Envestnet Asset Management Inc. Has $11.98 Million Stock Position in Gildan Activewear Inc. (NYSE:GIL)

Envestnet Asset Management Inc. raised its holdings in Gildan Activewear Inc. (NYSE:GIL) (TSE:GIL) by 12.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 315,851 shares of the textile maker’s stock after buying an additional 34,534 shares during the period. Envestnet Asset Management Inc. owned 0.19% of Gildan Activewear worth $11,977,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Zions Bancorporation N.A. boosted its holdings in shares of Gildan Activewear by 11.0% during the second quarter. Zions Bancorporation N.A. now owns 11,090 shares of the textile maker’s stock worth $421,000 after acquiring an additional 1,099 shares during the period. Forsta AP Fonden bought a new position in Gildan Activewear in the second quarter valued at about $1,494,000. American Century Companies Inc. boosted its stake in shares of Gildan Activewear by 43.9% during the second quarter. American Century Companies Inc. now owns 122,159 shares of the textile maker’s stock valued at $4,633,000 after purchasing an additional 37,288 shares in the last quarter. Headlands Technologies LLC bought a new stake in shares of Gildan Activewear during the second quarter worth about $284,000. Finally, Custom Index Systems LLC acquired a new position in shares of Gildan Activewear in the second quarter valued at approximately $342,000. 82.83% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Gildan Activewear Price Performance

GIL opened at $46.96 on Thursday. The stock has a fifty day simple moving average of $42.86 and a two-hundred day simple moving average of $38.76. The company has a market cap of $7.78 billion, a price-to-earnings ratio of 15.86, a price-to-earnings-growth ratio of 1.77 and a beta of 1.43. Gildan Activewear Inc. has a 12-month low of $27.08 and a 12-month high of $47.35. The company has a current ratio of 2.35, a quick ratio of 0.97 and a debt-to-equity ratio of 0.55.

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

Gildan Activewear Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Thursday, August 22nd were issued a $0.205 dividend. This represents a $0.82 annualized dividend and a yield of 1.75%. The ex-dividend date of this dividend was Thursday, August 22nd. Gildan Activewear’s dividend payout ratio is currently 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.