Polar Asset Management Partners Inc. Sells 23,487 Shares of Gildan Activewear Inc. (NYSE:GIL)

Polar Asset Management Partners Inc. lowered its holdings in Gildan Activewear Inc. (NYSE:GIL - Free Report) TSE: GIL by 58.0% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,000 shares of the textile maker's stock after selling 23,487 shares during the period. Polar Asset Management Partners Inc.'s holdings in Gildan Activewear were worth $800,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Janus Henderson Group PLC lifted its holdings in shares of Gildan Activewear by 3.6% in the third quarter. Janus Henderson Group PLC now owns 6,841,572 shares of the textile maker's stock valued at $322,298,000 after purchasing an additional 240,375 shares in the last quarter. HighTower Advisors LLC purchased a new stake in shares of Gildan Activewear during the third quarter worth $457,000. Simcoe Capital Management LLC raised its holdings in shares of Gildan Activewear by 10.5% during the third quarter. Simcoe Capital Management LLC now owns 2,387,865 shares of the textile maker's stock worth $112,492,000 after acquiring an additional 226,695 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its holdings in shares of Gildan Activewear by 106.5% during the third quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 48,573 shares of the textile maker's stock worth $2,286,000 after acquiring an additional 25,050 shares in the last quarter. Finally, Northwest & Ethical Investments L.P. raised its holdings in shares of Gildan Activewear by 8.3% during the third quarter. Northwest & Ethical Investments L.P. now owns 61,859 shares of the textile maker's stock worth $2,912,000 after acquiring an additional 4,748 shares in the last quarter. Hedge funds and other institutional investors own 82.83% of the company's stock.

Gildan Activewear Price Performance

Shares of NYSE:GIL traded down $0.88 during trading on Friday, reaching $48.24. The stock had a trading volume of 397,964 shares, compared to its average volume of 736,112. Gildan Activewear Inc. has a 52 week low of $30.68 and a 52 week high of $50.60. The business's 50-day moving average price is $48.39 and its 200 day moving average price is $43.41. The company has a debt-to-equity ratio of 0.81, a current ratio of 2.31 and a quick ratio of 0.98. The stock has a market capitalization of $7.43 billion, a PE ratio of 19.07, a P/E/G ratio of 1.85 and a beta of 1.40.

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

Gildan Activewear Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Thursday, November 21st will be given a $0.152 dividend. This represents a $0.61 annualized dividend and a yield of 1.26%. The ex-dividend date is Thursday, November 21st. Gildan Activewear's dividend payout ratio (DPR) is presently 32.41%.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Canaccord Genuity Group increased their price objective on Gildan Activewear from $52.00 to $53.00 and gave the stock a "buy" rating in a report on Friday, November 1st. TD Securities raised their target price on Gildan Activewear from $58.00 to $60.00 and gave the company a "buy" rating in a report on Monday, December 2nd. BMO Capital Markets raised their target price on Gildan Activewear from $47.00 to $58.00 and gave the company an "outperform" rating in a report on Friday, November 1st. CIBC raised their target price on Gildan Activewear from $48.00 to $56.00 and gave the company an "outperform" rating in a report on Friday, November 1st. Finally, Stifel Nicolaus raised their target price on Gildan Activewear from $54.00 to $60.00 and gave the company a "buy" rating in a report on Friday, November 1st. Three equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat, Gildan Activewear has an average rating of "Moderate Buy" and an average price target of $51.05.

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.