Turtle Creek Asset Management Inc. Sells 269,350 Shares of Gildan Activewear, Inc. $GIL

Turtle Creek Asset Management Inc. decreased its holdings in Gildan Activewear, Inc. (NYSE:GIL) (TSE:GIL) by 24.8% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 817,805 shares of the textile maker’s stock after selling 269,350 shares during the quarter. Gildan Activewear accounts for 1.7% of Turtle Creek Asset Management Inc.’s portfolio, making the stock its 23rd largest position. Turtle Creek Asset Management Inc.’s holdings in Gildan Activewear were worth $45,511,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in GIL. Caisse de depot et placement du Quebec increased its holdings in Gildan Activewear by 1,695.7% during the fourth quarter. Caisse de depot et placement du Quebec now owns 6,240,014 shares of the textile maker’s stock valued at $390,539,000 after buying an additional 5,892,514 shares during the last quarter. Norges Bank purchased a new position in shares of Gildan Activewear during the 4th quarter worth $151,018,000. Mackenzie Financial Corp boosted its stake in shares of Gildan Activewear by 41.2% during the 4th quarter. Mackenzie Financial Corp now owns 6,860,108 shares of the textile maker’s stock worth $429,382,000 after acquiring an additional 2,001,279 shares during the last quarter. Brandes Investment Partners LP bought a new stake in shares of Gildan Activewear during the 4th quarter valued at $99,870,000. Finally, Vanguard Group Inc. grew its position in shares of Gildan Activewear by 26.0% during the 4th quarter. Vanguard Group Inc. now owns 7,566,962 shares of the textile maker’s stock valued at $472,964,000 after acquiring an additional 1,561,729 shares during the period. 82.83% of the stock is currently owned by institutional investors.

Gildan Activewear Stock Performance

GIL opened at $51.10 on Thursday. The company has a 50 day simple moving average of $54.62 and a two-hundred day simple moving average of $59.56. The company has a debt-to-equity ratio of 1.32, a current ratio of 2.35 and a quick ratio of 1.17. The firm has a market cap of $9.46 billion, a P/E ratio of 30.06 and a beta of 1.11. Gildan Activewear, Inc. has a 1-year low of $46.00 and a 1-year high of $73.69.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last announced its quarterly earnings data on Thursday, April 30th. The textile maker reported $0.43 EPS for the quarter, beating the consensus estimate of $0.36 by $0.07. Gildan Activewear had a net margin of 6.10% and a return on equity of 21.38%. The firm had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.14 billion. During the same period last year, the firm earned $0.59 EPS. The company’s revenue was up 63.8% on a year-over-year basis. Equities analysts forecast that Gildan Activewear, Inc. will post 4.25 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts recently commented on GIL shares. Scotia decreased their target price on Gildan Activewear from $72.00 to $65.00 and set a “sector outperform” rating on the stock in a report on Wednesday, June 17th. Canadian Imperial Bank of Commerce reissued an “outperform” rating and set a $77.00 price target on shares of Gildan Activewear in a report on Friday, May 1st. Scotiabank restated a “sector outperform” rating and issued a $65.00 price target (down from $72.00) on shares of Gildan Activewear in a research report on Wednesday, June 17th. TD Securities reaffirmed a “buy” rating on shares of Gildan Activewear in a research note on Tuesday, June 16th. Finally, Stifel Nicolaus set a $80.00 price objective on Gildan Activewear and gave the company a “buy” rating in a research report on Monday, July 20th. Thirteen investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, Gildan Activewear currently has an average rating of “Moderate Buy” and a consensus price target of $78.21.

Gildan Activewear Profile

Gildan Activewear Inc (NYSE:GIL) is a vertically integrated manufacturer and wholesaler of branded basic apparel, including activewear, socks, hosiery and underwear. Headquartered in Montreal, Quebec, the company produces a wide range of products such as T-shirts, fleece garments, sport shirts, performance wear, and shapewear under its Gildan, Anvil, Comfort Colors, Gold Toe, Peds and Silks brands. Leveraging its in-house knitting, dyeing, cut-and-sew and finishing operations, Gildan supplies blank apparel to screen printers, promotional product distributors and major retailers around the world.

Since its founding in 1984 by Glenn J.