Fortis Group Advisors LLC Has $241,000 Stake in Gildan Activewear Inc. (NYSE:GIL)

Fortis Group Advisors LLC lessened its stake in shares of Gildan Activewear Inc. (NYSE:GIL) (TSE:GIL) by 91.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,355 shares of the textile maker’s stock after selling 64,874 shares during the period. Fortis Group Advisors LLC’s holdings in Gildan Activewear were worth $241,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the stock. Browning West LP lifted its holdings in shares of Gildan Activewear by 30.0% during the 4th quarter. Browning West LP now owns 8,640,448 shares of the textile maker’s stock worth $285,653,000 after acquiring an additional 1,994,900 shares during the period. Cardinal Capital Management Inc. boosted its holdings in shares of Gildan Activewear by 1.5% in the 2nd quarter. Cardinal Capital Management Inc. now owns 2,907,144 shares of the textile maker’s stock valued at $110,197,000 after purchasing an additional 42,094 shares in the last quarter. Norges Bank bought a new position in shares of Gildan Activewear in the 4th quarter valued at $70,917,000. Anson Funds Management LP lifted its position in shares of Gildan Activewear by 13.8% during the 1st quarter. Anson Funds Management LP now owns 1,791,705 shares of the textile maker’s stock worth $66,521,000 after buying an additional 216,705 shares during the last quarter. Finally, National Bank of Canada FI boosted its stake in Gildan Activewear by 43.8% in the first quarter. National Bank of Canada FI now owns 1,762,761 shares of the textile maker’s stock valued at $65,451,000 after buying an additional 537,215 shares in the last quarter. 82.83% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Stifel Nicolaus raised Gildan Activewear from a “hold” rating to a “buy” rating and boosted their target price for the stock from $39.00 to $51.00 in a research note on Friday, August 2nd. Royal Bank of Canada increased their price objective on shares of Gildan Activewear from $41.00 to $44.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Finally, BMO Capital Markets boosted their target price on shares of Gildan Activewear from $43.00 to $47.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Four research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $44.50.

Gildan Activewear Price Performance

Shares of NYSE:GIL opened at $45.63 on Friday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.97 and a current ratio of 2.35. Gildan Activewear Inc. has a 52 week low of $26.99 and a 52 week high of $45.65. The firm has a market cap of $7.41 billion, a PE ratio of 15.42, a price-to-earnings-growth ratio of 1.74 and a beta of 1.43. The firm’s fifty day moving average is $40.44 and its 200-day moving average is $37.42.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last announced its earnings results on Thursday, August 1st. The textile maker reported $0.74 EPS for the quarter, topping the consensus estimate of $0.71 by $0.03. The firm had revenue of $862.20 million for the quarter, compared to the consensus estimate of $851.10 million. Gildan Activewear had a return on equity of 24.96% and a net margin of 13.01%. The business’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.63 EPS. Sell-side analysts predict that Gildan Activewear Inc. will post 2.92 earnings per share for the current year.

Gildan Activewear Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Thursday, August 22nd will be given a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a yield of 1.80%. The ex-dividend date is Thursday, August 22nd. Gildan Activewear’s dividend payout ratio is presently 27.70%.

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.