G-III Apparel Group, Ltd. (GIII) Stake Decreased by Penn Capital Management Co. Inc.

Penn Capital Management Co. Inc. cut its holdings in shares of G-III Apparel Group, Ltd. (NASDAQ:GIII) by 36.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 226,646 shares of the textile maker’s stock after selling 132,180 shares during the period. G-III Apparel Group comprises about 1.0% of Penn Capital Management Co. Inc.’s investment portfolio, making the stock its 27th biggest holding. Penn Capital Management Co. Inc.’s holdings in G-III Apparel Group were worth $10,899,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Everence Capital Management Inc. acquired a new position in G-III Apparel Group in the first quarter worth approximately $204,000. CIBC Asset Management Inc purchased a new position in G-III Apparel Group during the 1st quarter worth approximately $230,000. State Board of Administration of Florida Retirement System grew its position in G-III Apparel Group by 14.0% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 26,166 shares of the textile maker’s stock worth $1,046,000 after purchasing an additional 3,221 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of G-III Apparel Group by 72.0% during the 1st quarter. Victory Capital Management Inc. now owns 1,553,760 shares of the textile maker’s stock valued at $62,088,000 after buying an additional 650,645 shares during the period. Finally, Crossmark Global Holdings Inc. acquired a new stake in shares of G-III Apparel Group during the 1st quarter valued at $280,000.

NASDAQ:GIII traded down $0.26 during mid-day trading on Wednesday, reaching $32.33. 5,639 shares of the company’s stock were exchanged, compared to its average volume of 476,548. G-III Apparel Group, Ltd. has a one year low of $25.43 and a one year high of $51.20. The firm has a market cap of $1.66 billion, a price-to-earnings ratio of 11.36, a P/E/G ratio of 0.69 and a beta of 1.00. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.17 and a current ratio of 2.16.

G-III Apparel Group (NASDAQ:GIII) last released its quarterly earnings results on Thursday, March 21st. The textile maker reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.44 by $0.11. G-III Apparel Group had a net margin of 4.49% and a return on equity of 12.74%. The business had revenue of $766.80 million for the quarter, compared to analyst estimates of $767.89 million. During the same period last year, the firm earned $0.26 earnings per share. G-III Apparel Group’s revenue for the quarter was up 7.3% compared to the same quarter last year. Sell-side analysts anticipate that G-III Apparel Group, Ltd. will post 3.3 EPS for the current year.

In other G-III Apparel Group news, Director Laura H. Pomerantz sold 2,105 shares of the firm’s stock in a transaction dated Friday, April 12th. The shares were sold at an average price of $41.52, for a total value of $87,399.60. Following the transaction, the director now directly owns 36,756 shares of the company’s stock, valued at approximately $1,526,109.12. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Vice Chairman Sammy Aaron sold 71,766 shares of the firm’s stock in a transaction dated Friday, April 12th. The shares were sold at an average price of $41.33, for a total transaction of $2,966,088.78. Following the completion of the transaction, the insider now directly owns 434,969 shares in the company, valued at $17,977,268.77. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 74,692 shares of company stock worth $3,086,681. 8.60% of the stock is owned by insiders.

Several research firms recently issued reports on GIII. Piper Jaffray Companies lowered shares of G-III Apparel Group from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $43.00 to $35.00 in a research note on Tuesday. BidaskClub cut shares of G-III Apparel Group from a “buy” rating to a “hold” rating in a research note on Tuesday. ValuEngine lowered shares of G-III Apparel Group from a “hold” rating to a “sell” rating in a research report on Monday. Bank of America set a $46.00 price target on shares of G-III Apparel Group and gave the company a “buy” rating in a research report on Friday, March 22nd. Finally, TheStreet upgraded shares of G-III Apparel Group from a “c+” rating to a “b-” rating in a research report on Thursday, March 21st. Two research analysts have rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the company. G-III Apparel Group presently has a consensus rating of “Hold” and an average price target of $46.55.

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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 in 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.

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Institutional Ownership by Quarter for G-III Apparel Group (NASDAQ:GIII)

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