SaddleRock Capital Management LLC Invests $5.65 Million in Gildan Activewear, Inc. $GIL

SaddleRock Capital Management LLC acquired a new stake in shares of Gildan Activewear, Inc. (NYSE:GIL) (TSE:GIL) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor acquired 109,548 shares of the textile maker’s stock, valued at approximately $5,653,000. Gildan Activewear makes up approximately 5.5% of SaddleRock Capital Management LLC’s holdings, making the stock its 8th largest position.

A number of other hedge funds also recently made changes to their positions in GIL. Fifth Third Bancorp grew its position in Gildan Activewear by 16.5% in the first quarter. Fifth Third Bancorp now owns 1,355 shares of the textile maker’s stock worth $75,000 after acquiring an additional 192 shares in the last quarter. Arkadios Wealth Advisors raised its position in Gildan Activewear by 2.2% during the fourth quarter. Arkadios Wealth Advisors now owns 8,787 shares of the textile maker’s stock valued at $549,000 after purchasing an additional 193 shares in the last quarter. Tacita Capital Inc lifted its stake in Gildan Activewear by 1.9% during the fourth quarter. Tacita Capital Inc now owns 11,250 shares of the textile maker’s stock worth $704,000 after purchasing an additional 211 shares during the last quarter. Cetera Investment Advisers lifted its stake in Gildan Activewear by 2.1% during the second quarter. Cetera Investment Advisers now owns 12,510 shares of the textile maker’s stock worth $616,000 after purchasing an additional 259 shares during the last quarter. Finally, CIBC Private Wealth Group LLC boosted its holdings in shares of Gildan Activewear by 169.0% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 538 shares of the textile maker’s stock worth $31,000 after purchasing an additional 338 shares in the last quarter. 82.83% of the stock is owned by institutional investors.

Gildan Activewear Stock Down 2.3%

Shares of NYSE:GIL opened at $54.90 on Tuesday. The stock has a market capitalization of $10.17 billion, a P/E ratio of 105.57 and a beta of 1.11. The stock’s 50-day moving average price is $53.66 and its 200-day moving average price is $58.49. The company has a current ratio of 1.93, a quick ratio of 1.01 and a debt-to-equity ratio of 1.15. Gildan Activewear, Inc. has a 12-month low of $46.55 and a 12-month high of $73.69.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last released its earnings results on Thursday, July 30th. The textile maker reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.11 by $0.17. The company had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.61 billion. Gildan Activewear had a return on equity of 21.03% and a net margin of 1.28%.Gildan Activewear’s revenue for the quarter was up 72.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.97 EPS. On average, equities analysts anticipate that Gildan Activewear, Inc. will post 4.67 earnings per share for the current year.

Gildan Activewear Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 14th. Shareholders of record on Thursday, August 20th will be given a $0.249 dividend. The ex-dividend date is Thursday, August 20th. This represents a $1.00 annualized dividend and a yield of 1.8%. Gildan Activewear’s payout ratio is presently 190.38%.

Analyst Upgrades and Downgrades

GIL has been the topic of several recent research reports. Scotia increased 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 reaffirmed an “outperform” rating and issued a $82.00 target price (up from $78.00) on shares of Gildan Activewear in a research note on Friday, July 31st. TD Securities reiterated a “buy” rating on shares of Gildan Activewear in a research report on Tuesday, June 16th. Stifel Nicolaus set a $83.00 price target on shares of Gildan Activewear and gave the stock a “buy” rating in a research note on Friday, July 31st. Finally, Canadian Imperial Bank of Commerce restated an “outperform” rating and issued a $77.00 price objective on shares of Gildan Activewear in a report on Friday, May 1st. Twelve research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, Gildan Activewear currently has a consensus rating of “Moderate Buy” and an average price target of $80.00.

About Gildan Activewear

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.