Gildan Activewear Inc. (NYSE:GIL) Shares Sold by Primecap Management Co. CA

Primecap Management Co. CA trimmed its stake in Gildan Activewear Inc. (NYSE:GIL) (TSE:GIL) by 0.5% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 96,500 shares of the textile maker’s stock after selling 500 shares during the quarter. Primecap Management Co. CA owned approximately 0.06% of Gildan Activewear worth $4,546,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the stock. Canada Pension Plan Investment Board raised its stake in Gildan Activewear by 16.1% in the 1st quarter. Canada Pension Plan Investment Board now owns 563,498 shares of the textile maker’s stock valued at $20,933,000 after purchasing an additional 78,338 shares during the last quarter. Tacita Capital Inc grew its holdings in shares of Gildan Activewear by 1,025.5% during the third quarter. Tacita Capital Inc now owns 13,056 shares of the textile maker’s stock worth $615,000 after buying an additional 11,896 shares in the last quarter. Boston Partners raised its position in shares of Gildan Activewear by 217.3% in the first quarter. Boston Partners now owns 357,910 shares of the textile maker’s stock valued at $13,281,000 after buying an additional 245,119 shares during the last quarter. Bridges Investment Management Inc. purchased a new position in shares of Gildan Activewear during the second quarter valued at approximately $1,425,000. Finally, Vaughan Nelson Investment Management L.P. boosted its position in Gildan Activewear by 31.5% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,573,695 shares of the textile maker’s stock worth $59,674,000 after acquiring an additional 377,135 shares during the last quarter. 82.83% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on GIL shares. CIBC increased their price target on Gildan Activewear from $48.00 to $56.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. BMO Capital Markets increased their target price on Gildan Activewear from $47.00 to $58.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Citigroup lifted their price target on Gildan Activewear from $54.00 to $59.00 and gave the company a “buy” rating in a report on Friday, November 1st. TD Securities increased their price objective on shares of Gildan Activewear from $56.00 to $58.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Finally, Royal Bank of Canada boosted their target price on shares of Gildan Activewear from $41.00 to $44.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Three investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $50.85.

Gildan Activewear Price Performance

GIL opened at $49.83 on Friday. Gildan Activewear Inc. has a 52-week low of $30.68 and a 52-week high of $50.58. The company has a 50 day moving average of $47.67 and a two-hundred day moving average of $42.23. The company has a market cap of $7.68 billion, a P/E ratio of 19.56, a P/E/G ratio of 1.83 and a beta of 1.44. The company has a quick ratio of 0.98, a current ratio of 2.31 and a debt-to-equity ratio of 0.81.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last announced its quarterly earnings results on Thursday, October 31st. The textile maker reported $0.85 earnings per share 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 firm had revenue of $891.10 million during the quarter, compared to analysts’ expectations of $882.85 million. During the same period in the prior year, the company earned $0.74 EPS. The firm’s revenue was up 2.4% on a year-over-year basis. On average, analysts expect that Gildan Activewear Inc. will post 2.97 earnings per share for the current year.

Gildan Activewear Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Thursday, November 21st will be paid a $0.152 dividend. 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 1.22%. Gildan Activewear’s dividend payout ratio (DPR) is currently 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.