Turtle Creek Asset Management Inc. Sells 269,350 Shares of Gildan Activewear, Inc. $GIL

Key Points

• Turtle Creek Asset Management cut its Gildan Activewear stake by 24.8%, selling 269,350 shares in the first quarter and retaining 817,805 shares worth approximately $45.5 million.
• Gildan reported quarterly adjusted earnings of $0.43 per share, beating expectations of $0.36, while revenue rose 63.8% year over year to $1.17 billion.
• Despite the stock trading down 1.2% at $51.10, analysts maintain a “Moderate Buy” consensus, with an average price target of $78.21.

Turtle Creek Asset Management Inc. reduced its position in shares of Gildan Activewear, Inc. (NYSE:GIL - Free Report) TSE: GIL by 24.8% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 817,805 shares of the textile maker's stock after selling 269,350 shares during the quarter. Gildan Activewear accounts for about 1.7% of Turtle Creek Asset Management Inc.'s investment portfolio, making the stock its 23rd biggest holding. Turtle Creek Asset Management Inc. owned 0.44% of Gildan Activewear worth $45,511,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. Webster Bank N. A. bought a new stake in shares of Gildan Activewear during the fourth quarter valued at approximately $25,000. Islay Capital Management LLC bought a new position in Gildan Activewear in the 4th quarter valued at approximately $25,000. Larson Financial Group LLC lifted its position in Gildan Activewear by 3,516.7% in the 4th quarter. Larson Financial Group LLC now owns 434 shares of the textile maker's stock valued at $27,000 after acquiring an additional 422 shares in the last quarter. Smartleaf Asset Management LLC boosted its stake in Gildan Activewear by 161.8% during the 2nd quarter. Smartleaf Asset Management LLC now owns 555 shares of the textile maker's stock valued at $27,000 after purchasing an additional 343 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd boosted its stake in Gildan Activewear by 14,833.3% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 448 shares of the textile maker's stock valued at $28,000 after purchasing an additional 445 shares during the last quarter. 82.83% of the stock is owned by hedge funds and other institutional investors.

Gildan Activewear Trading Down 1.2%

NYSE:GIL opened at $51.10 on Thursday. The company has a market cap of $9.46 billion, a PE ratio of 30.06 and a beta of 1.11. The company has a current ratio of 2.35, a quick ratio of 1.17 and a debt-to-equity ratio of 1.32. The company has a 50 day simple moving average of $54.62 and a two-hundred day simple moving average of $59.56. Gildan Activewear, Inc. has a 12 month low of $46.00 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, April 30th. The textile maker reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.07. The firm had revenue of $1.17 billion for the quarter, compared to analysts' expectations of $1.14 billion. Gildan Activewear had a return on equity of 21.38% and a net margin of 6.10%.The company's revenue was up 63.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.59 EPS. Research analysts forecast that Gildan Activewear, Inc. will post 4.25 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Zacks Research upgraded Gildan Activewear from a "strong sell" rating to a "hold" rating in a research note on Friday, May 1st. Weiss Ratings cut Gildan Activewear from a "hold (c+)" rating to a "hold (c)" rating in a research report on Monday, May 18th. UBS Group reiterated a "buy" rating on shares of Gildan Activewear in a report on Friday, July 17th. Stifel Nicolaus set a $80.00 target price on Gildan Activewear and gave the stock a "buy" rating in a research report on Monday, July 20th. Finally, Scotia decreased their target price on Gildan Activewear from $72.00 to $65.00 and set a "sector outperform" rating for the company in a research report on Wednesday, June 17th. Thirteen equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $78.21.

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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