Makena Capital Management LLC Cuts Position in Gildan Activewear Inc. (NYSE:GIL)

Makena Capital Management LLC lowered its holdings in shares of Gildan Activewear Inc. (NYSE:GIL - Free Report) TSE: GIL by 41.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 207,633 shares of the textile maker's stock after selling 148,113 shares during the quarter. Gildan Activewear makes up 2.3% of Makena Capital Management LLC's holdings, making the stock its 22nd largest position. Makena Capital Management LLC owned about 0.13% of Gildan Activewear worth $9,782,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Intact Investment Management Inc. raised its holdings in shares of Gildan Activewear by 204.8% during the second quarter. Intact Investment Management Inc. now owns 881,100 shares of the textile maker's stock valued at $33,416,000 after acquiring an additional 591,980 shares during the last quarter. EdgePoint Investment Group Inc. lifted its holdings in Gildan Activewear by 28.0% in the 2nd quarter. EdgePoint Investment Group Inc. now owns 1,863,618 shares of the textile maker's stock valued at $70,696,000 after purchasing an additional 407,113 shares in the last quarter. Vaughan Nelson Investment Management L.P. boosted its stake in 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 during the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Gildan Activewear by 14.4% during the second quarter. The Manufacturers Life Insurance Company now owns 2,568,733 shares of the textile maker's stock worth $97,290,000 after buying an additional 324,304 shares in the last quarter. Finally, Cooke & Bieler LP lifted its stake in shares of Gildan Activewear by 2.7% in the second quarter. Cooke & Bieler LP now owns 10,252,785 shares of the textile maker's stock worth $388,786,000 after buying an additional 271,273 shares in the last quarter. 82.83% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

GIL has been the subject of a number of recent research reports. BMO Capital Markets increased their price objective on shares of Gildan Activewear from $47.00 to $58.00 and gave the company an "outperform" rating in a report on Friday, November 1st. Citigroup boosted their price objective on Gildan Activewear from $54.00 to $59.00 and gave the stock a "buy" rating in a research note on Friday, November 1st. Stifel Nicolaus lifted their price target on Gildan Activewear from $54.00 to $60.00 and gave the stock a "buy" rating in a report on Friday, November 1st. Royal Bank of Canada upped their price objective on shares of Gildan Activewear from $41.00 to $44.00 and gave the company an "outperform" rating in a report on Friday, August 2nd. Finally, TD Securities lifted their target price on shares of Gildan Activewear from $56.00 to $58.00 and gave the stock a "buy" rating in a research note on Friday, November 1st. Three equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $50.85.

Gildan Activewear Trading Up 1.0 %

Gildan Activewear stock traded up $0.47 during midday trading on Thursday, reaching $49.48. 466,702 shares of the stock traded hands, compared to its average volume of 725,765. The company has a current ratio of 2.31, a quick ratio of 0.98 and a debt-to-equity ratio of 0.81. The firm has a market cap of $7.62 billion, a PE ratio of 19.37, a price-to-earnings-growth ratio of 1.83 and a beta of 1.44. The company has a 50-day simple moving average of $47.58 and a two-hundred day simple moving average of $42.18. Gildan Activewear Inc. has a 12-month low of $30.68 and a 12-month high of $50.58.

Gildan Activewear (NYSE:GIL - Get Free Report) TSE: GIL last announced its quarterly earnings data on Thursday, October 31st. The textile maker reported $0.85 earnings per share for the quarter, meeting analysts' consensus estimates of $0.85. The firm had revenue of $891.10 million during the quarter, compared to analysts' expectations of $882.85 million. Gildan Activewear had a net margin of 13.06% and a return on equity of 26.88%. The business's quarterly revenue was up 2.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.74 earnings per share. Research analysts expect that Gildan Activewear Inc. will post 2.97 earnings per share for the current fiscal year.

Gildan Activewear Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Thursday, November 21st will be paid a $0.152 dividend. This represents a $0.61 annualized dividend and a dividend yield of 1.23%. The ex-dividend date is Thursday, November 21st. Gildan Activewear's payout ratio is currently 32.41%.

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.