Bank of America Corp DE Invests $65.19 Million in Gildan Activewear, Inc. $GIL

Key Points

• Bank of America acquired a new $65.19 million stake in Gildan Activewear during the second quarter, purchasing 1.26 million shares and taking approximately 0.68% ownership. Institutional investors collectively own 82.83% of the company.
• Analyst sentiment remains generally positive, with 12 buy ratings and three holds; Gildan has a consensus rating of “Moderate Buy” and an average price target of $80.
• Gildan’s latest quarterly results exceeded expectations, reporting EPS of $1.28 versus the $1.11 estimate, while revenue rose 72.3% year over year to $1.58 billion. The company also paid a quarterly dividend of $0.249, equivalent to a 2.1% annual yield.

Bank of America Corp DE acquired a new stake in Gildan Activewear, Inc. (NYSE:GIL - Free Report) TSE: GIL in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 1,263,422 shares of the textile maker's stock, valued at approximately $65,193,000. Bank of America Corp DE owned approximately 0.68% of Gildan Activewear at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Caisse de depot et placement du Quebec bought a new position in Gildan Activewear during the 2nd quarter valued at $601,931,000. Jupiter Topco LLC bought a new position in shares of Gildan Activewear during the 2nd quarter valued at about $573,363,000. Janus Henderson Group PLC grew its stake in shares of Gildan Activewear by 0.9% in the 1st quarter. Janus Henderson Group PLC now owns 10,593,203 shares of the textile maker's stock worth $589,508,000 after purchasing an additional 98,134 shares during the last quarter. Royal Bank of Canada raised its holdings in shares of Gildan Activewear by 20.9% in the 1st quarter. Royal Bank of Canada now owns 6,911,589 shares of the textile maker's stock worth $384,629,000 after purchasing an additional 1,193,718 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of Gildan Activewear by 15.7% in the 1st quarter. The Manufacturers Life Insurance Company now owns 6,706,078 shares of the textile maker's stock worth $373,122,000 after purchasing an additional 909,001 shares in the last quarter. Institutional investors and hedge funds own 82.83% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Citigroup reaffirmed a "neutral" rating on shares of Gildan Activewear in a report on Tuesday, August 4th. UBS Group boosted their target price on Gildan Activewear from $110.00 to $111.00 and gave the stock a "buy" rating in a research report on Friday, July 31st. TD Securities reiterated a "buy" rating on shares of Gildan Activewear in a research report on Tuesday, June 16th. Weiss Ratings restated a "hold (c)" rating on shares of Gildan Activewear in a report on Thursday, August 13th. Finally, Scotiabank reaffirmed a "sector outperform" rating and set a $67.00 price objective (up from $65.00) on shares of Gildan Activewear in a research note on Friday, July 31st. Twelve equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $80.00.

Gildan Activewear Trading Up 1.3%

Shares of NYSE GIL opened at $46.88 on Friday. Gildan Activewear, Inc. has a one year low of $45.51 and a one year high of $73.69. The firm has a market capitalization of $8.68 billion, a PE ratio of 90.16 and a beta of 1.08. The company has a current ratio of 1.93, a quick ratio of 1.01 and a debt-to-equity ratio of 1.15. The business has a 50-day moving average price of $53.11 and a two-hundred day moving average price of $55.84.

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 (EPS) for the quarter, topping analysts' consensus estimates of $1.11 by $0.17. The business had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.61 billion. Gildan Activewear had a net margin of 1.28% and a return on equity of 21.03%. The firm's revenue was up 72.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.97 earnings per share. As a group, analysts predict that Gildan Activewear, Inc. will post 4.67 earnings per share for the current fiscal year.

Gildan Activewear Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 14th. Stockholders of record on Thursday, August 20th were paid a $0.249 dividend. The ex-dividend date of this dividend was Thursday, August 20th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.1%. Gildan Activewear's dividend payout ratio is 192.31%.

Gildan Activewear Company Profile

Gildan Activewear Inc is a Canadian apparel manufacturer headquartered in Montreal, Quebec. Founded in 1984, the company produces and sells everyday basic apparel for consumers, retailers and the decorated-apparel market. Its products include T-shirts, fleece, underwear, socks, hosiery and other activewear and casualwear items.

Gildan markets products through a portfolio of brands that includes Gildan, American Apparel, Comfort Colors, Gold Toe and Peds. The company primarily serves wholesale distributors, screen printers and other apparel decorators, as well as retailers and private-label customers.

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