 5.67 and a beta of 1.49.

G-III Apparel Group (NASDAQ:GIII - Get Free Report) last posted its quarterly earnings results 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 analyst estimates of $579.48 million. G-III Apparel Group had a net margin of 6.20% and a return on equity of 12.65%. The firm's revenue was down 4.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.12 EPS. Equities research analysts forecast that G-III Apparel Group, LTD. will post 4.16 EPS for the current fiscal year.

Wall Street Analyst Weigh In

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

Insider Activity

In other news, Director Amigo Victor Herrero acquired 5,000 shares of the business's stock in a transaction that occurred on Tuesday, June 24th. The shares were bought at an average cost of $21.95 per share, with a total value of $109,750.00. Following the transaction, 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 purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. 13.00% of the stock is currently owned by insiders.

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.