Bank of New York Mellon Corp Purchases Shares of 225,798 Gildan Activewear, Inc. $GIL

Key Points

• Bank of New York Mellon acquired 225,798 Gildan Activewear shares worth approximately $11.65 million, while institutional investors and hedge funds collectively own 82.83% of the company.
• Analysts maintain a generally positive outlook, with 12 Buy ratings and three Holds, producing a “Moderate Buy” consensus and an average price target of $80.
• Gildan reported quarterly EPS of $1.28, exceeding expectations of $1.11, while revenue rose 72.3% year over year to $1.58 billion. The company also declared a quarterly dividend of $0.249 per share, representing a 2.0% annualized yield.

Bank of New York Mellon Corp acquired a new stake in Gildan Activewear, Inc. (NYSE:GIL - Free Report) TSE: GIL in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 225,798 shares of the textile maker's stock, valued at approximately $11,651,000. Bank of New York Mellon Corp owned approximately 0.12% of Gildan Activewear at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Islay Capital Management LLC bought a new position in shares of Gildan Activewear in the fourth quarter valued at $25,000. Larson Financial Group LLC raised its position in Gildan Activewear by 3,516.7% during the fourth quarter. Larson Financial Group LLC now owns 434 shares of the textile maker's stock worth $27,000 after acquiring an additional 422 shares in the last quarter. Smartleaf Asset Management LLC lifted its stake in Gildan Activewear by 161.8% in the second quarter. Smartleaf Asset Management LLC now owns 555 shares of the textile maker's stock valued at $27,000 after acquiring an additional 343 shares during the last quarter. Caitong International Asset Management Co. Ltd lifted its stake in Gildan Activewear by 14,833.3% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 448 shares of the textile maker's stock valued at $28,000 after acquiring an additional 445 shares during the last quarter. Finally, Brown Brothers Harriman & Co. grew its position in shares of Gildan Activewear by 867.9% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 513 shares of the textile maker's stock valued at $30,000 after acquiring an additional 460 shares during the period. 82.83% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently weighed in on GIL shares. UBS Group boosted their price objective on shares of Gildan Activewear from $110.00 to $111.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. Stifel Nicolaus set a $83.00 price target on Gildan Activewear and gave the stock a "buy" rating in a report on Friday, July 31st. Scotia upped their price objective on Gildan Activewear from $65.00 to $67.00 and gave the company a "sector outperform" rating in a research note on Friday, July 31st. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Gildan Activewear in a research report on Thursday, August 13th. Finally, TD Securities reiterated a "buy" rating on shares of Gildan Activewear in a research note on Tuesday, June 16th. Twelve investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $80.00.

Gildan Activewear Price Performance

Gildan Activewear stock opened at $50.20 on Wednesday. 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 company has a market capitalization of $9.30 billion, a price-to-earnings ratio of 96.54 and a beta of 1.08. The stock's 50 day moving average is $53.75 and its 200-day moving average is $57.73. Gildan Activewear, Inc. has a 12 month low of $46.55 and a 12 month high of $73.69.

Gildan Activewear (NYSE:GIL - Get Free Report) TSE: GIL last released 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. Gildan Activewear had a net margin of 1.28% and a return on equity of 21.03%. The business had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.61 billion. During the same period in the prior year, the company posted $0.97 earnings per share. Gildan Activewear's revenue was up 72.3% compared to the same quarter last year. Equities research analysts expect that Gildan Activewear, Inc. will post 4.67 EPS for the current year.

Gildan Activewear Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 14th. Stockholders of record on Thursday, August 20th will be given a dividend of $0.249 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Thursday, August 20th. Gildan Activewear's dividend payout ratio is presently 192.31%.

Gildan Activewear Company 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.

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