Short Interest in Gildan Activewear, Inc. (GIL) Declines By 3.9%
Gildan Activewear, Inc. (NYSE:GIL) (TSE:GIL) was the recipient of a large decline in short interest in July. As of July 31st, there was short interest totalling 6,178,957 shares, a decline of 3.9% from the July 14th total of 6,432,639 shares. Approximately 2.8% of the company’s shares are sold short. Based on an average daily volume of 276,057 shares, the short-interest ratio is presently 22.4 days.
Several equities analysts have weighed in on GIL shares. Zacks Investment Research cut shares of Gildan Activewear from a “hold” rating to a “sell” rating in a research report on Tuesday, April 25th. TheStreet cut shares of Gildan Activewear from a “b-” rating to a “c” rating in a research report on Wednesday, May 3rd. TD Securities lifted their price objective on shares of Gildan Activewear from $31.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, May 4th. BMO Capital Markets reiterated a “buy” rating and set a $34.00 price objective (up from $32.00) on shares of Gildan Activewear in a research report on Friday, August 4th. Finally, Royal Bank Of Canada lifted their price objective on shares of Gildan Activewear from $30.00 to $31.00 and gave the stock an “outperform” rating in a research report on Thursday, May 4th. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $35.14.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Oppenheimer Asset Management Inc. purchased a new position in shares of Gildan Activewear during the first quarter worth approximately $696,000. Nationwide Fund Advisors purchased a new position in shares of Gildan Activewear during the first quarter worth approximately $1,801,000. Paloma Partners Management Co increased its position in shares of Gildan Activewear by 67.3% in the first quarter. Paloma Partners Management Co now owns 15,100 shares of the textile maker’s stock worth $408,000 after buying an additional 6,074 shares during the period. World Asset Management Inc increased its position in shares of Gildan Activewear by 0.7% in the first quarter. World Asset Management Inc now owns 14,512 shares of the textile maker’s stock worth $392,000 after buying an additional 105 shares during the period. Finally, Bank of Nova Scotia increased its position in shares of Gildan Activewear by 3.2% in the first quarter. Bank of Nova Scotia now owns 609,690 shares of the textile maker’s stock worth $16,473,000 after buying an additional 18,815 shares during the period. 75.67% of the stock is owned by institutional investors.
Gildan Activewear (GIL) traded up 1.07% on Tuesday, reaching $30.32. 188,794 shares of the company’s stock were exchanged. Gildan Activewear has a 12 month low of $23.55 and a 12 month high of $31.83. The firm’s 50-day moving average is $30.32 and its 200-day moving average is $28.21. The firm has a market cap of $6.81 billion, a PE ratio of 18.35 and a beta of 0.72.
Gildan Activewear (NYSE:GIL) (TSE:GIL) last announced its quarterly earnings data on Thursday, August 3rd. The textile maker reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.01. Gildan Activewear had a net margin of 14.16% and a return on equity of 18.65%. The company had revenue of $715.40 million during the quarter, compared to the consensus estimate of $753.85 million. During the same quarter last year, the firm posted $0.41 EPS. The company’s quarterly revenue was up 3.8% on a year-over-year basis. On average, equities analysts forecast that Gildan Activewear will post $1.70 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 11th. Stockholders of record on Thursday, August 17th will be given a $0.094 dividend. This represents a $0.38 dividend on an annualized basis and a dividend yield of 1.24%. The ex-dividend date is Tuesday, August 15th. Gildan Activewear’s dividend payout ratio (DPR) is presently 22.42%.
About Gildan Activewear
Gildan Activewear Inc is a manufacturer and marketer of branded basic family apparel, including T-shirts, fleece, sport shirts, underwear, socks, hosiery and shapewear. The Company operates through two segments: Printwear and Branded Apparel. The Printwear segment designs, manufactures, sources, markets, and distributes undecorated activewear products.
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