Lapides Asset Management LLC Cuts Holdings in Gildan Activewear Inc (NYSE:GIL)

Lapides Asset Management LLC trimmed its holdings in shares of Gildan Activewear Inc (NYSE:GIL) (TSE:GIL) by 16.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 194,500 shares of the textile maker’s stock after selling 37,700 shares during the quarter. Gildan Activewear makes up approximately 1.7% of Lapides Asset Management LLC’s investment portfolio, making the stock its 23rd biggest holding. Lapides Asset Management LLC owned about 0.10% of Gildan Activewear worth $3,013,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Lindbrook Capital LLC boosted its stake in Gildan Activewear by 241.7% in the second quarter. Lindbrook Capital LLC now owns 1,729 shares of the textile maker’s stock valued at $27,000 after acquiring an additional 1,223 shares in the last quarter. FinTrust Capital Advisors LLC boosted its stake in Gildan Activewear by 3,965.8% in the first quarter. FinTrust Capital Advisors LLC now owns 3,090 shares of the textile maker’s stock valued at $39,000 after acquiring an additional 3,014 shares in the last quarter. Heritage Wealth Advisors boosted its stake in Gildan Activewear by 1,321.6% in the second quarter. Heritage Wealth Advisors now owns 104,201 shares of the textile maker’s stock valued at $113,000 after acquiring an additional 96,871 shares in the last quarter. Fox Run Management L.L.C. acquired a new stake in Gildan Activewear in the first quarter valued at approximately $128,000. Finally, CHICAGO TRUST Co NA boosted its stake in Gildan Activewear by 55.3% in the first quarter. CHICAGO TRUST Co NA now owns 15,545 shares of the textile maker’s stock valued at $198,000 after acquiring an additional 5,534 shares in the last quarter. 75.32% of the stock is currently owned by institutional investors.

Several equities research analysts have weighed in on GIL shares. TD Securities raised their target price on shares of Gildan Activewear from $19.00 to $22.00 and gave the company a “buy” rating in a research note on Friday. Royal Bank of Canada lifted their price objective on shares of Gildan Activewear from $15.00 to $16.00 and gave the stock a “sector perform” rating in a research note on Friday. BMO Capital Markets lifted their price objective on shares of Gildan Activewear from $14.00 to $16.00 and gave the stock a “market perform” rating in a research note on Thursday, April 30th. Canaccord Genuity reiterated a “hold” rating and set a $13.00 price objective (down from $14.00) on shares of Gildan Activewear in a research note on Thursday, April 23rd. Finally, UBS Group initiated coverage on shares of Gildan Activewear in a research note on Wednesday, July 22nd. They set a “neutral” rating and a $16.00 price objective for the company. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the stock. Gildan Activewear currently has an average rating of “Hold” and a consensus target price of $24.36.

GIL traded down $0.15 on Friday, reaching $17.76. The stock had a trading volume of 764,108 shares, compared to its average volume of 631,527. Gildan Activewear Inc has a 12-month low of $9.42 and a 12-month high of $40.29. The company has a current ratio of 5.41, a quick ratio of 2.35 and a debt-to-equity ratio of 0.99. The business’s 50-day moving average price is $15.80 and its two-hundred day moving average price is $18.57. The company has a market cap of $3.52 billion, a P/E ratio of -16.29, a price-to-earnings-growth ratio of 22.26 and a beta of 1.35.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last released its quarterly earnings data on Thursday, July 30th. The textile maker reported ($0.99) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.78). The firm had revenue of $229.70 million during the quarter, compared to analysts’ expectations of $241.40 million. Gildan Activewear had a negative net margin of 10.14% and a positive return on equity of 0.35%. The firm’s quarterly revenue was down 71.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.56 EPS. As a group, analysts predict that Gildan Activewear Inc will post 0.04 earnings per share for the current year.

About Gildan Activewear

Gildan Activewear Inc manufactures and sells a range of apparel products in North America, Europe, the Asia-Pacific, and Latin America. The company manufactures and markets active wear products, including T-shirts, fleece tops and bottoms, and sport shirts under Gildan, Gildan Performance, Gildan Platinum, Gildan Hammer, Comfort Colors, American Apparel, Anvil, Alstyle, and Gold Toe brands.

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Institutional Ownership by Quarter for Gildan Activewear (NYSE:GIL)

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