Polymer Capital Management HK LTD Acquires New Stake in Gildan Activewear, Inc. $GIL

Polymer Capital Management HK LTD bought a new position in shares of Gildan Activewear, Inc. (NYSE:GIL) (TSE:GIL) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 195,139 shares of the textile maker’s stock, valued at approximately $10,069,000. Gildan Activewear makes up approximately 0.5% of Polymer Capital Management HK LTD’s portfolio, making the stock its 27th largest position. Polymer Capital Management HK LTD owned about 0.11% of Gildan Activewear at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of GIL. Islay Capital Management LLC purchased a new stake in Gildan Activewear during the fourth quarter worth about $25,000. Larson Financial Group LLC boosted its stake in shares of Gildan Activewear by 3,516.7% in the fourth quarter. Larson Financial Group LLC now owns 434 shares of the textile maker’s stock valued at $27,000 after purchasing an additional 422 shares during the period. Smartleaf Asset Management LLC boosted its stake in shares of Gildan Activewear by 161.8% in the second quarter. Smartleaf Asset Management LLC now owns 555 shares of the textile maker’s stock valued at $27,000 after purchasing an additional 343 shares during the period. Caitong International Asset Management Co. Ltd grew its holdings in shares of Gildan Activewear by 14,833.3% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 448 shares of the textile maker’s stock valued at $28,000 after purchasing an additional 445 shares in the last quarter. Finally, Brown Brothers Harriman & Co. grew its holdings in shares of Gildan Activewear by 867.9% in the third quarter. Brown Brothers Harriman & Co. now owns 513 shares of the textile maker’s stock valued at $30,000 after purchasing an additional 460 shares in the last quarter. 82.83% of the stock is currently owned by hedge funds and other institutional investors.

Gildan Activewear Stock Up 0.2%

Shares of NYSE:GIL opened at $56.30 on Monday. The firm’s 50 day moving average price is $53.80 and its 200 day moving average price is $58.57. The stock has a market cap of $10.43 billion, a price-to-earnings ratio of 108.27 and a beta of 1.11. Gildan Activewear, Inc. has a fifty-two week low of $46.55 and a fifty-two week high of $73.69. 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 (NYSE:GIL) (TSE:GIL) last posted its quarterly earnings results on Thursday, July 30th. The textile maker reported $1.28 EPS for the quarter, topping the consensus estimate of $1.11 by $0.17. Gildan Activewear had a net margin of 1.28% and a return on equity of 21.03%. The company had revenue of $1.58 billion during the quarter, compared to analysts’ expectations of $1.61 billion. During the same quarter in the previous year, the business posted $0.97 EPS. The firm’s revenue was up 72.3% on a year-over-year basis. As a group, equities research analysts predict that Gildan Activewear, Inc. will post 4.67 earnings per share for the current fiscal year.

Gildan Activewear Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 14th. Stockholders of record on Thursday, August 20th will be given a dividend of $0.249 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend is Thursday, August 20th. Gildan Activewear’s payout ratio is 192.31%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports 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 report on Friday, July 31st. Royal Bank Of Canada restated an “outperform” rating and issued a $82.00 price target (up from $78.00) on shares of Gildan Activewear in a research note on Friday, July 31st. Zacks Research raised Gildan Activewear from a “strong sell” rating to a “hold” rating in a research report on Friday, May 1st. Weiss Ratings reiterated a “hold (c)” rating on shares of Gildan Activewear in a research note on Thursday, August 13th. Finally, Stifel Nicolaus set a $83.00 target price on Gildan Activewear and gave the company a “buy” rating in a report on Friday, July 31st. Twelve analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, Gildan Activewear presently has a consensus rating of “Moderate Buy” and an average target price of $80.00.

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.