Legacy Wealth Asset Management LLC Trims Stock Holdings in Gildan Activewear, Inc. $GIL

Legacy Wealth Asset Management LLC cut its stake in shares of Gildan Activewear, Inc. (NYSE:GIL) (TSE:GIL) by 37.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 25,736 shares of the textile maker’s stock after selling 15,113 shares during the quarter. Legacy Wealth Asset Management LLC’s holdings in Gildan Activewear were worth $1,328,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Assetmark Inc. boosted its holdings in Gildan Activewear by 10,432.0% in the 4th quarter. Assetmark Inc. now owns 60,138 shares of the textile maker’s stock worth $3,756,000 after buying an additional 59,567 shares during the period. Barington Companies Management LLC bought a new position in shares of Gildan Activewear in the fourth quarter worth about $15,941,000. The Manufacturers Life Insurance Company grew its position in shares of 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 purchasing an additional 909,001 shares in the last quarter. VELA Investment Management LLC bought a new position in shares of Gildan Activewear during the fourth quarter worth $3,104,000. Finally, Triasima Portfolio Management inc. purchased a new position in Gildan Activewear during the fourth quarter valued at $4,353,000. Institutional investors own 82.83% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on GIL. Citigroup reaffirmed a “neutral” rating on shares of Gildan Activewear in a report on Tuesday, August 4th. Scotia boosted their target price on shares of Gildan Activewear from $65.00 to $67.00 and gave the stock a “sector outperform” rating in a report on Friday, July 31st. Stifel Nicolaus set a $83.00 target price on shares of Gildan Activewear and gave the company a “buy” rating in a research report on Friday, July 31st. Weiss Ratings downgraded shares of Gildan Activewear from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, May 18th. Finally, Zacks Research upgraded Gildan Activewear from a “strong sell” rating to a “hold” rating in a research report on Friday, May 1st. Thirteen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $79.07.

Gildan Activewear Trading Up 0.0%

NYSE GIL opened at $57.51 on Monday. The stock has a market cap of $10.65 billion, a PE ratio of 110.59 and a beta of 1.11. Gildan Activewear, Inc. has a 12 month low of $46.00 and a 12 month high of $73.69. The company’s 50-day moving average price is $54.15 and its 200-day moving average price is $59.23. 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 (NYSE:GIL) (TSE:GIL) last announced its quarterly earnings data 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 net margin of 1.28% and a return on equity of 21.03%. The firm’s revenue for the quarter was up 72.3% on a year-over-year basis. During the same quarter last year, the business posted $0.97 EPS. Equities research analysts forecast that Gildan Activewear, Inc. will post 4.67 earnings per share for the current year.

Gildan Activewear Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 14th. Investors of record on Thursday, August 20th will be issued a $0.249 dividend. The ex-dividend date is Thursday, August 20th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.7%. Gildan Activewear’s payout ratio is presently 190.38%.

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.