Massachusetts Financial Services Co. MA Has $57.42 Million Position in Gildan Activewear Inc. (NYSE:GIL)

Massachusetts Financial Services Co. MA reduced its stake in shares of Gildan Activewear Inc. (NYSE:GIL) (TSE:GIL) by 9.2% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,514,129 shares of the textile maker’s stock after selling 154,134 shares during the quarter. Massachusetts Financial Services Co. MA owned about 0.91% of Gildan Activewear worth $57,416,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of GIL. Norges Bank acquired a new position in shares of Gildan Activewear in the 4th quarter valued at approximately $70,917,000. Browning West LP raised its stake 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 purchasing an additional 1,994,900 shares in the last quarter. Intact Investment Management Inc. raised its stake in shares of Gildan Activewear by 204.8% during the 2nd quarter. Intact Investment Management Inc. now owns 881,100 shares of the textile maker’s stock worth $33,416,000 after purchasing an additional 591,980 shares in the last quarter. National Bank of Canada FI raised its stake in shares of Gildan Activewear by 43.8% during the 1st quarter. National Bank of Canada FI now owns 1,762,761 shares of the textile maker’s stock worth $65,451,000 after purchasing an additional 537,215 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. raised its stake in shares of Gildan Activewear by 31.5% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,573,695 shares of the textile maker’s stock worth $59,674,000 after purchasing an additional 377,135 shares in the last quarter. 82.83% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on GIL. Royal Bank of Canada upped their price objective on Gildan Activewear from $41.00 to $44.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Stifel Nicolaus upgraded Gildan Activewear from a “hold” rating to a “buy” rating and increased their price target for the company from $39.00 to $51.00 in a research note on Friday, August 2nd. Finally, BMO Capital Markets increased their price target on Gildan Activewear from $43.00 to $47.00 and gave the company 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 given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $44.50.

Gildan Activewear Stock Performance

Shares of NYSE GIL opened at $46.31 on Friday. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.35 and a quick ratio of 0.97. The stock’s fifty day moving average price is $42.30 and its two-hundred day moving average price is $38.39. Gildan Activewear Inc. has a one year low of $26.99 and a one year high of $46.68. The firm has a market cap of $7.67 billion, a price-to-earnings ratio of 15.65, a P/E/G ratio of 1.71 and a beta of 1.43.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last issued its quarterly earnings data on Thursday, August 1st. The textile maker reported $0.74 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 analyst estimates of $851.10 million. During the same period in the prior year, the firm posted $0.63 EPS. The company’s revenue for the quarter was up 2.6% on a year-over-year basis. On average, equities analysts forecast that Gildan Activewear Inc. will post 2.92 EPS for the current year.

Gildan Activewear Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Thursday, August 22nd were issued a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a dividend yield of 1.77%. The ex-dividend date was Thursday, August 22nd. Gildan Activewear’s dividend payout ratio (DPR) is currently 27.70%.

About Gildan Activewear

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.