Phocas Financial Corp. Has $6.06 Million Stock Position in 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. lowered its stake in G-III Apparel Group, LTD. (NASDAQ:GIII - Free Report) by 5.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 221,491 shares of the textile maker's stock after selling 12,529 shares during the period. Phocas Financial Corp. owned approximately 0.50% of G-III Apparel Group worth $6,058,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of GIII. LSV Asset Management boosted its stake in shares of G-III Apparel Group by 13.2% during the 1st quarter. LSV Asset Management now owns 846,904 shares of the textile maker's stock worth $23,163,000 after acquiring an additional 98,923 shares in the last quarter. Marshall Wace LLP grew its holdings in G-III Apparel Group by 80.6% in the fourth 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 during the last quarter. Victory Capital Management Inc. increased its position in shares of G-III Apparel Group by 25.0% in the first quarter. Victory Capital Management Inc. now owns 706,288 shares of the textile maker's stock valued at $19,317,000 after buying an additional 141,290 shares in the last quarter. Northern Trust Corp raised its stake in shares of G-III Apparel Group by 21.8% during the 4th quarter. Northern Trust Corp now owns 520,931 shares of the textile maker's stock worth $16,993,000 after buying an additional 93,263 shares during the last quarter. Finally, Bragg Financial Advisors Inc boosted its position in shares of G-III Apparel Group by 0.4% in the 4th quarter. Bragg Financial Advisors Inc now owns 515,008 shares of the textile maker's stock worth $16,800,000 after buying an additional 2,192 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company's stock.

G-III Apparel Group Stock Performance

NASDAQ GIII traded up $1.00 during trading hours on Monday, hitting $24.25. 597,793 shares of the company's stock were exchanged, compared to its average volume of 636,901. The business's 50 day moving average is $23.88 and its 200-day moving average is $26.12. G-III Apparel Group, LTD. has a 12-month low of $20.33 and a 12-month high of $36.18. The firm has a market capitalization of $1.05 billion, a P/E ratio of 5.61 and a beta of 1.49.

G-III Apparel Group (NASDAQ:GIII - Get Free Report) last released its earnings results on Friday, June 6th. The textile maker reported $0.19 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.06. The firm had revenue of $583.61 million for 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 firm's revenue for the quarter was down 4.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.12 earnings per share. As a group, equities research analysts anticipate that G-III Apparel Group, LTD. will post 4.16 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on GIII shares. Wall Street Zen cut shares of G-III Apparel Group from a "strong-buy" rating to a "hold" rating in a research note on Saturday, June 14th. Telsey Advisory Group lowered their price objective 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 note 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 on the stock in a research report on Monday, June 9th. KeyCorp reduced 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 report on Monday, June 9th. Finally, UBS Group reduced their price objective on 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. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, G-III Apparel Group currently has a consensus rating of "Hold" and a consensus price target of $27.80.

Insiders Place Their Bets

In other news, Director Amigo Victor Herrero purchased 5,000 shares of the company's stock in a transaction that occurred on Tuesday, June 24th. The shares were acquired 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 in the company, valued at approximately $1,201,674.70. The trade was a 10.05% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 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.