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

Harvest Management LLC lowered its position in shares of Gildan Activewear Inc. (NYSE:GIL) (TSE:GIL) by 66.3% during the third quarter, according to 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 and other institutional investors have also recently modified their holdings of the company. Intact Investment Management Inc. lifted its stake in Gildan Activewear by 204.8% in the 2nd quarter. Intact Investment Management Inc. now owns 881,100 shares of the textile maker’s stock worth $33,416,000 after purchasing an additional 591,980 shares in the last quarter. EdgePoint Investment Group Inc. lifted its position in shares of Gildan Activewear by 28.0% during the second 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 during the last quarter. Vaughan Nelson Investment Management L.P. lifted its position in shares of 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 valued at $59,674,000 after buying an additional 377,135 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in Gildan Activewear by 14.4% in the second quarter. The Manufacturers Life Insurance Company now owns 2,568,733 shares of the textile maker’s stock valued at $97,290,000 after buying an additional 324,304 shares during the last quarter. Finally, Cooke & Bieler LP lifted its holdings in Gildan Activewear by 2.7% during the second quarter. Cooke & Bieler LP now owns 10,252,785 shares of the textile maker’s stock valued at $388,786,000 after purchasing an additional 271,273 shares in the last quarter. Institutional investors and hedge funds own 82.83% of the company’s stock.

Gildan Activewear Stock Performance

GIL opened at $50.11 on Tuesday. The stock has a market capitalization of $7.72 billion, a price-to-earnings ratio of 19.81, a PEG ratio of 1.85 and a beta of 1.40. Gildan Activewear Inc. has a fifty-two week low of $30.68 and a fifty-two week high of $50.60. The company has a fifty day moving average of $48.22 and a 200 day moving average of $43.14. 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 posted 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 net margin of 13.06% and a return on equity of 26.88%. 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 earnings per share. The firm’s quarterly revenue was up 2.4% on a year-over-year basis. As a group, sell-side analysts forecast that Gildan Activewear Inc. will post 2.97 earnings per share for the current fiscal year.

Gildan Activewear Cuts Dividend

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

Wall Street Analysts Forecast Growth

GIL has been the subject of several recent research reports. CIBC lifted their price objective on Gildan Activewear from $48.00 to $56.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. TD Securities lifted their price target on shares of Gildan Activewear from $58.00 to $60.00 and gave the stock a “buy” rating in a research note on Monday. Stifel Nicolaus raised their price target 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. Canaccord Genuity Group raised their price objective on Gildan Activewear from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Finally, Citigroup boosted their target price on shares of Gildan Activewear from $54.00 to $59.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Three equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $51.05.

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.