Zions Bancorporation National Association UT Purchases New Holdings in G-III Apparel Group, LTD. (NASDAQ:GIII)

Key Points

• Zions Bancorporation National Association UT has invested approximately $1.62 million in G-III Apparel Group by purchasing 59,110 shares, representing a 0.13% ownership stake in the company.
• Notable institutional investors such as LPL Financial LLC and JPMorgan Chase & Co. have significantly increased their stakes in G-III Apparel Group, reflecting growing institutional interest in the textile maker.
• Wall Street analysts have downgraded G-III Apparel Group's stock from "strong-buy" to "hold," with some firms like UBS and Barclays lowering their price targets on the shares.

Zions Bancorporation National Association UT acquired a new position in G-III Apparel Group, LTD. (NASDAQ:GIII - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 59,110 shares of the textile maker's stock, valued at approximately $1,617,000. Zions Bancorporation National Association UT owned 0.13% of G-III Apparel Group at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in GIII. LSV Asset Management increased its position in shares of G-III Apparel Group by 13.2% during the first quarter. LSV Asset Management now owns 846,904 shares of the textile maker's stock valued at $23,163,000 after acquiring an additional 98,923 shares in the last quarter. Marshall Wace LLP increased its position in shares of G-III Apparel Group by 80.6% during the fourth quarter. Marshall Wace LLP now owns 766,068 shares of the textile maker's stock valued at $24,989,000 after acquiring an additional 341,870 shares in the last quarter. Victory Capital Management Inc. increased its position in shares of G-III Apparel Group by 25.0% during the first quarter. Victory Capital Management Inc. now owns 706,288 shares of the textile maker's stock valued at $19,317,000 after acquiring an additional 141,290 shares in the last quarter. Northern Trust Corp increased its position in shares of G-III Apparel Group by 21.8% during the fourth quarter. Northern Trust Corp now owns 520,931 shares of the textile maker's stock valued at $16,993,000 after acquiring an additional 93,263 shares in the last quarter. Finally, Bragg Financial Advisors Inc grew its position in 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 purchasing an additional 2,192 shares during the period. Institutional investors own 92.13% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have commented on GIII. UBS Group cut their target price on shares of G-III Apparel Group from $29.00 to $26.00 and set a "neutral" rating for the company in a research report on Monday, June 9th. Telsey Advisory Group cut 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 report on Monday, June 9th. KeyCorp cut their target price on shares of G-III Apparel Group from $40.00 to $30.00 and set an "overweight" rating for the company in a research report on Monday, June 9th. Barclays cut their target price on shares of G-III Apparel Group from $21.00 to $18.00 and set an "underweight" rating for the company in a research report on Monday, June 9th. Finally, 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. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, G-III Apparel Group presently has a consensus rating of "Hold" and an average price target of $27.80.

Insider Buying and Selling

In other G-III Apparel Group news, Director Amigo Victor Herrero bought 5,000 shares of G-III Apparel Group stock in a transaction dated Tuesday, June 24th. The shares were purchased at an average cost of $21.95 per share, for a total transaction of $109,750.00. Following the acquisition, the director directly owned 54,746 shares in the company, valued at approximately $1,201,674.70. This represents a 10.05% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. 13.00% of the stock is currently owned by insiders.

G-III Apparel Group Stock Performance

Shares of GIII stock traded down $0.41 during mid-day trading on Thursday, reaching $25.72. 117,888 shares of the company's stock traded hands, compared to its average volume of 627,490. 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 50 day moving average price of $23.27 and a two-hundred day moving average price of $25.83. The firm has a market capitalization of $1.11 billion, a PE ratio of 5.95 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, beating analysts' consensus estimates of $0.13 by $0.06. The company had revenue of $583.61 million for the quarter, compared to analysts' expectations of $579.48 million. G-III Apparel Group had a net margin of 6.20% and a return on equity of 12.65%. G-III Apparel Group's revenue for the quarter was down 4.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.12 EPS. As a group, equities analysts expect that G-III Apparel Group, LTD. will post 4.16 earnings per share for the current fiscal year.

About G-III Apparel Group

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.