Harvest Management LLC Sells 11,600 Shares of Gildan Activewear Inc. (NYSE:GIL)

Harvest Management LLC reduced its position in Gildan Activewear Inc. (NYSE:GIL) (TSE:GIL) by 66.3% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 5,900 shares of the textile maker’s stock after selling 11,600 shares during the period. Harvest Management LLC’s holdings in Gildan Activewear were worth $278,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in GIL. HighTower Advisors LLC purchased a new position in shares of Gildan Activewear during the third quarter worth approximately $457,000. Simcoe Capital Management LLC grew its stake in shares of Gildan Activewear by 10.5% in the third quarter. Simcoe Capital Management LLC now owns 2,387,865 shares of the textile maker’s stock valued at $112,492,000 after buying an additional 226,695 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its position in shares of Gildan Activewear by 106.5% during the 3rd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 48,573 shares of the textile maker’s stock worth $2,286,000 after acquiring an additional 25,050 shares in the last quarter. Northwest & Ethical Investments L.P. increased its position in Gildan Activewear by 8.3% in the 3rd quarter. Northwest & Ethical Investments L.P. now owns 61,859 shares of the textile maker’s stock valued at $2,912,000 after acquiring an additional 4,748 shares during the period. Finally, Hyperion Capital Advisors LP purchased a new stake in shares of Gildan Activewear during the 3rd quarter worth approximately $294,000. 82.83% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on GIL. Canaccord Genuity Group raised their price objective on Gildan Activewear from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Stifel Nicolaus raised their target price on shares of Gildan Activewear from $54.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, November 1st. TD Securities increased their price target on shares of Gildan Activewear from $58.00 to $60.00 and gave the company a “buy” rating in a research note on Monday. BMO Capital Markets raised their target price on shares of Gildan Activewear from $47.00 to $58.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Finally, Citigroup raised their target price on Gildan Activewear from $54.00 to $59.00 and gave the company a “buy” rating in a report on Friday, November 1st. Three analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.05.

Gildan Activewear Stock Up 1.0 %

GIL opened at $50.11 on Tuesday. The business has a 50 day moving average price of $48.22 and a two-hundred day moving average price of $43.14. The company has a market cap of $7.72 billion, a PE ratio of 19.81, a P/E/G ratio of 1.85 and a beta of 1.40. Gildan Activewear Inc. has a 52 week low of $30.68 and a 52 week high of $50.60. The company has a quick ratio of 0.98, a current ratio of 2.31 and a debt-to-equity ratio of 0.81.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last announced its 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. 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 for the quarter, compared to analyst estimates of $882.85 million. During the same period in the prior year, the company posted $0.74 EPS. Gildan Activewear’s quarterly revenue was up 2.4% on a year-over-year basis. As a group, research analysts anticipate that Gildan Activewear Inc. will post 2.97 EPS for the current year.

Gildan Activewear Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Thursday, November 21st will be paid a $0.152 dividend. This represents a $0.61 dividend on an annualized basis and a dividend yield of 1.21%. The ex-dividend date is Thursday, November 21st. Gildan Activewear’s dividend payout ratio is 32.41%.

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.