808,161 Shares in Gildan Activewear, Inc. $GIL Bought by Alberta Investment Management Corp

Key Points

• Alberta Investment Management Corp. purchased 808,161 Gildan Activewear shares worth approximately $41.6 million, while institutional investors collectively own 82.83% of the company.
• Gildan reported quarterly EPS of $1.28, exceeding estimates of $1.11, while revenue rose 72.3% year over year to $1.58 billion, slightly below expectations.
• Analysts maintain a favorable outlook, with a consensus “Moderate Buy” rating and an average price target of $80 versus the stock’s reported price of $56.75. The company also declared a quarterly dividend of $0.249 per share.

Alberta Investment Management Corp bought a new stake in shares of Gildan Activewear, Inc. (NYSE:GIL - Free Report) TSE: GIL during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 808,161 shares of the textile maker's stock, valued at approximately $41,624,000. Alberta Investment Management Corp owned approximately 0.44% of Gildan Activewear at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in GIL. Assetmark Inc. raised its holdings in shares of Gildan Activewear by 10,432.0% during the fourth quarter. Assetmark Inc. now owns 60,138 shares of the textile maker's stock worth $3,756,000 after purchasing an additional 59,567 shares during the last quarter. Barington Companies Management LLC acquired a new position in shares of Gildan Activewear during the 4th quarter worth approximately $15,941,000. The Manufacturers Life Insurance Company lifted its position in shares of Gildan Activewear by 15.7% during the 1st quarter. The Manufacturers Life Insurance Company now owns 6,706,078 shares of the textile maker's stock valued at $373,122,000 after buying an additional 909,001 shares in the last quarter. Triasima Portfolio Management inc. acquired a new stake in Gildan Activewear in the 4th quarter valued at $4,353,000. Finally, VELA Investment Management LLC purchased a new stake in Gildan Activewear in the 4th quarter worth $3,104,000. 82.83% of the stock is currently owned by hedge funds and other institutional investors.

Gildan Activewear Price Performance

GIL stock opened at $56.75 on Monday. 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 business has a 50 day simple moving average of $54.07 and a 200-day simple moving average of $58.92. The firm has a market capitalization of $10.51 billion, a PE ratio of 109.14 and a beta of 1.11. Gildan Activewear, Inc. has a 1 year low of $46.55 and a 1 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 EPS for the quarter, beating the consensus estimate of $1.11 by $0.17. The firm had revenue of $1.58 billion during the quarter, compared to analysts' expectations of $1.61 billion. Gildan Activewear had a return on equity of 21.03% and a net margin of 1.28%.The business's revenue for the quarter was up 72.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.97 earnings per share. Equities research analysts anticipate that Gildan Activewear, Inc. will post 4.67 earnings per share for the current fiscal year.

Gildan Activewear Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 14th. Investors of record on Thursday, August 20th will be issued a $0.249 dividend. The ex-dividend date of this dividend is Thursday, August 20th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.8%. Gildan Activewear's dividend payout ratio is currently 192.31%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on GIL. Canadian Imperial Bank of Commerce reissued an "outperform" rating and set a $77.00 target price on shares of Gildan Activewear in a research note on Friday, May 1st. Royal Bank Of Canada reiterated an "outperform" rating and issued a $82.00 price objective (up from $78.00) on shares of Gildan Activewear in a report on Friday, July 31st. Scotiabank reissued a "sector outperform" rating and set a $67.00 target price (up from $65.00) on shares of Gildan Activewear in a report on Friday, July 31st. Weiss Ratings downgraded Gildan Activewear from a "hold (c+)" rating to a "hold (c)" rating in a research report on Monday, May 18th. Finally, Citigroup reaffirmed a "neutral" rating on shares of Gildan Activewear in a research note on Tuesday, August 4th. Twelve equities 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, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $80.00.

About Gildan Activewear

Gildan Activewear Inc NYSE: GIL is a vertically integrated manufacturer and wholesaler of branded basic apparel, including activewear, socks, hosiery and underwear. Headquartered in Montreal, Quebec, the company produces a wide range of products such as T-shirts, fleece garments, sport shirts, performance wear, and shapewear under its Gildan, Anvil, Comfort Colors, Gold Toe, Peds and Silks brands. Leveraging its in-house knitting, dyeing, cut-and-sew and finishing operations, Gildan supplies blank apparel to screen printers, promotional product distributors and major retailers around the world.

Since its founding in 1984 by Glenn J.

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