G-III Apparel Group, Ltd. (NASDAQ:GIII) today surprised investors with better than expected third quarter profits. They reported Q3 earnings of $87.2 million with net income per share of $1.87. These results far exceeded expectations on Wall Street, where analysts had been forcasting just $1.78 per share.
G-III Apparel Group, Ltd. (NASDAQ:GIII) did however miss expectations on revenue, where the street was expecting numbers to come in at around $916.4 million. Q3 only brought in $909.9 million for the clothing manufacturer.
In addition to these numbers, the company stated that they expect between $2.65 and $2.80 per share in full-year earnings. The stock is up 9.89% or $4.69 following the news, hitting $52.08 per share. About 222,341 shares traded hands. GIII has declined 58.40% since April 29, 2015 and is downtrending. It has underperformed the S&P500 by 58.20%.
From a total of 6 analysts covering G-III Apparel Group (NASDAQ:GIII) stock, 5 rate it a “Buy”, 0 a “Sell”, and 1 a “Hold”. This means that 83% of the ratings are positive. The highest target price is $86 while the lowest target price is $62. The mean of all analyst targets is $73.86 which is 41.82% above today’s ($52.08) stock price. G-III Apparel Group was the topic of 12 analyst reports since August 4, 2015 according to the firm StockzIntelligence Inc. Telsey Advisory Group maintained shares on November 25 with a “Market Perform” rating. Brean Capital upgraded shares to a”Buy” rating and a $75 target share price in their report from an August 12. Piper Jaffray maintained GIII stock in a recent report from September 3 with a “Buy” rating. Finally, Zacks downgraded the stock to a “Buy” rating in a report they issued on an August 25.
The institutional sentiment decreased to 1.13 in Q2 2015. It’s down 0.32, from 1.45 in 2015Q1. The ratio turned negative, as 22 funds sold all their G-III Apparel Group, Ltd. shares they owned while 80 reduced their positions. 40 funds bought stakes while 75 increased their total positions. Institutions now own 84.74 million shares which is 309.76% more than the previous share count of 20.68 million in 2015Q1.
Buckingham Capital Management Inc holds 4.07% of its total portfolio in G-III Apparel Group, Ltd., equating to 698,644 shares. Ranger Investment Management L.P. owns 1.08 million shares representing 3.71% of their total US portfolio. Moreover, Profit Investment Management Llc has 2.17% of their total portfolio invested in the company, equating to 267,250 shares. The United Kingdom-based Dsam Partners Llp has a total of 2.14% of their portfolio invested in the stock. Timpani Capital Management Llc, a Wisconsin-based fund reported 96,683 shares owned.
Since March 30, 2015, the stock had 0 insider buys, and 19 insider sales for a total of $46.35 million in net activity. Aaron Sammy sold 27,159 shares worth $1.76M. Goldfarb Morris sold 137,631 shares worth $8.91M. Miller Wayne S sold 35,000 shares worth $2.27M. Nostra Katz Jeanette sold 935 shares worth $59,886. The insider Goldfarb Jeffrey David sold 12,683 shares worth $812,391.
G-III Apparel Group, Ltd. designs, manufactures, and markets a range of apparel products. The company has a market cap of $2.35 billion. The Company’s apparel products include outerwear, dresses, sportswear, swimwear, women’s suits and women’s performance wear, as well as footwear, luggage and women’s handbags, small leather goods and cold weather accessories. It has 19.59 P/E ratio. The Firm operates through three divisions, Licensed Products, Non-Licensed Products, and Retail Operations.