Short Interest in Gildan Activewear, Inc. (GIL) Drops By 3.9%
Gildan Activewear, Inc. (NYSE:GIL) (TSE:GIL) saw a large drop in short interest during the month of July. As of July 31st, there was short interest totalling 6,178,957 shares, a drop of 3.9% from the July 14th total of 6,432,639 shares. Based on an average trading volume of 276,057 shares, the days-to-cover ratio is currently 22.4 days. Approximately 2.8% of the shares of the company are short sold.
Shares of Gildan Activewear (GIL) opened at 30.84 on Friday. Gildan Activewear has a 12 month low of $23.55 and a 12 month high of $31.83. The stock has a market cap of $6.92 billion, a PE ratio of 18.67 and a beta of 0.72. The firm has a 50-day moving average price of $30.31 and a 200-day moving average price of $28.34.
Gildan Activewear (NYSE:GIL) (TSE:GIL) last announced its quarterly earnings data on Thursday, August 3rd. The textile maker reported $0.49 EPS for the quarter, beating the Zacks’ consensus estimate of $0.48 by $0.01. Gildan Activewear had a net margin of 14.16% and a return on equity of 18.65%. The firm had revenue of $715.40 million during the quarter, compared to the consensus estimate of $753.85 million. During the same quarter last year, the firm earned $0.41 earnings per share. The firm’s revenue was up 3.8% compared to the same quarter last year. Equities analysts forecast that Gildan Activewear will post $1.70 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, September 11th. Stockholders of record on Thursday, August 17th will be given a dividend of $0.094 per share. The ex-dividend date is Tuesday, August 15th. This represents a $0.38 dividend on an annualized basis and a dividend yield of 1.22%. Gildan Activewear’s payout ratio is 22.42%.
GIL has been the subject of several analyst reports. Zacks Investment Research upgraded Gildan Activewear from a “hold” rating to a “buy” rating and set a $34.00 target price for the company in a research note on Monday, June 19th. TD Securities lifted their price target on Gildan Activewear from $31.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, May 4th. Canaccord Genuity set a $32.00 target price on Gildan Activewear and gave the stock a “buy” rating in a research report on Friday, July 7th. BMO Capital Markets restated a “buy” rating and issued a $34.00 target price (up previously from $32.00) on shares of Gildan Activewear in a research report on Friday, August 4th. Finally, TheStreet downgraded Gildan Activewear from a “b-” rating to a “c” rating in a research report on Wednesday, May 3rd. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $35.14.
Large investors have recently bought and sold shares of the stock. Causeway Capital Management LLC increased its stake in Gildan Activewear by 392.6% in the first quarter. Causeway Capital Management LLC now owns 11,941,097 shares of the textile maker’s stock worth $322,887,000 after buying an additional 9,517,241 shares during the last quarter. Janus Henderson Group PLC bought a new stake in Gildan Activewear during the second quarter worth about $266,358,000. Turtle Creek Asset Management Inc. boosted its position in shares of Gildan Activewear by 74.5% in the first quarter. Turtle Creek Asset Management Inc. now owns 7,259,863 shares of the textile maker’s stock worth $196,307,000 after buying an additional 3,099,700 shares during the period. FMR LLC boosted its position in shares of Gildan Activewear by 18.2% in the second quarter. FMR LLC now owns 12,177,081 shares of the textile maker’s stock worth $374,195,000 after buying an additional 1,875,214 shares during the period. Finally, Sentry Investments Corp. boosted its position in shares of Gildan Activewear by 355.5% in the first quarter. Sentry Investments Corp. now owns 2,066,700 shares of the textile maker’s stock worth $74,257,000 after buying an additional 1,613,000 shares during the period. Institutional investors own 75.67% of the company’s stock.
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About Gildan Activewear
Gildan Activewear Inc is a manufacturer and marketer of branded basic family apparel, including T-shirts, fleece, sport shirts, underwear, socks, hosiery and shapewear. The Company operates through two segments: Printwear and Branded Apparel. The Printwear segment designs, manufactures, sources, markets, and distributes undecorated activewear products.
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