Gildan Activewear, Inc. $GIL Shares Acquired by VELA Investment Management LLC

VELA Investment Management LLC boosted its holdings in Gildan Activewear, Inc. (NYSE:GIL) (TSE:GIL) by 42.5% during the second quarter, HoldingsChannel reports. The fund owned 107,941 shares of the textile maker’s stock after buying an additional 32,171 shares during the period. Gildan Activewear comprises 1.2% of VELA Investment Management LLC’s holdings, making the stock its 20th biggest position. VELA Investment Management LLC’s holdings in Gildan Activewear were worth $5,570,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Caisse de depot et placement du Quebec acquired a new position in shares of Gildan Activewear in the 2nd quarter valued at $601,931,000. Jupiter Topco LLC acquired a new stake in shares of Gildan Activewear during the 2nd quarter worth about $573,363,000. Janus Henderson Group PLC raised its holdings in Gildan Activewear by 0.9% in the 1st quarter. Janus Henderson Group PLC now owns 10,593,203 shares of the textile maker’s stock valued at $589,508,000 after buying an additional 98,134 shares during the period. Royal Bank of Canada raised its holdings in Gildan Activewear by 20.9% in the 1st quarter. Royal Bank of Canada now owns 6,911,589 shares of the textile maker’s stock valued at $384,629,000 after buying an additional 1,193,718 shares during the period. Finally, Mackenzie Financial Corp lifted its position in Gildan Activewear by 41.2% in the fourth quarter. Mackenzie Financial Corp now owns 6,860,108 shares of the textile maker’s stock valued at $429,382,000 after buying an additional 2,001,279 shares during the last quarter. Institutional investors and hedge funds own 82.83% of the company’s stock.

Gildan Activewear Stock Performance

Shares of GIL stock opened at $53.42 on Monday. The firm has a 50 day moving average of $53.71 and a two-hundred day moving average of $57.31. The stock has a market capitalization of $9.89 billion, a PE ratio of 102.73 and a beta of 1.08. The company has a quick ratio of 1.01, a current ratio of 1.93 and a debt-to-equity ratio of 1.15. Gildan Activewear, Inc. has a 52 week low of $46.55 and a 52 week high of $73.69.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last posted its quarterly earnings data on Thursday, July 30th. The textile maker reported $1.28 earnings per share for the quarter, topping analysts’ consensus estimates of $1.11 by $0.17. The business had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.61 billion. Gildan Activewear had a return on equity of 21.03% and a net margin of 1.28%.The company’s revenue was up 72.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.97 earnings per share. On average, research analysts predict that Gildan Activewear, Inc. will post 4.67 EPS for the current fiscal year.

Gildan Activewear Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 14th. Shareholders of record on Thursday, August 20th will be issued a dividend of $0.249 per share. The ex-dividend date is Thursday, August 20th. This represents a $1.00 annualized dividend and a yield of 1.9%. Gildan Activewear’s dividend payout ratio is 192.31%.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Scotia increased their target price on shares of Gildan Activewear from $65.00 to $67.00 and gave the stock a “sector outperform” rating in a research note on Friday, July 31st. Scotiabank restated a “sector outperform” rating and issued a $67.00 price objective (up from $65.00) on shares of Gildan Activewear in a report on Friday, July 31st. TD Securities reaffirmed a “buy” rating on shares of Gildan Activewear in a research report on Tuesday, June 16th. UBS Group lifted their target price on shares of Gildan Activewear from $110.00 to $111.00 and gave the company a “buy” rating in a report on Friday, July 31st. Finally, Citigroup reissued a “neutral” rating on shares of Gildan Activewear in a research report on Tuesday, August 4th. Twelve investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, Gildan Activewear currently has an average rating of “Moderate Buy” and an average price target of $80.00.

Gildan Activewear Company 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.