Seelaus Asset Management LLC Cuts Stake in Gildan Activewear Inc. (NYSE:GIL)

Seelaus Asset Management LLC cut its holdings in Gildan Activewear Inc. (NYSE:GIL) (TSE:GIL) by 13.5% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,740 shares of the textile maker’s stock after selling 1,050 shares during the period. Seelaus Asset Management LLC’s holdings in Gildan Activewear were worth $318,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the business. Riverview Trust Co purchased a new position in shares of Gildan Activewear in the third quarter worth $29,000. Blue Trust Inc. lifted its stake in Gildan Activewear by 96.1% in the 3rd quarter. Blue Trust Inc. now owns 810 shares of the textile maker’s stock worth $38,000 after purchasing an additional 397 shares in the last quarter. Cullen Frost Bankers Inc. bought a new position in shares of Gildan Activewear during the 2nd quarter valued at about $51,000. Natixis purchased a new position in shares of Gildan Activewear during the first quarter valued at about $51,000. Finally, Tobam bought a new stake in shares of Gildan Activewear in the second quarter worth about $53,000. 82.83% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on GIL shares. BMO Capital Markets increased their price target on Gildan Activewear from $47.00 to $58.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Citigroup raised their target price on shares of Gildan Activewear from $54.00 to $59.00 and gave the company a “buy” rating in a report on Friday, November 1st. Royal Bank of Canada upped their price target on shares of Gildan Activewear from $41.00 to $44.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. TD Securities increased their price target on shares of Gildan Activewear from $56.00 to $58.00 and gave the company a “buy” rating in a report on Friday, November 1st. Finally, Stifel Nicolaus increased their target price on shares of Gildan Activewear from $54.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Three analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $50.85.

Gildan Activewear Price Performance

NYSE GIL opened at $48.29 on Friday. The company has a market cap of $7.44 billion, a PE ratio of 19.09, a P/E/G ratio of 1.81 and a beta of 1.44. Gildan Activewear Inc. has a 52-week low of $30.68 and a 52-week high of $50.58. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.98 and a current ratio of 2.31. The firm’s 50 day moving average price is $47.31 and its 200-day moving average price is $41.81.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last announced its earnings results on Thursday, October 31st. The textile maker reported $0.85 EPS for the quarter, hitting analysts’ consensus estimates of $0.85. Gildan Activewear had a net margin of 13.06% and a return on equity of 26.88%. The business had revenue of $891.10 million during the quarter, compared to the consensus estimate of $882.85 million. During the same period in the previous year, the company posted $0.74 earnings per share. The firm’s revenue was up 2.4% on a year-over-year basis. Sell-side analysts forecast that Gildan Activewear Inc. will post 2.97 EPS for the current fiscal year.

Gildan Activewear Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Thursday, November 21st will be paid a dividend of $0.152 per share. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $0.61 dividend on an annualized basis and a dividend yield of 1.26%. Gildan Activewear’s payout ratio is 32.41%.

About Gildan Activewear

Gildan Activewear Inc manufactures and sells various apparel products in the United States, North America, Europe, Asia-Pacific, and Latin America. It provides various activewear products, including T-shirts, fleece tops and bottoms, and sports shirts under the Gildan, Gildan Performance, Gildan Hammer, Glidan Softstyle, Gildan Heavy Cotton, Gildan Ultra Cotton, Gildan DryBlend, Gildan HeavyBlend, Comfort Colors, and American Apparel brands.