53,494 Gildan Activewear, Inc. $GIL Shares Sold by Artemis Investment Management LLP

Key Points

• Artemis Investment Management cut its Gildan Activewear stake by 18%, selling 53,494 shares and retaining 244,369 shares worth approximately $10.4 million. Institutional investors collectively own 82.83% of the company.
• Gildan reported quarterly EPS of $1.28, exceeding analyst expectations of $1.11, while revenue rose 72.3% year over year to $1.58 billion but fell short of the $1.61 billion consensus estimate.
• The stock opened at $41.85, near its 52-week low, while analysts maintained a “Moderate Buy” consensus with an average price target of $76.77. Gildan also pays an annualized dividend of $1.00 per share, yielding about 2.4%.

Artemis Investment Management LLP reduced its holdings in shares of Gildan Activewear, Inc. (NYSE:GIL - Free Report) TSE: GIL by 18.0% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 244,369 shares of the textile maker's stock after selling 53,494 shares during the period. Artemis Investment Management LLP owned about 0.13% of Gildan Activewear worth $10,417,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Caisse de depot et placement du Quebec bought a new position in shares of Gildan Activewear during the second quarter valued at $601,931,000. Jupiter Topco LLC bought a new stake in Gildan Activewear during the second quarter worth about $573,363,000. The Manufacturers Life Insurance Company bought a new stake in Gildan Activewear during the second quarter worth about $234,764,000. Bank of America Corp DE acquired a new stake in shares of Gildan Activewear during the second quarter worth approximately $65,193,000. Finally, Royal Bank of Canada increased its holdings in shares of Gildan Activewear by 20.9% during the first quarter. Royal Bank of Canada now owns 6,911,589 shares of the textile maker's stock worth $384,629,000 after buying an additional 1,193,718 shares in the last quarter. Institutional investors own 82.83% of the company's stock.

Gildan Activewear Stock Up 1.4%

Shares of NYSE:GIL opened at $41.85 on Friday. The company has a debt-to-equity ratio of 1.15, a current ratio of 1.93 and a quick ratio of 1.01. The stock has a market cap of $7.75 billion, a price-to-earnings ratio of 80.48 and a beta of 1.11. The company has a 50 day moving average of $50.44 and a 200-day moving average of $53.95. Gildan Activewear, Inc. has a one year low of $39.93 and a one year high of $73.69.

Gildan Activewear (NYSE:GIL - Get Free Report) TSE: GIL last posted its quarterly earnings results on Thursday, July 30th. The textile maker reported $1.28 earnings per share for the quarter, beating analysts' consensus estimates of $1.11 by $0.17. Gildan Activewear had a return on equity of 21.03% and a net margin of 1.28%.The company had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.61 billion. During the same quarter in the prior year, the business posted $0.97 EPS. The firm's quarterly revenue was up 72.3% on a year-over-year basis. On average, sell-side analysts forecast that Gildan Activewear, Inc. will post 4.67 earnings per share for the current year.

Gildan Activewear Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 14th. Investors of record on Thursday, August 20th were issued a dividend of $0.2490 per share. The ex-dividend date was Thursday, August 20th. This represents a $1.00 dividend on an annualized basis and a yield of 2.4%. Gildan Activewear's payout ratio is currently 192.31%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Weiss Ratings restated a "hold (c)" rating on shares of Gildan Activewear in a research report on Thursday, August 13th. Citigroup reiterated a "neutral" rating on shares of Gildan Activewear in a research report on Tuesday, August 4th. TD reduced their price objective on Gildan Activewear from $80.00 to $54.00 and set a "buy" rating on the stock in a research note on Thursday, September 24th. Scotia increased their target price on Gildan Activewear from $65.00 to $67.00 and gave the stock a "sector outperform" rating in a report on Friday, July 31st. Finally, UBS Group raised their target price on Gildan Activewear from $110.00 to $111.00 and gave the company a "buy" rating in a research note on Friday, July 31st. Twelve research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, Gildan Activewear presently has an average rating of "Moderate Buy" and a consensus price target of $76.77.

Gildan Activewear Profile

Gildan Activewear Inc is a Canadian apparel manufacturer headquartered in Montreal, Quebec. The company produces basic everyday apparel, including T-shirts, fleece garments, underwear, socks and hosiery, for wholesalers, retailers, screen printers, brands and consumers.

Its portfolio includes the Gildan, American Apparel, Comfort Colors and Gold Toe brands, along with other product lines serving the activewear, casualwear and innerwear markets. Gildan also manufactures private-label and co-branded products for customers in several apparel categories.

Founded in 1984 by brothers Glenn and Greg Chamandy, Gildan has developed a vertically integrated manufacturing model that covers key stages from textile production through finished garments.

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