Wellington Management Group LLP Purchases New Stake in Gildan Activewear, Inc. $GIL

Key Points

• Wellington Management acquired 78,183 shares of Gildan Activewear in the second quarter, valued at approximately $4.0 million. Institutional investors collectively own 82.83% of the company.
• Analysts remain broadly bullish, with 12 Buy ratings and three Holds; the stock has a consensus “Moderate Buy” rating and an average price target of $80.00.
• Gildan reported quarterly EPS of $1.28, beating estimates 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% yield.

Wellington Management Group LLP acquired a new position in Gildan Activewear, Inc. (NYSE:GIL - Free Report) TSE: GIL in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 78,183 shares of the textile maker's stock, valued at approximately $4,029,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Barington Companies Management LLC bought a new stake in shares of Gildan Activewear during the 4th quarter valued at about $15,941,000. The Manufacturers Life Insurance Company raised its stake in Gildan Activewear by 15.7% during the first quarter. The Manufacturers Life Insurance Company now owns 6,706,078 shares of the textile maker's stock worth $373,122,000 after acquiring an additional 909,001 shares during the period. Wedge Capital Management L L P NC lifted its holdings in Gildan Activewear by 14.0% in the second quarter. Wedge Capital Management L L P NC now owns 613,324 shares of the textile maker's stock worth $31,648,000 after acquiring an additional 75,530 shares during the last quarter. Bank of New York Mellon Corp bought a new position in Gildan Activewear in the second quarter worth about $11,651,000. Finally, Royal Bank of Canada lifted its holdings in Gildan Activewear by 20.9% in the first quarter. Royal Bank of Canada now owns 6,911,589 shares of the textile maker's stock worth $384,629,000 after acquiring an additional 1,193,718 shares during the last quarter. Institutional investors own 82.83% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. TD Securities reaffirmed a "buy" rating on shares of Gildan Activewear in a report on Tuesday, June 16th. Scotiabank reissued a "sector outperform" rating and issued a $67.00 price target (up from $65.00) on shares of Gildan Activewear in a report on Friday, July 31st. Scotia boosted their price objective on Gildan Activewear from $65.00 to $67.00 and gave the company a "sector outperform" rating in a research report on Friday, July 31st. Royal Bank Of Canada restated an "outperform" rating and set a $82.00 price objective (up from $78.00) on shares of Gildan Activewear in a research note on Friday, July 31st. Finally, UBS Group upped their price objective on Gildan Activewear from $110.00 to $111.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. Twelve investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, Gildan Activewear has an average rating of "Moderate Buy" and a consensus target price of $80.00.

Gildan Activewear Trading Down 2.0%

Gildan Activewear stock opened at $50.53 on Thursday. Gildan Activewear, Inc. has a 52-week low of $46.55 and a 52-week high of $73.69. The company has a quick ratio of 1.01, a current ratio of 1.93 and a debt-to-equity ratio of 1.15. The firm has a market capitalization of $9.36 billion, a price-to-earnings ratio of 97.17 and a beta of 1.08. The firm has a 50-day moving average price of $53.73 and a two-hundred day moving average price of $56.89.

Gildan Activewear (NYSE:GIL - Get Free Report) TSE: GIL last announced 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. The company had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.61 billion. Gildan Activewear had a net margin of 1.28% and a return on equity of 21.03%. Gildan Activewear's revenue was up 72.3% compared to the same quarter last year. During the same quarter last year, the business earned $0.97 earnings per share. Sell-side analysts expect 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. Investors of record on Thursday, August 20th will be given a $0.249 dividend. This represents a $1.00 annualized dividend and a yield of 2.0%. The ex-dividend date is Thursday, August 20th. Gildan Activewear's dividend payout ratio (DPR) is currently 192.31%.

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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