G-III and Richemont get market talkingThursday, 06 September 2012
Markets closed mixed Thursday, expecting macroeconomic
announcements at both shores of the Atlantic. G-III got analysts talking yet without reaching a consensus: some have downgraded the stock while their peers have raised their quotes.
G-III Apparel opened at 36.17 on Thursday, which compares with its 1-year low of 17.31 dollars and a 1-year high of 36.47 dollars. The company has a market cap of 722.3 million dollars and a price-to-earnings ratio of 14.82.
The multi-brand group´s stock (NASDAQ: GIII) was downgraded by analysts at Stifel Nicolaus from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday. Of contrary opinion are other equities research analysts who have also recently issued reports about the stock. It is the case of analysts at Brean Murray, that raised their price target on shares of G-III Apparel from 35 dollars to 42 dollars in a research note to investors on Wednesday.
In Europe, Richemont said Europe was its best-performing region, revealing this week that sales for the five-month period ended August 31 increased 23 percent at actual exchange rates, and 13 percent at constant exchange rates. The weakening of the euro against the dollar, in particular, had a positive impact on the group’s reported sales, it said ahead of its annual shareholder meeting on Wednesday.
In line with the positive results, the maker of Cartier watches will pay a dividend of CHF 0.550 per share on the listed 'A' bearer shares and a dividend of CHF 0.055 per share will be paid on the unlisted 'B' registered shares of the company. The dividend in respect of the ‘A’ shares will be payable on 13 September 2012 against presentation of coupon number 15, free of charges but subject to Swiss withholding tax at 35 percent.