Gildan Activewear, Inc. (NYSE:GIL) Position Cut by Bank of New York Mellon Corp

Bank of New York Mellon Corp trimmed its stake in Gildan Activewear, Inc. (NYSE:GIL - Free Report) TSE: GIL by 9.2% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 247,411 shares of the textile maker's stock after selling 25,109 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.16% of Gildan Activewear worth $10,941,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Olde Wealth Management LLC bought a new stake in Gildan Activewear in the first quarter valued at $29,000. Versant Capital Management Inc lifted its stake in Gildan Activewear by 510.7% in the first quarter. Versant Capital Management Inc now owns 745 shares of the textile maker's stock valued at $33,000 after buying an additional 623 shares during the last quarter. GAMMA Investing LLC lifted its stake in Gildan Activewear by 4,323.5% in the first quarter. GAMMA Investing LLC now owns 752 shares of the textile maker's stock valued at $33,000 after buying an additional 735 shares during the last quarter. Blue Trust Inc. lifted its stake in Gildan Activewear by 69.3% in the first quarter. Blue Trust Inc. now owns 1,336 shares of the textile maker's stock valued at $59,000 after buying an additional 547 shares during the last quarter. Finally, Natixis lifted its stake in Gildan Activewear by 423.8% in the fourth quarter. Natixis now owns 1,540 shares of the textile maker's stock valued at $72,000 after buying an additional 1,246 shares during the last quarter. 82.83% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on GIL. CIBC cut their target price on Gildan Activewear from $60.00 to $56.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 30th. Scotiabank raised Gildan Activewear to a "strong-buy" rating and set a $55.00 price target on the stock in a report on Wednesday, May 28th. Barclays assumed coverage on Gildan Activewear in a report on Monday, April 28th. They set an "overweight" rating and a $51.00 price target on the stock. Finally, TD Securities raised their price target on Gildan Activewear from $56.00 to $60.00 and gave the company a "buy" rating in a report on Wednesday, April 30th. Nine research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $57.91.

Gildan Activewear Price Performance

NYSE:GIL opened at $52.40 on Monday. The business's 50-day moving average price is $48.97 and its 200 day moving average price is $47.96. The firm has a market cap of $7.86 billion, a P/E ratio of 20.23, a PEG ratio of 1.69 and a beta of 1.19. Gildan Activewear, Inc. has a 52-week low of $37.16 and a 52-week high of $55.39. The company has a quick ratio of 1.59, a current ratio of 3.91 and a debt-to-equity ratio of 1.35.

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 (EPS) for the quarter, topping analysts' consensus estimates of $0.57 by $0.02. The firm had revenue of $711.70 million for the quarter, compared to analyst estimates of $715.29 million. Gildan Activewear had a return on equity of 30.61% and a net margin of 12.38%. Gildan Activewear's revenue was up 2.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.59 earnings per share. As a group, sell-side analysts predict that Gildan Activewear, Inc. will post 3.48 earnings per share for the current fiscal year.

Gildan Activewear Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 16th. Investors 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 1.73%. Gildan Activewear's dividend payout ratio is currently 34.75%.

About Gildan Activewear

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.

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