G-III Apparel Group (NASDAQ:GIII) Updates FY24 Earnings Guidance

G-III Apparel Group (NASDAQ:GIIIGet Rating) updated its FY24 earnings guidance on Thursday. The company provided earnings per share guidance of $2.55-2.65 for the period, compared to the consensus earnings per share estimate of $2.96. The company issued revenue guidance of $3.23 billion, compared to the consensus revenue estimate of $3.17 billion. G-III Apparel Group also updated its FY 2024 guidance to $2.55-$2.65 EPS.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on GIII. StockNews.com began coverage on G-III Apparel Group in a research report on Thursday. They set a sell rating for the company. Telsey Advisory Group reaffirmed a market perform rating and set a $14.00 target price on shares of G-III Apparel Group in a research report on Monday, March 13th. TheStreet lowered G-III Apparel Group from a c rating to a d+ rating in a research report on Thursday. Wells Fargo & Company decreased their target price on G-III Apparel Group from $20.00 to $17.00 and set an equal weight rating for the company in a research report on Thursday, December 1st. Finally, UBS Group reduced their price target on G-III Apparel Group from $22.00 to $16.00 and set a neutral rating for the company in a research report on Thursday, December 8th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, G-III Apparel Group has a consensus rating of Hold and an average price target of $19.38.

G-III Apparel Group Trading Down 1.6 %

GIII opened at $15.03 on Friday. The stock has a fifty day moving average price of $15.97 and a 200-day moving average price of $16.59. G-III Apparel Group has a 12 month low of $11.60 and a 12 month high of $31.70. The firm has a market cap of $713.76 million, a price-to-earnings ratio of 4.18, a PEG ratio of 0.31 and a beta of 2.65. The company has a current ratio of 3.09, a quick ratio of 1.68 and a debt-to-equity ratio of 0.49.

G-III Apparel Group (NASDAQ:GIIIGet Rating) last issued its quarterly earnings results on Thursday, March 16th. The textile maker reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.46 by ($0.05). G-III Apparel Group had a return on equity of 10.70% and a net margin of 5.66%. The business had revenue of $854.20 million during the quarter, compared to analyst estimates of $769.28 million. During the same period in the prior year, the business posted $0.98 EPS. G-III Apparel Group’s revenue was up 14.2% compared to the same quarter last year. As a group, equities research analysts anticipate that G-III Apparel Group will post 2.91 earnings per share for the current fiscal year.

Institutional Trading of G-III Apparel Group

Several large investors have recently bought and sold shares of GIII. Great West Life Assurance Co. Can lifted its stake in shares of G-III Apparel Group by 1.1% during the first quarter. Great West Life Assurance Co. Can now owns 39,973 shares of the textile maker’s stock worth $1,112,000 after buying an additional 428 shares during the period. Price T Rowe Associates Inc. MD raised its stake in G-III Apparel Group by 2.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 26,832 shares of the textile maker’s stock worth $368,000 after acquiring an additional 753 shares during the last quarter. Advisor Partners II LLC lifted its position in G-III Apparel Group by 8.4% during the 4th quarter. Advisor Partners II LLC now owns 12,348 shares of the textile maker’s stock worth $169,000 after acquiring an additional 956 shares during the period. Rhumbline Advisers grew its stake in G-III Apparel Group by 1.0% during the 1st quarter. Rhumbline Advisers now owns 128,545 shares of the textile maker’s stock valued at $3,477,000 after purchasing an additional 1,263 shares during the last quarter. Finally, Putnam Investments LLC increased its holdings in shares of G-III Apparel Group by 9.3% in the third quarter. Putnam Investments LLC now owns 17,841 shares of the textile maker’s stock valued at $266,000 after purchasing an additional 1,522 shares during the period. Hedge funds and other institutional investors own 88.79% of the company’s stock.

G-III Apparel Group Company Profile

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G-III Apparel Group Ltd. engages in the designing, sourcing, and marketing of women’s apparel. The firm’s product range includes outerwear, dresses, sportswear, swimwear, women’s suits and performance wear, as well as handbags, footwear, small leather goods, cold weather accessories, and luggage. It operates through the Wholesale and Retail segments.

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Earnings History and Estimates for G-III Apparel Group (NASDAQ:GIII)

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