Bank of New York Mellon Corp reduced its stake in shares of Gildan Activewear Inc (NYSE:GIL) (TSE:GIL) by 3.2% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 289,378 shares of the textile maker’s stock after selling 9,676 shares during the period. Bank of New York Mellon Corp owned about 0.14% of Gildan Activewear worth $8,149,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of GIL. Vaughan Nelson Investment Management L.P. bought a new stake in Gildan Activewear during the 2nd quarter worth approximately $26,410,000. Connor Clark & Lunn Investment Management Ltd. increased its holdings in Gildan Activewear by 82.1% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,216,400 shares of the textile maker’s stock worth $34,242,000 after purchasing an additional 548,300 shares in the last quarter. Addenda Capital Inc. increased its holdings in Gildan Activewear by 96.8% during the 2nd quarter. Addenda Capital Inc. now owns 665,512 shares of the textile maker’s stock worth $19,014,000 after purchasing an additional 327,321 shares in the last quarter. Cooke & Bieler LP increased its holdings in Gildan Activewear by 4.6% during the 2nd quarter. Cooke & Bieler LP now owns 5,927,975 shares of the textile maker’s stock worth $166,932,000 after purchasing an additional 260,186 shares in the last quarter. Finally, UBS Group AG increased its holdings in Gildan Activewear by 286.4% during the 1st quarter. UBS Group AG now owns 306,911 shares of the textile maker’s stock worth $8,866,000 after purchasing an additional 227,481 shares in the last quarter. 70.80% of the stock is owned by hedge funds and other institutional investors.

GIL has been the subject of a number of recent research reports. TheStreet raised Gildan Activewear from a “c+” rating to a “b-” rating in a report on Friday, August 24th. TD Securities boosted their price objective on Gildan Activewear from $35.00 to $36.00 and gave the stock a “buy” rating in a report on Friday, August 3rd. Bank of America raised Gildan Activewear from an “underperform” rating to a “buy” rating in a report on Thursday, August 2nd. Desjardins lowered Gildan Activewear from a “buy” rating to a “hold” rating in a report on Friday, August 3rd. They noted that the move was a valuation call. Finally, ValuEngine raised Gildan Activewear from a “sell” rating to a “hold” rating in a report on Friday, August 3rd. Seven research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $33.00.

GIL stock opened at $30.24 on Friday. The company has a market capitalization of $6.17 billion, a PE ratio of 17.58, a price-to-earnings-growth ratio of 1.35 and a beta of 0.81. The company has a debt-to-equity ratio of 0.47, a current ratio of 5.06 and a quick ratio of 1.76. Gildan Activewear Inc has a 12-month low of $25.33 and a 12-month high of $34.19.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last released its earnings results on Thursday, August 2nd. The textile maker reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.03. The company had revenue of $764.20 million during the quarter, compared to analyst estimates of $728.72 million. Gildan Activewear had a return on equity of 18.53% and a net margin of 12.51%. Gildan Activewear’s quarterly revenue was up 6.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.48 earnings per share. analysts anticipate that Gildan Activewear Inc will post 1.88 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Monday, September 10th. Stockholders of record on Thursday, August 16th were issued a $0.112 dividend. This represents a $0.45 annualized dividend and a dividend yield of 1.48%. The ex-dividend date was Wednesday, August 15th. Gildan Activewear’s dividend payout ratio is presently 26.16%.

Gildan Activewear Profile

Gildan Activewear Inc manufactures and sells a range of apparel products in the United States, Canada, Mexico, Europe, the Asia-Pacific, and Latin America. It operates in two segments, Printwear and Branded Apparel. The company manufactures and markets active wear products, including T-shirts, fleece tops and bottoms, and sport shirts under Gildan, Gildan Performance, Gildan Platinum, Gildan Hammer, Smart Basics, Comfort Colors, American Apparel, Anvil, Alstyle, Gold Toe, and Mossy Oak brands.

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Institutional Ownership by Quarter for Gildan Activewear (NYSE:GIL)

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