G-III Apparel Group (NASDAQ:GIII) Releases FY 2024 Earnings Guidance

G-III Apparel Group (NASDAQ:GIII – Get Rating) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $2.55-$2.65 for the period, compared to the consensus estimate of $3.10. The company issued revenue guidance of $3.23 billion-$3.23 billion, compared to the consensus revenue estimate of $3.18 billion. G-III Apparel Group also updated its FY24 guidance to $2.55-2.65 EPS.

G-III Apparel Group Price Performance

GIII opened at $15.03 on Friday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.68 and a current ratio of 3.09. The stock has a market capitalization of $713.77 million, a P/E ratio of -5.15, a P/E/G ratio of 0.39 and a beta of 2.65. The company’s 50-day simple moving average is $15.97 and its two-hundred day simple moving average is $16.55. G-III Apparel Group has a 52-week low of $11.60 and a 52-week high of $31.70.

G-III Apparel Group (NASDAQ:GIII – Get Rating) last posted its earnings results on Thursday, March 16th. The textile maker reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.46 by ($0.05). The company had revenue of $854.20 million for the quarter, compared to the consensus estimate of $769.28 million. G-III Apparel Group had a negative net margin of 4.12% and a positive return on equity of 8.79%. G-III Apparel Group’s revenue was up 14.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.98 EPS. As a group, analysts predict that G-III Apparel Group will post 2.6 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently commented on GIII shares. UBS Group reduced their price target on shares of 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. StockNews.com started coverage on shares of G-III Apparel Group in a research report on Thursday. They set a sell rating for the company. CL King lowered shares of G-III Apparel Group from a buy rating to a neutral rating and reduced their price target for the company from $28.00 to $22.00 in a research report on Thursday, December 1st. KeyCorp reaffirmed an overweight rating and set a $18.00 price target (up previously from $17.00) on shares of G-III Apparel Group in a research report on Monday, January 30th. Finally, Wells Fargo & Company reduced their price target on shares of 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. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, G-III Apparel Group has a consensus rating of Hold and a consensus price target of $19.38.

Institutional Investors Weigh In On G-III Apparel Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Point72 Middle East FZE purchased a new stake in G-III Apparel Group in the 4th quarter worth approximately $310,000. Chartwell Investment Partners LLC grew its holdings in G-III Apparel Group by 27.4% during the 4th quarter. Chartwell Investment Partners LLC now owns 445,912 shares of the textile maker’s stock valued at $6,113,000 after buying an additional 95,865 shares in the last quarter. Bragg Financial Advisors Inc grew its holdings in G-III Apparel Group by 2.2% during the 4th quarter. Bragg Financial Advisors Inc now owns 374,870 shares of the textile maker’s stock valued at $5,139,000 after buying an additional 8,117 shares in the last quarter. Virtu Financial LLC purchased a new stake in G-III Apparel Group during the 4th quarter valued at approximately $153,000. Finally, Chimera Capital Management LLC purchased a new stake in G-III Apparel Group during the 4th quarter valued at approximately $540,000. 88.79% of the stock is owned by hedge funds and other institutional investors.

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.