Fmr LLC Sells 1,262,822 Shares of Gildan Activewear Inc. (NYSE:GIL)

Fmr LLC reduced its position in shares of Gildan Activewear Inc. (NYSE:GIL) (TSE:GIL) by 12.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,955,005 shares of the textile maker’s stock after selling 1,262,822 shares during the period. Fmr LLC owned approximately 0.06% of Gildan Activewear worth $421,524,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. Cooke & Bieler LP lifted its holdings in shares of Gildan Activewear by 2.7% during the second quarter. Cooke & Bieler LP now owns 10,252,785 shares of the textile maker’s stock worth $388,786,000 after buying an additional 271,273 shares in the last quarter. Cardinal Capital Management Inc. increased its position in Gildan Activewear by 1.5% during the second quarter. Cardinal Capital Management Inc. now owns 2,907,144 shares of the textile maker’s stock worth $110,197,000 after acquiring an additional 42,094 shares during the period. The Manufacturers Life Insurance Company increased its position in Gildan Activewear by 14.4% during the second quarter. The Manufacturers Life Insurance Company now owns 2,568,733 shares of the textile maker’s stock worth $97,290,000 after acquiring an additional 324,304 shares during the period. EdgePoint Investment Group Inc. raised its stake in Gildan Activewear by 28.0% in the 2nd quarter. EdgePoint Investment Group Inc. now owns 1,863,618 shares of the textile maker’s stock worth $70,696,000 after purchasing an additional 407,113 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. boosted its holdings in Gildan Activewear by 2.8% in the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 1,618,420 shares of the textile maker’s stock valued at $76,244,000 after purchasing an additional 44,725 shares during the period. 82.83% of the stock is currently owned by institutional investors.

Gildan Activewear Price Performance

GIL stock opened at $49.62 on Friday. The stock has a market cap of $7.64 billion, a price-to-earnings ratio of 19.61, a P/E/G ratio of 1.85 and a beta of 1.44. The company has a debt-to-equity ratio of 0.81, a current ratio of 2.31 and a quick ratio of 0.98. The company has a 50 day simple moving average of $48.15 and a 200 day simple moving average of $42.92. Gildan Activewear Inc. has a 1 year low of $30.68 and a 1 year high of $50.58.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last announced its quarterly earnings results on Thursday, October 31st. The textile maker reported $0.85 EPS for the quarter, meeting analysts’ consensus estimates of $0.85. The company had revenue of $891.10 million during the quarter, compared to analysts’ expectations 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 was up 2.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.74 EPS. Research analysts anticipate that Gildan Activewear Inc. will post 2.97 EPS for the current fiscal year.

Gildan Activewear Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Thursday, November 21st will be paid a dividend of $0.152 per share. This represents a $0.61 dividend on an annualized basis and a dividend yield of 1.23%. The ex-dividend date of this dividend is Thursday, November 21st. Gildan Activewear’s payout ratio is 32.41%.

Analysts Set New Price Targets

GIL has been the topic of several recent research reports. CIBC raised their target price on shares of Gildan Activewear from $48.00 to $56.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Royal Bank of Canada raised their price objective on Gildan Activewear from $41.00 to $44.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. TD Securities upped their target price on Gildan Activewear from $56.00 to $58.00 and gave the company a “buy” rating in a research report on Friday, November 1st. BMO Capital Markets raised their price target on Gildan Activewear from $47.00 to $58.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Finally, Canaccord Genuity Group upped their price objective on shares of Gildan Activewear from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Three research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $50.85.

Gildan Activewear 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.