Gildan Activewear Inc (GIL) Sees Significant Drop in Short Interest
Gildan Activewear Inc (NYSE:GIL) (TSE:GIL) was the recipient of a significant decrease in short interest in August. As of August 15th, there was short interest totalling 3,396,610 shares, a decrease of 47.1% from the July 31st total of 6,419,693 shares. Based on an average trading volume of 1,231,331 shares, the days-to-cover ratio is presently 2.8 days.
Several hedge funds have recently made changes to their positions in the company. Andra AP fonden increased its position in shares of Gildan Activewear by 51.8% in the second quarter. Andra AP fonden now owns 72,400 shares of the textile maker’s stock valued at $2,681,000 after buying an additional 24,700 shares in the last quarter. Global X Management Co LLC increased its position in shares of Gildan Activewear by 145.3% in the second quarter. Global X Management Co LLC now owns 6,390 shares of the textile maker’s stock valued at $180,000 after buying an additional 3,785 shares in the last quarter. Bank of Nova Scotia increased its position in Gildan Activewear by 6.4% during the 2nd quarter. Bank of Nova Scotia now owns 708,946 shares of the textile maker’s stock worth $19,885,000 after purchasing an additional 42,449 shares in the last quarter. Jane Street Group LLC purchased a new stake in Gildan Activewear during the 2nd quarter worth about $221,000. Finally, Millennium Management LLC increased its position in Gildan Activewear by 211.2% during the 2nd quarter. Millennium Management LLC now owns 99,683 shares of the textile maker’s stock worth $2,807,000 after purchasing an additional 67,647 shares in the last quarter. Institutional investors and hedge funds own 71.66% of the company’s stock.
Several research firms have issued reports on GIL. TheStreet upgraded Gildan Activewear from a “c+” rating to a “b-” rating in a research report on Friday, August 24th. Zacks Investment Research upgraded Gildan Activewear from a “sell” rating to a “hold” rating in a research report on Tuesday, August 7th. TD Securities increased their price objective on Gildan Activewear from $35.00 to $36.00 and gave the stock a “buy” rating in a research report on Friday, August 3rd. Royal Bank of Canada increased their price objective on Gildan Activewear from $32.00 to $33.00 and gave the stock a “sector perform” rating in a research report on Friday, August 3rd. Finally, Desjardins cut Gildan Activewear from a “buy” rating to a “hold” rating in a research report on Friday, August 3rd. They noted that the move was a valuation call. Seven investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Gildan Activewear has a consensus rating of “Hold” and an average price target of $33.00.
Gildan Activewear (NYSE:GIL) (TSE:GIL) last announced its quarterly earnings results on Thursday, August 2nd. The textile maker reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.03. Gildan Activewear had a return on equity of 18.53% and a net margin of 12.51%. The business had revenue of $764.20 million during the quarter, compared to analysts’ expectations of $728.72 million. During the same quarter last year, the business posted $0.48 earnings per share. The business’s revenue for the quarter was up 6.8% on a year-over-year basis. sell-side analysts anticipate that Gildan Activewear will post 1.88 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, September 10th. Stockholders of record on Thursday, August 16th will be given a $0.112 dividend. This represents a $0.45 dividend on an annualized basis and a dividend yield of 1.50%. The ex-dividend date is Wednesday, August 15th. Gildan Activewear’s dividend payout ratio is currently 26.16%.
About Gildan Activewear
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.
Receive News & Ratings for Gildan Activewear Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Gildan Activewear and related companies with MarketBeat.com's FREE daily email newsletter.