Azimuth Capital Investment Management LLC Decreases Holdings in Gildan Activewear, Inc. $GIL

Key Points

• Azimuth Capital Investment Management cut its Gildan Activewear stake by 38.8% in the second quarter, selling 143,319 shares and retaining 225,939 shares valued at approximately $11.7 million. Institutional investors collectively own 82.83% of the company.
• Gildan reported quarterly EPS of $1.28, exceeding analysts’ $1.11 estimate, while revenue rose 72.3% year over year to $1.58 billion but fell short of expectations. The company also declared a quarterly dividend of $0.249 per share, equating to a 1.9% yield.
• Analysts remain broadly positive, with 12 Buy ratings and three Holds producing a “Moderate Buy” consensus and an average price target of $80, versus the stock’s recent $53.42 price.

Azimuth Capital Investment Management LLC trimmed its position in shares of Gildan Activewear, Inc. (NYSE:GIL - Free Report) TSE: GIL by 38.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 225,939 shares of the textile maker's stock after selling 143,319 shares during the quarter. Azimuth Capital Investment Management LLC owned 0.12% of Gildan Activewear worth $11,658,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of GIL. Islay Capital Management LLC bought a new position in Gildan Activewear in the fourth quarter valued at about $25,000. Larson Financial Group LLC boosted its holdings in shares of Gildan Activewear by 3,516.7% in the fourth quarter. Larson Financial Group LLC now owns 434 shares of the textile maker's stock worth $27,000 after buying an additional 422 shares during the last quarter. Caitong International Asset Management Co. Ltd grew its position in Gildan Activewear by 14,833.3% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 448 shares of the textile maker's stock valued at $28,000 after buying an additional 445 shares during the period. Brown Brothers Harriman & Co. grew its position in Gildan Activewear by 867.9% during the third quarter. Brown Brothers Harriman & Co. now owns 513 shares of the textile maker's stock valued at $30,000 after buying an additional 460 shares during the period. Finally, CIBC Private Wealth Group LLC increased its holdings in Gildan Activewear by 169.0% during the third quarter. CIBC Private Wealth Group LLC now owns 538 shares of the textile maker's stock valued at $31,000 after buying an additional 338 shares during the last quarter. 82.83% of the stock is currently owned by hedge funds and other institutional investors.

Gildan Activewear Price Performance

NYSE:GIL opened at $53.42 on Friday. The company has a quick ratio of 1.01, a current ratio of 1.93 and a debt-to-equity ratio of 1.15. The business's 50-day simple moving average is $53.71 and its two-hundred day simple moving average is $57.42. The stock has a market cap of $9.89 billion, a PE ratio of 102.73 and a beta of 1.08. Gildan Activewear, Inc. has a 52 week low of $46.55 and a 52 week high of $73.69.

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

Gildan Activewear Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 14th. Shareholders of record on Thursday, August 20th will be issued a dividend of $0.249 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Thursday, August 20th. Gildan Activewear's dividend payout ratio (DPR) is 192.31%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on GIL. Stifel Nicolaus set a $83.00 price target on shares of Gildan Activewear and gave the stock a "buy" rating in a research note on Friday, July 31st. Scotiabank restated a "sector outperform" rating and issued a $67.00 price objective (up from $65.00) on shares of Gildan Activewear in a research note on Friday, July 31st. TD Securities reaffirmed a "buy" rating on shares of Gildan Activewear in a report on Tuesday, June 16th. UBS Group lifted their target price on Gildan Activewear from $110.00 to $111.00 and gave the company a "buy" rating in a research report on Friday, July 31st. Finally, Scotia boosted their price target on Gildan Activewear from $65.00 to $67.00 and gave the company a "sector outperform" rating in a report on Friday, July 31st. Twelve investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, Gildan Activewear currently has a consensus rating of "Moderate Buy" and a consensus 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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