Allspring Global Investments Holdings LLC Has $4.62 Million Stock Position in Gildan Activewear, Inc. $GIL

Key Points

• Allspring Global Investments increased its investment in Gildan Activewear by 150.4%, acquiring an additional 56,277 shares, bringing its total to 93,700 shares valued at $4.62 million.
• Gildan Activewear reported a 6.5% increase in quarterly revenue year-over-year, reaching $918.50 million, with earnings per share of $0.97, surpassing analysts' expectations.
• Equity analysts are optimistic about Gildan Activewear, with most rating it as a buy and a price target range averaging $66.46, following positive financial results and a recent dividend announcement.

Allspring Global Investments Holdings LLC raised its stake in Gildan Activewear, Inc. (NYSE:GIL - Free Report) TSE: GIL by 150.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 93,700 shares of the textile maker's stock after buying an additional 56,277 shares during the period. Allspring Global Investments Holdings LLC owned 0.06% of Gildan Activewear worth $4,620,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Maseco LLP acquired a new stake in Gildan Activewear in the second quarter valued at approximately $26,000. Olde Wealth Management LLC acquired a new stake in Gildan Activewear in the first quarter valued at approximately $29,000. Twin Tree Management LP acquired a new stake in Gildan Activewear in the first quarter valued at approximately $29,000. GAMMA Investing LLC boosted its position in Gildan Activewear by 4,323.5% in the first quarter. GAMMA Investing LLC now owns 752 shares of the textile maker's stock valued at $33,000 after buying an additional 735 shares in the last quarter. Finally, Blue Trust Inc. lifted its holdings in shares of Gildan Activewear by 69.3% during the first quarter. Blue Trust Inc. now owns 1,336 shares of the textile maker's stock worth $59,000 after purchasing an additional 547 shares during the period. Institutional investors and hedge funds own 82.83% of the company's stock.

Gildan Activewear Price Performance

Shares of NYSE GIL opened at $59.90 on Tuesday. Gildan Activewear, Inc. has a twelve month low of $37.16 and a twelve month high of $62.23. The firm has a fifty day simple moving average of $56.69 and a 200 day simple moving average of $50.83. The company has a market capitalization of $8.93 billion, a PE ratio of 19.02, a P/E/G ratio of 1.95 and a beta of 1.20. The company has a quick ratio of 1.67, a current ratio of 3.87 and a debt-to-equity ratio of 1.37.

Gildan Activewear (NYSE:GIL - Get Free Report) TSE: GIL last announced its earnings results on Thursday, July 31st. The textile maker reported $0.97 earnings per share for the quarter, topping analysts' consensus estimates of $0.96 by $0.01. Gildan Activewear had a net margin of 14.55% and a return on equity of 34.31%. The business had revenue of $918.50 million during the quarter, compared to the consensus estimate of $908.41 million. During the same quarter last year, the firm earned $0.74 earnings per share. Gildan Activewear's quarterly revenue was up 6.5% on a year-over-year basis. Gildan Activewear has set its FY 2025 guidance at 3.400-3.560 EPS. On average, sell-side analysts forecast that Gildan Activewear, Inc. will post 3.48 EPS for the current year.

Gildan Activewear Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Thursday, August 21st were paid a $0.226 dividend. This represents a $0.90 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend was Thursday, August 21st. Gildan Activewear's payout ratio is 28.57%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Barclays lifted their price target on shares of Gildan Activewear from $51.00 to $56.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Weiss Ratings reiterated a "buy (b-)" rating on shares of Gildan Activewear in a report on Tuesday, October 14th. TD Cowen lifted their price target on shares of Gildan Activewear from $67.00 to $73.00 and gave the stock a "buy" rating in a report on Monday, October 6th. Canaccord Genuity Group lifted their price target on shares of Gildan Activewear from $60.00 to $67.00 and gave the stock a "buy" rating in a report on Thursday, August 14th. Finally, BMO Capital Markets reiterated an "outperform" rating on shares of Gildan Activewear in a report on Thursday, August 14th. Twelve investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $66.46.

About Gildan Activewear

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.

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