G-III Apparel Group (NASDAQ:GIII) Releases FY23 Earnings Guidance

G-III Apparel Group (NASDAQ:GIIIGet Rating) updated its FY23 earnings guidance on Tuesday. The company provided EPS guidance of $4.23-4.33 for the period, compared to the consensus EPS estimate of $4.09. The company issued revenue guidance of ~$3.24 billion, compared to the consensus revenue estimate of $3.04 billion.G-III Apparel Group also updated its Q2 guidance to $0.45-0.55 EPS.

Several equities research analysts have issued reports on the company. StockNews.com raised G-III Apparel Group from a hold rating to a buy rating in a report on Tuesday, May 10th. TheStreet raised G-III Apparel Group from a c+ rating to a b- rating in a report on Friday, April 1st. Finally, Telsey Advisory Group lowered their target price on G-III Apparel Group from $38.00 to $30.00 and set a market perform rating for the company in a report on Monday, March 14th. One analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of Hold and a consensus target price of $33.00.

NASDAQ GIII traded down $0.45 during trading hours on Tuesday, hitting $26.91. The company had a trading volume of 2,408 shares, compared to its average volume of 569,546. G-III Apparel Group has a 52 week low of $20.40 and a 52 week high of $35.80. The firm has a 50 day simple moving average of $26.41 and a 200 day simple moving average of $27.22. The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.23 and a current ratio of 3.24. The firm has a market capitalization of $1.30 billion, a price-to-earnings ratio of 6.74 and a beta of 2.52.

G-III Apparel Group (NASDAQ:GIIIGet Rating) last released its quarterly earnings data on Thursday, March 17th. The textile maker reported $0.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.34. G-III Apparel Group had a net margin of 7.25% and a return on equity of 13.97%. The firm had revenue of $748.20 million for the quarter, compared to analysts’ expectations of $740.17 million. During the same quarter in the previous year, the company earned $0.47 earnings per share. The company’s revenue for the quarter was up 42.2% compared to the same quarter last year. On average, research analysts forecast that G-III Apparel Group will post 4.27 earnings per share for the current year.

In other news, CFO Neal Nackman sold 15,000 shares of G-III Apparel Group stock in a transaction that occurred on Tuesday, March 29th. The stock was sold at an average price of $29.06, for a total value of $435,900.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Vice Chairman Sammy Aaron sold 60,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 22nd. The stock was sold at an average price of $29.82, for a total value of $1,789,200.00. The disclosure for this sale can be found here. 9.60% of the stock is currently owned by company insiders.

Institutional investors have recently added to or reduced their stakes in the company. Hsbc Holdings PLC raised its stake in G-III Apparel Group by 195.7% in the first quarter. Hsbc Holdings PLC now owns 27,198 shares of the textile maker’s stock valued at $739,000 after buying an additional 18,000 shares in the last quarter. Aviva PLC purchased a new position in shares of G-III Apparel Group during the first quarter worth about $729,000. HighTower Advisors LLC purchased a new stake in shares of G-III Apparel Group in the 1st quarter valued at about $712,000. MetLife Investment Management LLC boosted its holdings in shares of G-III Apparel Group by 55.1% in the first quarter. MetLife Investment Management LLC now owns 24,443 shares of the textile maker’s stock valued at $661,000 after acquiring an additional 8,687 shares during the period. Finally, Zions Bancorporation N.A. increased its holdings in shares of G-III Apparel Group by 34.1% in the 1st quarter. Zions Bancorporation N.A. now owns 24,021 shares of the textile maker’s stock valued at $650,000 after acquiring an additional 6,104 shares during the period. 92.61% of the stock is currently owned by institutional investors and hedge funds.

G-III Apparel Group Company Profile (Get Rating)

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.

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