Gildan Activewear, Inc. $GIL Shares Acquired by VELA Investment Management LLC

Key Points

• VELA Investment Management increased its Gildan Activewear stake by 44% in the second quarter, acquiring 32,005 additional shares and bringing its holdings to 104,710 shares worth approximately $5.4 million. Institutional investors and hedge funds 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, equivalent to an annualized yield of about 1.9%.
• Analysts maintain a “Moderate Buy” consensus on Gildan, with 12 Buy ratings and three Holds and an average price target of $80, above the reported share price of $53.42.

VELA Investment Management LLC boosted its holdings in Gildan Activewear, Inc. (NYSE:GIL - Free Report) TSE: GIL by 44.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 104,710 shares of the textile maker's stock after purchasing an additional 32,005 shares during the quarter. Gildan Activewear comprises 1.2% of VELA Investment Management LLC's investment portfolio, making the stock its 21st largest holding. VELA Investment Management LLC owned 0.06% of Gildan Activewear worth $5,403,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Corient Private Wealth LP grew its position in Gildan Activewear by 34.6% during the 2nd quarter. Corient Private Wealth LP now owns 8,868 shares of the textile maker's stock worth $458,000 after purchasing an additional 2,280 shares during the last quarter. Amundi increased its stake in Gildan Activewear by 1.1% in the second quarter. Amundi now owns 271,550 shares of the textile maker's stock valued at $14,647,000 after purchasing an additional 3,070 shares during the period. Munich Reinsurance Co Stock Corp in Munich purchased a new stake in shares of Gildan Activewear in the second quarter valued at about $111,000. TD Waterhouse Canada Inc. raised its holdings in shares of Gildan Activewear by 6.7% in the second quarter. TD Waterhouse Canada Inc. now owns 1,947,328 shares of the textile maker's stock valued at $101,013,000 after buying an additional 121,661 shares during the last quarter. Finally, Nykredit A S acquired a new stake in shares of Gildan Activewear during the second quarter worth about $3,157,000. Institutional investors and hedge funds own 82.83% of the company's stock.

Gildan Activewear Stock Up 0.0%

Shares of NYSE:GIL opened at $53.42 on Monday. The company has a market cap of $9.89 billion, a price-to-earnings ratio of 102.73 and a beta of 1.08. The firm's 50-day simple moving average is $53.71 and its 200-day simple moving average is $57.31. The company has a quick ratio of 1.01, a current ratio of 1.93 and a debt-to-equity ratio of 1.15. Gildan Activewear, Inc. has a fifty-two week low of $46.55 and a fifty-two week high of $73.69.

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 the consensus estimate of $1.11 by $0.17. The firm had revenue of $1.58 billion during the quarter, compared to analysts' expectations 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 for the quarter was up 72.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.97 earnings per share. As a group, equities research analysts predict that Gildan Activewear, Inc. will post 4.67 earnings per share for the current year.

Gildan Activewear Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 14th. Shareholders of record on Thursday, August 20th will be given a dividend of $0.249 per share. The ex-dividend date is Thursday, August 20th. This represents a $1.00 annualized dividend and a yield of 1.9%. Gildan Activewear's payout ratio is presently 192.31%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on GIL shares. Weiss Ratings reissued a "hold (c)" rating on shares of Gildan Activewear in a report on Thursday, August 13th. UBS Group upped their price objective on Gildan Activewear from $110.00 to $111.00 and gave the company a "buy" rating in a research note on Friday, July 31st. TD Securities reiterated a "buy" rating on shares of Gildan Activewear in a research note on Tuesday, June 16th. Citigroup reiterated a "neutral" rating on shares of Gildan Activewear in a research note on Tuesday, August 4th. Finally, Scotia boosted their target price 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 analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, Gildan Activewear has a consensus rating of "Moderate Buy" and a consensus target price of $80.00.

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.

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