Gildan Activewear Inc. (NYSE:GIL) Shares Sold by Pzena Investment Management LLC

Pzena Investment Management LLC cut its stake in Gildan Activewear Inc. (NYSE:GIL) (TSE:GIL) by 53.9% in the third quarter, Holdings Channel reports. The fund owned 636,743 shares of the textile maker’s stock after selling 743,663 shares during the period. Pzena Investment Management LLC’s holdings in Gildan Activewear were worth $29,997,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Canada Pension Plan Investment Board raised its stake in Gildan Activewear by 16.1% during the first quarter. Canada Pension Plan Investment Board now owns 563,498 shares of the textile maker’s stock worth $20,933,000 after purchasing an additional 78,338 shares during the period. Tacita Capital Inc lifted its holdings in Gildan Activewear by 1,025.5% in the third quarter. Tacita Capital Inc now owns 13,056 shares of the textile maker’s stock valued at $615,000 after acquiring an additional 11,896 shares during the last quarter. Boston Partners lifted its holdings in 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 acquiring an additional 245,119 shares during the last quarter. Bridges Investment Management Inc. purchased a new position in Gildan Activewear in the second quarter worth approximately $1,425,000. Finally, Vaughan Nelson Investment Management L.P. increased its stake 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. Institutional investors and hedge funds own 82.83% of the company’s stock.

Analyst Ratings Changes

GIL has been the subject of a number of research analyst reports. Citigroup increased their price target on Gildan Activewear from $54.00 to $59.00 and gave the stock a “buy” rating in a report on Friday, November 1st. TD Securities upped their price objective on Gildan Activewear from $56.00 to $58.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. BMO Capital Markets lifted their price target on shares of Gildan Activewear from $47.00 to $58.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. CIBC raised their price target on Gildan Activewear from $48.00 to $56.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Finally, Stifel Nicolaus increased their price objective on Gildan Activewear from $54.00 to $60.00 and gave the company a “buy” rating in a report on Friday, November 1st. Three investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.85.

Gildan Activewear Price Performance

Shares of Gildan Activewear stock traded down $0.04 during trading on Wednesday, hitting $48.87. 90,323 shares of the company were exchanged, compared to its average volume of 707,440. The stock has a market capitalization of $7.53 billion, a price-to-earnings ratio of 19.33, a P/E/G ratio of 1.81 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. The firm has a 50 day moving average price of $47.49 and a 200 day moving average price of $42.13. Gildan Activewear Inc. has a fifty-two week low of $30.68 and a fifty-two week high of $50.58.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last issued its quarterly earnings results on Thursday, October 31st. The textile maker reported $0.85 earnings per share for the quarter, meeting the consensus estimate of $0.85. Gildan Activewear had a return on equity of 26.88% and a net margin of 13.06%. The company 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 firm posted $0.74 EPS. Gildan Activewear’s revenue was up 2.4% on a year-over-year basis. On average, equities analysts expect that Gildan Activewear Inc. will post 2.97 earnings per share for the current fiscal year.

Gildan Activewear Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Thursday, November 21st will be issued 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 1.24%. Gildan Activewear’s dividend payout ratio (DPR) is presently 32.41%.

Gildan Activewear Company Profile

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.