Envestnet Portfolio Solutions Inc. Cuts Stake in Gildan Activewear, Inc. (NYSE:GIL)

Envestnet Portfolio Solutions Inc. reduced its stake in shares of Gildan Activewear, Inc. (NYSE:GIL - Free Report) TSE: GIL by 25.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,959 shares of the textile maker's stock after selling 7,687 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Gildan Activewear were worth $971,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Forge First Asset Management Inc. grew its holdings in Gildan Activewear by 108.0% during the 4th quarter. Forge First Asset Management Inc. now owns 46,600 shares of the textile maker's stock valued at $2,191,000 after buying an additional 24,200 shares in the last quarter. Polar Asset Management Partners Inc. boosted its position in shares of Gildan Activewear by 55.6% during the 4th quarter. Polar Asset Management Partners Inc. now owns 26,450 shares of the textile maker's stock valued at $1,244,000 after acquiring an additional 9,450 shares during the last quarter. Shell Asset Management Co. boosted its position in shares of Gildan Activewear by 250.0% during the 4th quarter. Shell Asset Management Co. now owns 27,721 shares of the textile maker's stock valued at $1,304,000 after acquiring an additional 19,800 shares during the last quarter. Public Employees Retirement System of Ohio boosted its position in shares of Gildan Activewear by 262.4% during the 4th quarter. Public Employees Retirement System of Ohio now owns 45,451 shares of the textile maker's stock valued at $2,138,000 after acquiring an additional 32,911 shares during the last quarter. Finally, Truist Financial Corp boosted its position in shares of Gildan Activewear by 76.8% during the 4th quarter. Truist Financial Corp now owns 19,401 shares of the textile maker's stock valued at $913,000 after acquiring an additional 8,430 shares during the last quarter. 82.83% of the stock is owned by hedge funds and other institutional investors.

Gildan Activewear Trading Up 0.9%

GIL stock traded up $0.44 during midday trading on Friday, reaching $48.81. The company's stock had a trading volume of 811,268 shares, compared to its average volume of 630,444. The company has a debt-to-equity ratio of 1.35, a quick ratio of 1.59 and a current ratio of 3.91. The stock has a fifty day simple moving average of $47.14 and a two-hundred day simple moving average of $47.59. Gildan Activewear, Inc. has a 1 year low of $37.16 and a 1 year high of $55.39. The firm has a market capitalization of $7.35 billion, a price-to-earnings ratio of 18.84, a PEG ratio of 1.57 and a beta of 1.20.

Gildan Activewear (NYSE:GIL - Get Free Report) TSE: GIL last released its earnings results on Tuesday, April 29th. The textile maker reported $0.59 earnings per share for the quarter, topping analysts' consensus estimates of $0.57 by $0.02. Gildan Activewear had a return on equity of 30.61% and a net margin of 12.38%. The business had revenue of $711.70 million for the quarter, compared to analyst estimates of $715.29 million. During the same quarter last year, the firm posted $0.59 earnings per share. The business's revenue was up 2.3% compared to the same quarter last year. On average, equities research analysts predict that Gildan Activewear, Inc. will post 3.48 EPS for the current year.

Gildan Activewear Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Tuesday, May 20th were paid a $0.226 dividend. The ex-dividend date was Tuesday, May 20th. This represents a $0.90 dividend on an annualized basis and a yield of 1.85%. Gildan Activewear's payout ratio is 34.75%.

Analyst Ratings Changes

GIL has been the subject of a number of research reports. TD Securities increased their target price on Gildan Activewear from $56.00 to $60.00 and gave the company a "buy" rating in a research report on Wednesday, April 30th. Barclays initiated coverage on Gildan Activewear in a research report on Monday, April 28th. They set an "overweight" rating and a $51.00 target price for the company. Scotiabank upgraded Gildan Activewear to a "strong-buy" rating and set a $55.00 target price for the company in a research report on Wednesday, May 28th. Finally, CIBC lowered their target price on Gildan Activewear from $60.00 to $56.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. Nine analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $57.91.

Gildan Activewear Company Profile

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.