CIBC Asset Management Inc Raises Stock Position in Gildan Activewear Inc. (NYSE:GIL)

CIBC Asset Management Inc lifted its stake in Gildan Activewear Inc. (NYSE:GIL) (TSE:GIL) by 5.1% during the second quarter, HoldingsChannel reports. The institutional investor owned 208,265 shares of the textile maker’s stock after acquiring an additional 10,183 shares during the period. CIBC Asset Management Inc’s holdings in Gildan Activewear were worth $7,894,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Browning West LP increased its holdings in shares of Gildan Activewear by 30.0% in the fourth quarter. Browning West LP now owns 8,640,448 shares of the textile maker’s stock valued at $285,653,000 after purchasing an additional 1,994,900 shares during the period. Cardinal Capital Management Inc. grew its holdings in Gildan Activewear by 1.5% during the second quarter. Cardinal Capital Management Inc. now owns 2,907,144 shares of the textile maker’s stock worth $110,197,000 after acquiring an additional 42,094 shares during the period. Norges Bank purchased a new position in Gildan Activewear in the fourth quarter worth $70,917,000. Anson Funds Management LP boosted its position in shares of Gildan Activewear by 13.8% during the 1st quarter. Anson Funds Management LP now owns 1,791,705 shares of the textile maker’s stock worth $66,521,000 after purchasing an additional 216,705 shares in the last quarter. Finally, National Bank of Canada FI grew its stake in shares of Gildan Activewear by 43.8% during the 1st quarter. National Bank of Canada FI now owns 1,762,761 shares of the textile maker’s stock worth $65,451,000 after purchasing an additional 537,215 shares during the period. Institutional investors and hedge funds own 82.83% of the company’s stock.

Analysts Set New Price Targets

GIL has been the topic of several recent research reports. BMO Capital Markets upped their price target on shares of Gildan Activewear from $43.00 to $47.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Stifel Nicolaus upgraded Gildan Activewear from a “hold” rating to a “buy” rating and upped their price objective for the company from $39.00 to $51.00 in a research report on Friday, August 2nd. Finally, Royal Bank of Canada upped their target price on shares of Gildan Activewear from $41.00 to $44.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Four analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, Gildan Activewear currently has a consensus rating of “Moderate Buy” and an average price target of $44.50.

Gildan Activewear Stock Performance

GIL stock opened at $44.44 on Wednesday. The firm has a market cap of $7.36 billion, a P/E ratio of 15.02, a P/E/G ratio of 1.74 and a beta of 1.43. The stock’s 50 day simple moving average is $40.59 and its 200 day simple moving average is $37.52. The company has a current ratio of 2.35, a quick ratio of 0.97 and a debt-to-equity ratio of 0.55. Gildan Activewear Inc. has a 12-month low of $26.99 and a 12-month high of $45.71.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last posted its quarterly earnings results on Thursday, August 1st. The textile maker reported $0.74 EPS for the quarter, beating the consensus estimate of $0.71 by $0.03. The business had revenue of $862.20 million during the quarter, compared to analyst estimates of $851.10 million. Gildan Activewear had a net margin of 13.01% and a return on equity of 24.96%. The company’s quarterly revenue was up 2.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.63 EPS. As a group, equities research analysts predict that Gildan Activewear Inc. will post 2.92 EPS for the current year.

Gildan Activewear Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Thursday, August 22nd will be given a $0.205 dividend. This represents a $0.82 annualized dividend and a yield of 1.85%. The ex-dividend date of this dividend is Thursday, August 22nd. Gildan Activewear’s dividend payout ratio is presently 27.70%.

Gildan Activewear Company Profile

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.