Scopia Capital Dumps Some Shares of G-III Apparel Group, Ltd. (GIII)

Matt Sirovich and Jeremy Mindich‘s Scopia Capital has sliced its exposure to G-III Apparel Group, Ltd. (NASDAQ:GIII) to some 970,300 shares, from about 1.1 million shares revealed in the latest 13F. Currently, Scopia holds 4.76% of the company’s common stock, the value of the position amounting to $65.8 million, at the current stock price of G-III.

The stake was downgraded a couple of days before the company reported its results for the third quarter ended October 31. G-III Apparel Group, Ltd. (NASDAQ:GIII) had an annual increase of 23% in its net sales, which totaled $668.7 million. The net income also went up by 23% on the year to $59.6 million, equal to $2.85 per share. Earlier in November, the company completed the acquisition of  G.H. Bass & Co. from PVH Corp (NYSE:PVH). The value of the deal amounted to approximately $50 million in cash. The stock of G-III Apparel Group, Ltd. (NASDAQ:GIII) gained almost 99% since the beginning of the year.

Another investors in G-III Apparel Group, Ltd. (NASDAQ:GIII) include Royce & Associates, led by Chuck Royce, which upped the holding by 3% during the third quarter to almost 2.4 million shares, worth over $130.2 million. Donald Chiboucis’ Columbus Circle Investors increased its stake by 65% to over 1.0 million shares, with a reported value of $55.2 million. On the other hand, Scopia has been dumping stock of  G-III Apparel Group, Ltd. (NASDAQ:GIII) for a while, decreasing the position in the company by 40% during the third quarter.

The largest stake in Scopia’s equity portfolio, according to the latest 13F filing, is represented by Spirit AeroSystems Holdings, Inc. (NYSE:SPR), in which the fund revealed ownership of more than 19.1 million shares, worth $463.5 million. In The Geo Group, Inc. (NYSE:GEO), the fund holds a $197.8 million position, which contains almost 6.0 million shares. The third-largest holding is a $177.7 million stake in Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA), which amasses 4.7 million shares.

Disclosure: none

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