Korea Investment CORP Buys New Shares in Gildan Activewear, Inc. $GIL

Korea Investment CORP bought a new position in shares of Gildan Activewear, Inc. (NYSE:GIL) (TSE:GIL) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 195,952 shares of the textile maker’s stock, valued at approximately $10,099,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. Ieq Capital LLC purchased a new position in shares of Gildan Activewear in the 2nd quarter valued at about $349,000. Callan Family Office LLC purchased a new stake in Gildan Activewear during the second quarter worth approximately $641,000. Virtus Advisers LLC acquired a new position in Gildan Activewear in the second quarter valued at approximately $216,000. Silvant Capital Management LLC acquired a new position in Gildan Activewear in the second quarter valued at approximately $2,472,000. Finally, Hara Capital LLC purchased a new position in Gildan Activewear in the second quarter valued at approximately $57,000. Institutional investors and hedge funds own 82.83% of the company’s stock.

Gildan Activewear Trading Down 2.3%

NYSE:GIL opened at $54.90 on Tuesday. Gildan Activewear, Inc. has a 52-week low of $46.55 and a 52-week high of $73.69. The company has a quick ratio of 1.01, a current ratio of 1.93 and a debt-to-equity ratio of 1.15. The stock has a fifty day simple moving average of $53.66 and a 200-day simple moving average of $58.49. The company has a market capitalization of $10.17 billion, a PE ratio of 105.57 and a beta of 1.11.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last released its quarterly earnings results on Thursday, July 30th. The textile maker reported $1.28 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.17. Gildan Activewear had a return on equity of 21.03% and a net margin of 1.28%.The company had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.61 billion. During the same quarter last year, the business posted $0.97 earnings per share. Gildan Activewear’s revenue was up 72.3% compared to the same quarter last year. On average, equities research analysts expect that Gildan Activewear, Inc. will post 4.67 earnings per share for the current fiscal year.

Gildan Activewear Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 14th. Investors of record on Thursday, August 20th will be issued a $0.249 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date is Thursday, August 20th. Gildan Activewear’s payout ratio is presently 190.38%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Royal Bank Of Canada reiterated an “outperform” rating and set a $82.00 target price (up from $78.00) on shares of Gildan Activewear in a research report on Friday, July 31st. Scotiabank reissued a “sector outperform” rating and issued a $67.00 target price (up from $65.00) on shares of Gildan Activewear in a research report on Friday, July 31st. Zacks Research upgraded Gildan Activewear from a “strong sell” rating to a “hold” rating in a research note on Friday, May 1st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Gildan Activewear in a research report on Thursday, August 13th. Finally, TD Securities reiterated a “buy” rating on shares of Gildan Activewear in a research note on Tuesday, June 16th. Twelve research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $80.00.

Gildan Activewear Profile

Gildan Activewear Inc (NYSE:GIL) is a vertically integrated manufacturer and wholesaler of branded basic apparel, including activewear, socks, hosiery and underwear. Headquartered in Montreal, Quebec, the company produces a wide range of products such as T-shirts, fleece garments, sport shirts, performance wear, and shapewear under its Gildan, Anvil, Comfort Colors, Gold Toe, Peds and Silks brands. Leveraging its in-house knitting, dyeing, cut-and-sew and finishing operations, Gildan supplies blank apparel to screen printers, promotional product distributors and major retailers around the world.

Since its founding in 1984 by Glenn J.