Gildan Activewear Inc. (NYSE:GIL) Shares Sold by CIBC Asset Management Inc

CIBC Asset Management Inc lowered its position in Gildan Activewear Inc. (NYSE:GIL) (TSE:GIL) by 9.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 187,619 shares of the textile maker’s stock after selling 20,646 shares during the quarter. CIBC Asset Management Inc owned 0.12% of Gildan Activewear worth $8,835,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in GIL. Fortis Group Advisors LLC lifted its stake in shares of Gildan Activewear by 3.9% during the third quarter. Fortis Group Advisors LLC now owns 6,601 shares of the textile maker’s stock worth $311,000 after purchasing an additional 246 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of Gildan Activewear by 16.9% during the first quarter. EverSource Wealth Advisors LLC now owns 1,893 shares of the textile maker’s stock worth $66,000 after purchasing an additional 274 shares in the last quarter. Aristides Capital LLC lifted its stake in shares of Gildan Activewear by 4.3% during the second quarter. Aristides Capital LLC now owns 7,617 shares of the textile maker’s stock worth $289,000 after purchasing an additional 314 shares in the last quarter. CWM LLC lifted its stake in shares of Gildan Activewear by 23.0% during the third quarter. CWM LLC now owns 1,698 shares of the textile maker’s stock worth $80,000 after purchasing an additional 318 shares in the last quarter. Finally, Blue Trust Inc. lifted its stake in shares of Gildan Activewear by 96.1% during the third quarter. Blue Trust Inc. now owns 810 shares of the textile maker’s stock worth $38,000 after purchasing an additional 397 shares in the last quarter. Institutional investors and hedge funds own 82.83% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. BMO Capital Markets lifted their target price on Gildan Activewear from $47.00 to $58.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. CIBC lifted their target price on Gildan Activewear from $48.00 to $56.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Royal Bank of Canada lifted their target price on Gildan Activewear from $41.00 to $44.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Canaccord Genuity Group lifted their target price on Gildan Activewear from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Finally, Citigroup lifted their target price on Gildan Activewear from $54.00 to $59.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Three equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $50.85.

Gildan Activewear Price Performance

NYSE GIL opened at $48.29 on Friday. The stock has a market capitalization of $7.44 billion, a P/E ratio of 19.09, a P/E/G ratio of 1.81 and a beta of 1.44. Gildan Activewear Inc. has a 1 year low of $30.68 and a 1 year high of $50.58. The business’s fifty day moving average is $47.31 and its two-hundred day moving average is $41.81. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.98 and a current ratio of 2.31.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last announced its earnings results on Thursday, October 31st. The textile maker reported $0.85 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.85. Gildan Activewear had a net margin of 13.06% and a return on equity of 26.88%. The company had revenue of $891.10 million for the quarter, compared to the consensus estimate of $882.85 million. During the same period in the previous year, the business earned $0.74 EPS. The company’s revenue was up 2.4% on a year-over-year basis. On average, research analysts forecast that Gildan Activewear Inc. will post 2.97 earnings per share for the current fiscal year.

Gildan Activewear Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Thursday, November 21st will be paid a $0.152 dividend. This represents a $0.61 dividend on an annualized basis and a dividend yield of 1.26%. The ex-dividend date of this dividend is Thursday, November 21st. Gildan Activewear’s dividend payout ratio (DPR) is presently 32.41%.

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, Glidan Softstyle, Gildan Heavy Cotton, Gildan Ultra Cotton, Gildan DryBlend, Gildan HeavyBlend, Comfort Colors, and American Apparel brands.