Cibc World Market Inc. Buys New Shares in Gildan Activewear, Inc. $GIL

Cibc World Market Inc. acquired a new position in shares of Gildan Activewear, Inc. (NYSE:GIL) (TSE:GIL) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 1,070,678 shares of the textile maker’s stock, valued at approximately $55,152,000. Cibc World Market Inc. owned about 0.58% of Gildan Activewear at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. Islay Capital Management LLC bought a new stake in shares of Gildan Activewear during the 4th quarter worth about $25,000. Larson Financial Group LLC raised its holdings in Gildan Activewear by 3,516.7% in the 4th quarter. Larson Financial Group LLC now owns 434 shares of the textile maker’s stock valued at $27,000 after acquiring an additional 422 shares during the period. Smartleaf Asset Management LLC raised its holdings in Gildan Activewear by 161.8% in the 2nd quarter. Smartleaf Asset Management LLC now owns 555 shares of the textile maker’s stock valued at $27,000 after acquiring an additional 343 shares during the period. Caitong International Asset Management Co. Ltd raised its holdings in Gildan Activewear by 14,833.3% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 448 shares of the textile maker’s stock valued at $28,000 after acquiring an additional 445 shares during the period. Finally, Brown Brothers Harriman & Co. lifted its position in Gildan Activewear by 867.9% during the third quarter. Brown Brothers Harriman & Co. now owns 513 shares of the textile maker’s stock worth $30,000 after acquiring an additional 460 shares during the last quarter. 82.83% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Gildan Activewear in a research report on Thursday, August 13th. Scotia increased their target price on shares of Gildan Activewear from $65.00 to $67.00 and gave the stock a “sector outperform” rating in a research report on Friday, July 31st. Stifel Nicolaus set a $83.00 target price on shares of Gildan Activewear and gave the stock a “buy” rating in a report on Friday, July 31st. Scotiabank reiterated a “sector outperform” rating and issued a $67.00 price target (up from $65.00) on shares of Gildan Activewear in a research report on Friday, July 31st. Finally, UBS Group increased their price target on Gildan Activewear from $110.00 to $111.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Twelve research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $80.00.

Gildan Activewear Price Performance

Shares of NYSE:GIL opened at $56.30 on Monday. The firm has a 50 day moving average of $53.80 and a 200-day moving average of $58.57. The stock has a market capitalization of $10.43 billion, a PE ratio of 108.27 and a beta of 1.11. The company has a current ratio of 1.93, a quick ratio of 1.01 and a debt-to-equity ratio of 1.15. Gildan Activewear, Inc. has a 12 month low of $46.55 and a 12 month high of $73.69.

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

Gildan Activewear Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 14th. Stockholders of record on Thursday, August 20th will be issued a dividend of $0.249 per share. The ex-dividend date is Thursday, August 20th. This represents a $1.00 annualized dividend and a dividend yield of 1.8%. Gildan Activewear’s dividend payout ratio is 192.31%.

About Gildan Activewear

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.