1832 Asset Management L.P. Raises Stock Holdings in Gildan Activewear Inc. (NYSE:GIL)

1832 Asset Management L.P. increased its stake in shares of Gildan Activewear Inc. (NYSE:GIL) (TSE:GIL) by 4.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 143,368 shares of the textile maker’s stock after purchasing an additional 5,695 shares during the quarter. 1832 Asset Management L.P.’s holdings in Gildan Activewear were worth $5,323,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Vaughan Nelson Investment Management L.P. purchased a new stake in shares of Gildan Activewear during the 4th quarter worth $34,456,000. Strs Ohio raised its stake in Gildan Activewear by 443.6% in the fourth quarter. Strs Ohio now owns 588,202 shares of the textile maker’s stock valued at $19,547,000 after buying an additional 480,000 shares during the last quarter. BNP Paribas Financial Markets raised its stake in Gildan Activewear by 3,837,975.0% in the fourth quarter. BNP Paribas Financial Markets now owns 153,523 shares of the textile maker’s stock valued at $5,075,000 after buying an additional 153,519 shares during the last quarter. Mackenzie Financial Corp raised its stake in Gildan Activewear by 1.1% in the fourth quarter. Mackenzie Financial Corp now owns 2,712,021 shares of the textile maker’s stock valued at $89,732,000 after buying an additional 29,193 shares during the last quarter. Finally, Norges Bank purchased a new stake in Gildan Activewear in the fourth quarter valued at about $70,917,000. 82.83% of the stock is currently owned by hedge funds and other institutional investors.

Gildan Activewear Stock Performance

Gildan Activewear stock traded up $0.90 during midday trading on Friday, hitting $39.93. 490,971 shares of the company were exchanged, compared to its average volume of 428,606. The firm has a market capitalization of $6.62 billion, a PE ratio of 13.49, a price-to-earnings-growth ratio of 1.49 and a beta of 1.43. Gildan Activewear Inc. has a fifty-two week low of $26.99 and a fifty-two week high of $40.24. The business has a fifty day simple moving average of $38.09 and a two-hundred day simple moving average of $35.80. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.92 and a current ratio of 2.38.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last issued its quarterly earnings data on Wednesday, May 1st. The textile maker reported $0.59 EPS for the quarter, beating the consensus estimate of $0.52 by $0.07. Gildan Activewear had a return on equity of 24.00% and a net margin of 16.14%. The company had revenue of $695.80 million for the quarter, compared to analyst estimates of $692.94 million. During the same period last year, the company earned $0.45 earnings per share. Gildan Activewear’s quarterly revenue was down 1.0% compared to the same quarter last year. On average, sell-side analysts forecast that Gildan Activewear Inc. will post 2.92 earnings per share for the current year.

Gildan Activewear Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Thursday, May 23rd were issued a $0.205 dividend. This represents a $0.82 annualized dividend and a yield of 2.05%. The ex-dividend date was Wednesday, May 22nd. Gildan Activewear’s payout ratio is currently 27.36%.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Canaccord Genuity Group increased their price target on Gildan Activewear from $42.00 to $43.00 and gave the company a “buy” rating in a research note on Thursday, May 2nd. Stifel Nicolaus decreased their price target on Gildan Activewear from $39.00 to $36.00 and set a “hold” rating for the company in a research note on Monday, July 22nd. Royal Bank of Canada reiterated an “outperform” rating and issued a $41.00 price target on shares of Gildan Activewear in a research note on Monday, April 8th. Finally, Canaccord Genuity Group raised their price objective on Gildan Activewear from $42.00 to $43.00 and gave the stock a “buy” rating in a research note on Thursday, May 2nd. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, Gildan Activewear currently has an average rating of “Moderate Buy” and an average target price of $41.95.

Gildan Activewear Profile

Gildan Activewear Inc manufactures and sells various apparel products in the United States, North America, Europe, Asia-Pacific, and Latin America. It provides various activewear products, including T-shirts, fleece tops and bottoms, and sports shirts under the Gildan, Gildan Performance, Gildan Hammer, Glidan Softstyle, Gildan Heavy Cotton, Gildan Ultra Cotton, Gildan DryBlend, Gildan HeavyBlend, Comfort Colors, and American Apparel brands.