Legacy Wealth Asset Management LLC Cuts Stake in Gildan Activewear, Inc. $GIL

Legacy Wealth Asset Management LLC reduced its position in Gildan Activewear, Inc. (NYSE:GIL) (TSE:GIL) by 37.0% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 25,736 shares of the textile maker’s stock after selling 15,113 shares during the period. Legacy Wealth Asset Management LLC’s holdings in Gildan Activewear were worth $1,328,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. AQR Capital Management LLC raised its holdings in shares of Gildan Activewear by 49.3% in the 1st quarter. AQR Capital Management LLC now owns 13,209 shares of the textile maker’s stock valued at $584,000 after purchasing an additional 4,360 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in Gildan Activewear by 40.0% during the first quarter. Goldman Sachs Group Inc. now owns 1,760,253 shares of the textile maker’s stock valued at $77,838,000 after buying an additional 503,359 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Gildan Activewear by 2.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 186,585 shares of the textile maker’s stock valued at $8,251,000 after buying an additional 4,714 shares during the period. Cetera Investment Advisers raised its stake in Gildan Activewear by 2.1% in the second quarter. Cetera Investment Advisers now owns 12,510 shares of the textile maker’s stock worth $616,000 after buying an additional 259 shares in the last quarter. Finally, Prudential Financial Inc. bought a new position in Gildan Activewear in the second quarter worth approximately $317,000. 82.83% of the stock is currently owned by institutional investors.

Gildan Activewear Price Performance

Shares of NYSE GIL opened at $57.51 on Monday. The company has a debt-to-equity ratio of 1.15, a quick ratio of 1.01 and a current ratio of 1.93. The company has a market cap of $10.65 billion, a PE ratio of 110.59 and a beta of 1.11. The business has a 50-day simple moving average of $54.15 and a two-hundred day simple moving average of $59.23. Gildan Activewear, Inc. has a fifty-two week low of $46.00 and a fifty-two week high of $73.69.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last posted its quarterly earnings data on Thursday, July 30th. The textile maker reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.17. The firm had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.61 billion. Gildan Activewear had a net margin of 1.28% and a return on equity of 21.03%. The company’s revenue for the quarter was up 72.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.97 earnings per share. As a group, equities analysts expect that Gildan Activewear, Inc. will post 4.67 EPS for the current fiscal year.

Gildan Activewear Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 14th. Stockholders of record on Thursday, August 20th will be issued a dividend of $0.249 per share. The ex-dividend date of this dividend 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 190.38%.

Analyst Upgrades and Downgrades

GIL has been the topic of a number of analyst reports. Scotia lifted their price target on Gildan Activewear from $65.00 to $67.00 and gave the company a “sector outperform” rating in a report on Friday, July 31st. Royal Bank Of Canada restated an “outperform” rating and set a $82.00 price objective (up from $78.00) on shares of Gildan Activewear in a research note on Friday, July 31st. Scotiabank reaffirmed a “sector outperform” rating and set a $67.00 price objective (up from $65.00) on shares of Gildan Activewear in a research report on Friday, July 31st. Stifel Nicolaus set a $83.00 target price on Gildan Activewear and gave the company a “buy” rating in a research note on Friday, July 31st. Finally, UBS Group boosted their target price on shares of Gildan Activewear from $110.00 to $111.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Thirteen equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $79.07.

About Gildan Activewear

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.