On September 10, 2023, Turtle Creek Asset Management Inc. revealed an increase of 6.0% in its holdings of Gildan Activewear Inc. (NYSE:GIL) (TSE:GIL) during the first quarter, according to the company’s recent filing with the Securities and Exchange Commission (SEC). The institutional investor now owns 4,975,649 shares of Gildan Activewear’s stock after acquiring an additional 279,652 shares during the period. With this increase, Gildan Activewear now represents approximately 5.1% of Turtle Creek Asset Management Inc.’s overall holdings and ranks as its sixth largest holding. As per its most recent SEC filing, Turtle Creek Asset Management Inc. owns 2.78% of Gildan Activewear which is valued at $165,142,000.
In related news, Gildan Activewear recently released its quarterly earnings data on Thursday, August 3rd. The textile maker reported earnings per share (EPS) of $0.63 for the quarter, surpassing analysts’ consensus estimates by $0.02. This brought attention to Gildan Activewear’s impressive net margin of 15.73% and return on equity of 24.47%. Moreover, the firm recorded a revenue of $840.40 million for the quarter, exceeding analyst estimates which projected revenue at $822.03 million.
Equities research analysts have estimated that for the current fiscal year, Gildan Activewear will post an EPS of approximately $2.59.
For more comprehensive information and analysis regarding Gildan Activewear and its performance in the market please refer to our latest Research Report on GIL.
Hedge Fund and Institutional Investor Changes in Gildan Activewear Ownership: Analysis and Outlook
In the ever-changing world of finance and investment, it is always interesting to analyze the behavior and decisions made by hedge funds and other institutional investors. One company that has seen some noticeable changes in its ownership recently is Gildan Activewear Inc. (NYSE:GIL), a prominent textile maker.
According to recent reports, a number of hedge funds have modified their holdings of Gildan Activewear. Cooke & Bieler LP, for instance, grew its stake in the company by 0.6% during the first quarter of this year. With an additional acquisition of 62,244 shares during the period, Cooke & Bieler LP now owns a total of 9,926,688 shares worth $329,467,000.
Another major player in the financial industry, FMR LLC, also increased its stake in Gildan Activewear. This hedge fund grew its ownership by 2.7% in the first quarter by acquiring an additional 211,327 shares. As a result, FMR LLC now holds 8,082,740 shares valued at $268,527,000.
Vanguard Group Inc., renowned for its diverse investment portfolios across different industries and sectors globally, saw a marginal increase in its stake in Gildan Activewear as well. The firm acquired an additional 22,957 shares during the third quarter of last year and currently owns 6,349,722 shares worth $179,507,000.
Principal Financial Group Inc., an esteemed financial institution known for its vast range of services including asset management and retirement plans disclosed growth in its stake too. It expanded its ownership position by 3.1% during the first quarter and now holds 4,126931 shares valued at approximately $1361$6 million.
Lastly on this list is Cardinal Capital Management Inc., another notable financial entity that witnessed incremental growth by increasing its stake by 3.1% during the first quarter of this year. With the acquisition of 81,462 additional shares, its total holdings now amount to 2,693,550 shares valued at $89,399,000.
These figures indicate that 79.09% of Gildan Activewear’s stock is now owned by hedge funds and other institutional investors. Such significant ownership positions reveal a high level of confidence in Gildan Activewear’s prospects within the industry.
On September 10, 2023, shares of Gildan Activewear traded slightly down at $28.19 during midday trading. Approximately 263,198 shares were traded that day, a figure that pales in comparison to the company’s average daily volume of 356,586 shares. This lackluster trading activity could be attributed to a variety of factors including market conditions and investor sentiment during that period.
Gildan Activewear has a market capitalization of $4.95 billion with a price-to-earnings (P/E) ratio of 10.36 and a price-to-earnings-growth (P/E/G) ratio of 1.21. These metrics suggest that the stock might be undervalued compared to its growth potential.
In terms of dividends, Gildan Activewear recently announced its quarterly dividend which will be paid on Monday, September 18th. Shareholders who were recorded on Thursday, August 24th will receive a dividend payment of $0.186 per share on the ex-dividend date Wednesday, August 23rd. At an annualized basis and a yield of 2.64%, this represents a $0.74 dividend for shareholders.
Numerous brokerage firms have also published reports on Gildan Activewear recently. TD Securities upgraded their rating from “hold” to “buy” and increased their price objective for the company from $36.00 to $38.00 in a research note on August 4th. CIBC, on the other hand, lowered their price objective from $38.00 to $37.00 but maintained an “outperform” rating for the company in another research note on the same day.
While StockNews.com downgraded Gildan Activewear’s rating from “hold” to “sell”, Royal Bank of Canada also adjusted their price objective from $40.00 to $36.00 but still maintained an “outperform” rating for the company. Lastly, Citigroup lowered its price target from $42.00 to $40.00 while affirming a “buy” rating.
Overall according to data from Bloomberg, Gildan Activewear currently has a consensus rating of “Moderate Buy” and an average price target of $39.43.
It remains intriguing to observe how these changes in ownership and various analyst reports will impact Gildan Activewear’s position within the market moving forward. Investors and industry experts alike will undoubtedly continue monitoring the developments surrounding this renowned textile maker as it navigates through both challenges and opportunities in this ever-changing landscape of finance and investment.