Connecticut-based Ararat Capital Management reduced its stake in Gildan Activewear by 137,548 shares in the third quarter, resulting in a $4.9 million decrease in position value, leaving the fund with 217,685 shares valued at $12.6 million. Gildan’s shares were priced at $58.52 on Thursday, representing a 17% increase over the past year. The company reported record revenue of $911 million in the third quarter, with net earnings decreasing to $120.2 million. Ararat Capital’s move may signal a recalibration amidst Gildan’s transformation following the HanesBrands acquisition. These changes strengthen the long-term story for Gildan.

Read more at Yahoo Finance: Gildin’s HanesBrands Integration in Focus as Major Holder Sells 137,548 Shares