Envestnet Asset Management Inc. Sells 34,798 Shares of Gildan Activewear Inc. (NYSE:GIL)

Envestnet Asset Management Inc. lessened its holdings in Gildan Activewear Inc. (NYSE:GIL) (TSE:GIL) by 16.3% in the second quarter, Holdings Channel reports. The institutional investor owned 178,554 shares of the textile maker’s stock after selling 34,798 shares during the period. Envestnet Asset Management Inc.’s holdings in Gildan Activewear were worth $5,757,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the business. Skandinaviska Enskilda Banken AB publ raised its holdings in Gildan Activewear by 1.2% in the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 28,576 shares of the textile maker’s stock valued at $948,000 after buying an additional 343 shares during the last quarter. Jones Financial Companies Lllp raised its holdings in Gildan Activewear by 11.4% during the 1st quarter. Jones Financial Companies Lllp now owns 3,413 shares of the textile maker’s stock worth $113,000 after purchasing an additional 348 shares during the last quarter. Signaturefd LLC raised its holdings in Gildan Activewear by 16.0% during the 2nd quarter. Signaturefd LLC now owns 2,946 shares of the textile maker’s stock worth $95,000 after purchasing an additional 407 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in Gildan Activewear by 8.4% during the 2nd quarter. Assenagon Asset Management S.A. now owns 8,320 shares of the textile maker’s stock worth $269,000 after purchasing an additional 645 shares during the last quarter. Finally, Alliancebernstein L.P. raised its holdings in Gildan Activewear by 5.1% during the 4th quarter. Alliancebernstein L.P. now owns 15,743 shares of the textile maker’s stock worth $431,000 after purchasing an additional 758 shares during the last quarter. Institutional investors own 79.09% of the company’s stock.

Gildan Activewear Stock Performance

NYSE GIL opened at $35.73 on Friday. The company has a current ratio of 2.50, a quick ratio of 0.93 and a debt-to-equity ratio of 0.40. The company has a market cap of $6.15 billion, a P/E ratio of 13.69, a PEG ratio of 1.55 and a beta of 1.31. The company has a fifty day simple moving average of $29.69 and a 200 day simple moving average of $30.08. Gildan Activewear Inc. has a 12-month low of $26.30 and a 12-month high of $36.00.

Gildan Activewear Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 18th. Shareholders of record on Wednesday, November 22nd will be issued a dividend of $0.186 per share. This represents a $0.74 dividend on an annualized basis and a yield of 2.08%. The ex-dividend date is Tuesday, November 21st. Gildan Activewear’s dividend payout ratio is 28.35%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on GIL shares. TD Securities raised their price target on shares of Gildan Activewear from $38.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, November 3rd. StockNews.com upgraded shares of Gildan Activewear from a “sell” rating to a “hold” rating in a report on Tuesday, November 7th. Citigroup lowered their price target on shares of Gildan Activewear from $42.00 to $40.00 and set a “buy” rating for the company in a report on Friday, August 4th. Royal Bank of Canada raised their price objective on shares of Gildan Activewear from $36.00 to $39.00 and gave the stock an “outperform” rating in a research report on Friday, November 3rd. Finally, Desjardins raised their price objective on shares of Gildan Activewear from $48.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, November 3rd. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $40.77.

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, Comfort Colors, American Apparel, Alstyle, and GoldToe brands.