M.D. Sass Investors Services Inc. reduced its stake in Gildan Activewear Inc (NYSE:GIL) (TSE:GIL) by 42.3% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 455,933 shares of the textile maker’s stock after selling 334,415 shares during the period. Gildan Activewear makes up 4.1% of M.D. Sass Investors Services Inc.’s investment portfolio, making the stock its 5th largest position. M.D. Sass Investors Services Inc.’s holdings in Gildan Activewear were worth $17,636,000 at the end of the most recent reporting period.
Other institutional investors also recently made changes to their positions in the company. Castleark Management LLC lifted its position in shares of Gildan Activewear by 25.7% during the 2nd quarter. Castleark Management LLC now owns 55,880 shares of the textile maker’s stock worth $2,161,000 after buying an additional 11,440 shares during the last quarter. Bank of Nova Scotia Trust Co. raised its stake in Gildan Activewear by 42.5% during the 2nd quarter. Bank of Nova Scotia Trust Co. now owns 30,295 shares of the textile maker’s stock worth $1,171,000 after acquiring an additional 9,030 shares in the last quarter. Scotia Capital Inc. raised its stake in Gildan Activewear by 13.9% during the 2nd quarter. Scotia Capital Inc. now owns 177,712 shares of the textile maker’s stock worth $6,837,000 after acquiring an additional 21,668 shares in the last quarter. APG Asset Management N.V. lifted its position in Gildan Activewear by 46.6% in the second quarter. APG Asset Management N.V. now owns 1,068,000 shares of the textile maker’s stock valued at $36,373,000 after acquiring an additional 339,600 shares during the last quarter. Finally, MML Investors Services LLC lifted its position in Gildan Activewear by 3.1% in the second quarter. MML Investors Services LLC now owns 19,841 shares of the textile maker’s stock valued at $767,000 after acquiring an additional 599 shares during the last quarter. Institutional investors own 67.05% of the company’s stock.
A number of equities analysts have recently issued reports on GIL shares. ValuEngine lowered shares of Gildan Activewear from a “buy” rating to a “hold” rating in a research report on Tuesday, August 6th. Desjardins upgraded shares of Gildan Activewear from a “hold” rating to a “buy” rating in a research report on Friday, August 2nd. Zacks Investment Research upgraded shares of Gildan Activewear from a “hold” rating to a “buy” rating and set a $42.00 price target for the company in a research note on Friday, September 6th. TD Securities upgraded shares of Gildan Activewear from a “hold” rating to a “buy” rating in a research note on Friday, August 2nd. Finally, Citigroup lifted their price objective on shares of Gildan Activewear from $37.00 to $40.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Four analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. Gildan Activewear currently has an average rating of “Buy” and an average price target of $34.16.
Shares of NYSE GIL traded up $0.11 during mid-day trading on Wednesday, hitting $37.40. 33,861 shares of the company were exchanged, compared to its average volume of 394,772. The company has a quick ratio of 1.68, a current ratio of 4.33 and a debt-to-equity ratio of 0.55. The firm has a market cap of $7.59 billion, a price-to-earnings ratio of 20.12, a price-to-earnings-growth ratio of 1.32 and a beta of 0.87. The stock has a 50 day simple moving average of $37.38 and a 200-day simple moving average of $37.30. Gildan Activewear Inc has a 1-year low of $28.11 and a 1-year high of $40.40.
Gildan Activewear (NYSE:GIL) (TSE:GIL) last issued its earnings results on Thursday, August 1st. The textile maker reported $0.57 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.02. Gildan Activewear had a net margin of 10.14% and a return on equity of 18.48%. The business had revenue of $801.60 million for the quarter, compared to the consensus estimate of $793.91 million. During the same quarter in the previous year, the firm earned $0.52 earnings per share. The business’s quarterly revenue was up 4.9% compared to the same quarter last year. Analysts anticipate that Gildan Activewear Inc will post 1.98 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Thursday, August 15th were given a dividend of $0.236 per share. This represents a $0.94 annualized dividend and a yield of 2.52%. The ex-dividend date of this dividend was Wednesday, August 14th. Gildan Activewear’s payout ratio is 29.03%.
About Gildan Activewear
Gildan Activewear Inc manufactures and sells a range of apparel products in North America, Europe, the Asia-Pacific, and Latin America. The company manufactures and markets active wear products, including T-shirts, fleece tops and bottoms, and sport shirts under Gildan, Gildan Performance, Gildan Platinum, Gildan Hammer, Comfort Colors, American Apparel, Anvil, Alstyle, and Gold Toe brands.
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