CastleKnight Management LP Reduces Stake in G-III Apparel Group, LTD. $GIII

CastleKnight Management LP cut its holdings in shares of G-III Apparel Group, LTD. (NASDAQ:GIII) by 7.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 178,442 shares of the textile maker’s stock after selling 15,100 shares during the quarter. CastleKnight Management LP owned about 0.42% of G-III Apparel Group worth $5,168,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of GIII. Norges Bank purchased a new position in shares of G-III Apparel Group during the 4th quarter worth $36,200,000. Medina Value Partners LLC grew its holdings in shares of G-III Apparel Group by 1,099.7% during the 3rd quarter. Medina Value Partners LLC now owns 682,090 shares of the textile maker’s stock worth $18,150,000 after purchasing an additional 625,237 shares during the period. Hound Partners LLC grew its holdings in shares of G-III Apparel Group by 280.0% during the 3rd quarter. Hound Partners LLC now owns 478,909 shares of the textile maker’s stock worth $12,744,000 after purchasing an additional 352,869 shares during the period. Balyasny Asset Management L.P. purchased a new position in shares of G-III Apparel Group during the 2nd quarter worth $7,546,000. Finally, Barclays PLC grew its holdings in shares of G-III Apparel Group by 54.0% during the 4th quarter. Barclays PLC now owns 717,607 shares of the textile maker’s stock worth $20,782,000 after purchasing an additional 251,502 shares during the period. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

G-III Apparel Group Trading Down 2.3%

GIII opened at $34.05 on Thursday. The stock’s 50-day moving average price is $31.40 and its 200 day moving average price is $30.18. G-III Apparel Group, LTD. has a 12-month low of $21.10 and a 12-month high of $36.53. The firm has a market cap of $1.44 billion, a price-to-earnings ratio of 12.03 and a beta of 1.29.

G-III Apparel Group (NASDAQ:GIII) last posted its earnings results on Friday, June 5th. The textile maker reported ($0.21) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.30) by $0.09. G-III Apparel Group had a return on equity of 5.59% and a net margin of 4.34%.The firm had revenue of $535.96 million for the quarter, compared to analyst estimates of $529.07 million. During the same quarter in the prior year, the company earned $0.19 EPS. G-III Apparel Group’s revenue was down 8.2% on a year-over-year basis. G-III Apparel Group has set its FY 2027 guidance at 2.150-2.250 EPS and its Q2 2027 guidance at 0.150-0.250 EPS. On average, research analysts forecast that G-III Apparel Group, LTD. will post 2.23 earnings per share for the current year.

G-III Apparel Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 8th. Investors of record on Monday, June 22nd will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Monday, June 22nd. This represents a $0.40 annualized dividend and a yield of 1.2%. G-III Apparel Group’s dividend payout ratio is presently 14.13%.

Wall Street Analysts Forecast Growth

GIII has been the subject of a number of research analyst reports. Zacks Research upgraded G-III Apparel Group from a “hold” rating to a “strong-buy” rating in a report on Monday. Telsey Advisory Group reiterated a “market perform” rating and set a $38.00 price target (up from $29.00) on shares of G-III Apparel Group in a report on Monday, June 8th. UBS Group lowered their price target on G-III Apparel Group from $30.00 to $26.00 and set a “neutral” rating for the company in a report on Tuesday, March 17th. Weiss Ratings upgraded G-III Apparel Group from a “hold (c)” rating to a “buy (b-)” rating in a report on Tuesday, June 9th. Finally, BTIG Research increased their price target on G-III Apparel Group from $34.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, June 5th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $33.00.

About G-III Apparel Group

G-III Apparel Group, Ltd. is a global fashion company engaged in the design, sourcing, marketing and distribution of women’s and men’s apparel, outerwear, footwear, handbags and fashion accessories. Founded in 1956 and headquartered in New York City, the company has grown from an importer of ladies’ apparel into a diversified apparel business with a portfolio of owned and licensed brands.

The company’s product offerings span a broad spectrum of price points and styles, including formal and casual outerwear, sportswear, performance wear and contemporary fashion.