AlphaCrest Capital Management LLC Buys 16,957 Shares of G-III Apparel Group, Ltd. (NASDAQ:GIII)

Posted by Defense World Staff on Mar 8th, 2023

AlphaCrest Capital Management LLC boosted its stake in G-III Apparel Group, Ltd. (NASDAQ:GIII – Get Rating) by 57.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 46,523 shares of the textile maker’s stock after acquiring an additional 16,957 shares during the quarter. AlphaCrest Capital Management LLC owned 0.10% of G-III Apparel Group worth $696,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Raymond James & Associates acquired a new position in shares of G-III Apparel Group during the first quarter worth about $2,199,000. HighTower Advisors LLC acquired a new position in G-III Apparel Group during the 1st quarter worth approximately $712,000. Citigroup Inc. grew its stake in shares of G-III Apparel Group by 4.6% during the 1st quarter. Citigroup Inc. now owns 43,549 shares of the textile maker’s stock worth $1,178,000 after acquiring an additional 1,930 shares in the last quarter. Natixis Advisors L.P. acquired a new stake in shares of G-III Apparel Group in the first quarter valued at approximately $298,000. Finally, MetLife Investment Management LLC raised 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 purchasing an additional 8,687 shares during the last quarter. 88.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

GIII has been the subject of a number of analyst reports. Piper Sandler decreased their target price 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 Wednesday, December 21st. StockNews.com downgraded G-III Apparel Group from a “hold” rating to a “sell” rating in a research report on Thursday, December 1st. Wells Fargo & Company reduced their price target 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. CL King lowered G-III Apparel Group from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $28.00 to $22.00 in a research report on Thursday, December 1st. Finally, KeyCorp reissued an “overweight” rating and issued a $18.00 price objective (up previously from $17.00) on shares of G-III Apparel Group in a report on Monday, January 30th. One analyst has rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $19.13.

G-III Apparel Group Stock Up 2.8 %

GIII stock opened at $16.58 on Wednesday. G-III Apparel Group, Ltd. has a 1-year low of $11.60 and a 1-year high of $31.70. The business’s 50 day simple moving average is $15.71 and its 200 day simple moving average is $16.87. The company has a current ratio of 3.09, a quick ratio of 1.68 and a debt-to-equity ratio of 0.49. The firm has a market capitalization of $787.38 million, a PE ratio of 4.61, a PEG ratio of 0.34 and a beta of 2.65.

About G-III Apparel Group

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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.