Bank of America Corp DE Purchases 212,217 Shares of Gildan Activewear, Inc. $GIL

Key Points

• Bank of America increased its Gildan Activewear stake by 13.4%, purchasing 212,217 additional shares to own 1.8 million shares valued at approximately $100 million. Institutional investors and hedge funds collectively own 82.83% of the company.
• Gildan reported quarterly EPS of $1.28, beating estimates of $1.11, while revenue rose 72.3% year over year to $1.58 billion, slightly below expectations. The company also declared a quarterly dividend of $0.249, representing a 1.7% annualized yield.
• Analyst sentiment remains favorable, with 13 Buy ratings and three Holds producing a consensus “Moderate Buy” rating and an average price target of $79.07, versus a recent share price of $57.51.

Bank of America Corp DE lifted its position in shares of Gildan Activewear, Inc. (NYSE:GIL - Free Report) TSE: GIL by 13.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,797,429 shares of the textile maker's stock after purchasing an additional 212,217 shares during the quarter. Bank of America Corp DE owned approximately 0.97% of Gildan Activewear worth $100,027,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. AQR Capital Management LLC grew its stake in shares of Gildan Activewear by 49.3% in the 1st quarter. AQR Capital Management LLC now owns 13,209 shares of the textile maker's stock valued at $584,000 after purchasing an additional 4,360 shares during the period. Goldman Sachs Group Inc. lifted its position in shares of Gildan Activewear by 40.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,760,253 shares of the textile maker's stock worth $77,838,000 after buying an additional 503,359 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Gildan Activewear by 2.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 186,585 shares of the textile maker's stock worth $8,251,000 after buying an additional 4,714 shares during the period. Cetera Investment Advisers boosted its stake in Gildan Activewear by 2.1% in the 2nd quarter. Cetera Investment Advisers now owns 12,510 shares of the textile maker's stock valued at $616,000 after buying an additional 259 shares in the last quarter. Finally, Prudential Financial Inc. acquired a new stake in Gildan Activewear in the 2nd quarter valued at $317,000. 82.83% of the stock is currently owned by institutional investors and hedge funds.

Gildan Activewear Price Performance

Shares of GIL stock opened at $57.51 on Friday. The firm has a market cap of $10.65 billion, a price-to-earnings ratio of 110.59 and a beta of 1.11. Gildan Activewear, Inc. has a 12 month low of $46.00 and a 12 month high of $73.69. 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 stock has a 50-day moving average price of $54.15 and a 200 day moving average price of $59.25.

Gildan Activewear (NYSE:GIL - Get Free Report) TSE: GIL last issued its earnings results on Thursday, July 30th. The textile maker reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.17. The company had revenue of $1.58 billion for 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 company'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 EPS. Research analysts expect that Gildan Activewear, Inc. will post 4.67 EPS for the current 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 given a $0.249 dividend. The ex-dividend date is Thursday, August 20th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.7%. Gildan Activewear's dividend payout ratio is currently 192.31%.

Analyst Ratings Changes

Several equities research analysts have recently commented on GIL shares. Scotiabank restated a "sector outperform" rating and issued a $67.00 target price (up from $65.00) on shares of Gildan Activewear in a research note on Friday, July 31st. UBS Group increased their target price on shares of Gildan Activewear from $110.00 to $111.00 and gave the stock a "buy" rating in a research report on Friday, July 31st. Weiss Ratings downgraded shares of Gildan Activewear from a "hold (c+)" rating to a "hold (c)" rating in a report on Monday, May 18th. Stifel Nicolaus set a $83.00 price target on shares of Gildan Activewear and gave the company a "buy" rating in a research report on Friday, July 31st. Finally, Citigroup reaffirmed a "neutral" rating on shares of Gildan Activewear in a research note on Tuesday. Thirteen equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $79.07.

Gildan Activewear Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source