Legacy Wealth Asset Management LLC Boosts Stock Position in Gildan Activewear Inc. (NYSE:GIL)

Legacy Wealth Asset Management LLC raised its position in shares of Gildan Activewear Inc. (NYSE:GIL) (TSE:GIL) by 115.1% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 12,965 shares of the textile maker’s stock after buying an additional 6,938 shares during the quarter. Legacy Wealth Asset Management LLC’s holdings in Gildan Activewear were worth $610,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Simcoe Capital Management LLC raised its stake in shares of Gildan Activewear by 10.5% during the 3rd quarter. Simcoe Capital Management LLC now owns 2,387,865 shares of the textile maker’s stock worth $112,492,000 after acquiring an additional 226,695 shares in the last quarter. Intech Investment Management LLC acquired a new position in shares of Gildan Activewear during the third quarter worth $544,000. Tacita Capital Inc lifted its holdings in shares of Gildan Activewear by 1,025.5% during the 3rd quarter. Tacita Capital Inc now owns 13,056 shares of the textile maker’s stock valued at $615,000 after purchasing an additional 11,896 shares during the last quarter. Bridges Investment Management Inc. acquired a new stake in shares of Gildan Activewear in the 2nd quarter worth $1,425,000. Finally, Allspring Global Investments Holdings LLC boosted its position in shares of Gildan Activewear by 7,709.2% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 125,181 shares of the textile maker’s stock worth $5,899,000 after purchasing an additional 123,578 shares in the last quarter. 82.83% of the stock is currently owned by institutional investors.

Gildan Activewear Price Performance

NYSE:GIL opened at $49.78 on Friday. The firm’s fifty day moving average is $48.28 and its two-hundred day moving average is $45.52. The firm has a market cap of $7.61 billion, a price-to-earnings ratio of 19.68, a PEG ratio of 1.59 and a beta of 1.41. Gildan Activewear Inc. has a one year low of $31.22 and a one year high of $50.60. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.98 and a current ratio of 2.31.

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 (EPS) for the quarter, meeting analysts’ consensus estimates of $0.85. The company had revenue of $891.10 million during the quarter, compared to the consensus estimate of $882.85 million. Gildan Activewear had a return on equity of 26.88% and a net margin of 13.06%. Gildan Activewear’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.74 earnings per share. Research analysts expect that Gildan Activewear Inc. will post 2.97 EPS for the current year.

Gildan Activewear Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Thursday, November 21st were given a dividend of $0.152 per share. The ex-dividend date of this dividend was Thursday, November 21st. This represents a $0.61 annualized dividend and a yield of 1.22%. Gildan Activewear’s dividend payout ratio is presently 32.41%.

Analyst Upgrades and Downgrades

A number of research firms have commented on GIL. BMO Capital Markets increased their price target on Gildan Activewear from $47.00 to $58.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Citigroup increased their price objective on shares of Gildan Activewear from $54.00 to $59.00 and gave the company a “buy” rating in a research report on Friday, November 1st. UBS Group upgraded shares of Gildan Activewear from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $50.00 to $60.00 in a research note on Friday, January 10th. CIBC upped their price target on shares of Gildan Activewear from $48.00 to $56.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Finally, Canaccord Genuity Group lifted their price objective on shares of Gildan Activewear from $52.00 to $53.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. Ten research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $53.35.

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.