Gildan Activewear Inc. (NYSE:GIL) Shares Sold by Cornerstone Investment Partners LLC

Cornerstone Investment Partners LLC reduced its holdings in Gildan Activewear Inc. (NYSE:GIL) (TSE:GIL) by 17.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,365 shares of the textile maker’s stock after selling 2,160 shares during the quarter. Cornerstone Investment Partners LLC’s holdings in Gildan Activewear were worth $343,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. Avior Wealth Management LLC increased its position in Gildan Activewear by 11.2% in the 4th quarter. Avior Wealth Management LLC now owns 30,804 shares of the textile maker’s stock valued at $1,018,000 after acquiring an additional 3,100 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Gildan Activewear by 5.5% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 52,446 shares of the textile maker’s stock valued at $1,743,000 after acquiring an additional 2,713 shares during the period. Mackenzie Financial Corp increased its position in Gildan Activewear by 1.1% in the 4th quarter. Mackenzie Financial Corp now owns 2,712,021 shares of the textile maker’s stock valued at $89,732,000 after acquiring an additional 29,193 shares during the period. Strs Ohio increased its position in Gildan Activewear by 443.6% in the 4th quarter. Strs Ohio now owns 588,202 shares of the textile maker’s stock valued at $19,547,000 after acquiring an additional 480,000 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its stake in Gildan Activewear by 18.6% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 138,429 shares of the textile maker’s stock valued at $4,576,000 after purchasing an additional 21,675 shares in the last quarter. 82.83% of the stock is currently owned by institutional investors and hedge funds.

Gildan Activewear Stock Up 0.7 %

Shares of Gildan Activewear stock traded up $0.23 during midday trading on Friday, hitting $35.35. The company’s stock had a trading volume of 274,674 shares, compared to its average volume of 834,986. The firm has a market capitalization of $5.96 billion, a P/E ratio of 11.63, a PEG ratio of 1.33 and a beta of 1.38. The stock has a 50-day simple moving average of $35.46 and a 200-day simple moving average of $33.51. The company has a quick ratio of 0.83, a current ratio of 2.33 and a debt-to-equity ratio of 0.39. Gildan Activewear Inc. has a 1-year low of $26.98 and a 1-year high of $38.87.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last issued its earnings results on Wednesday, February 21st. The textile maker reported $0.75 EPS for the quarter, topping the consensus estimate of $0.72 by $0.03. The business had revenue of $782.70 million during the quarter, compared to analysts’ expectations of $753.35 million. Gildan Activewear had a return on equity of 23.19% and a net margin of 16.70%. Gildan Activewear’s revenue was up 8.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.65 earnings per share. As a group, sell-side analysts expect that Gildan Activewear Inc. will post 2.94 earnings per share for the current year.

Gildan Activewear Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 8th. Investors of record on Wednesday, March 13th were issued a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a dividend yield of 2.32%. This is a positive change from Gildan Activewear’s previous quarterly dividend of $0.19. The ex-dividend date was Tuesday, March 12th. Gildan Activewear’s dividend payout ratio (DPR) is currently 27.06%.

Analysts Set New Price Targets

GIL has been the subject of a number of research reports. UBS Group lowered Gildan Activewear from a “buy” rating to a “neutral” rating and decreased their price target for the company from $40.00 to $37.00 in a research note on Friday, January 5th. Stifel Nicolaus increased their price target on Gildan Activewear from $34.00 to $36.00 and gave the company a “hold” rating in a research note on Thursday, February 22nd. Scotiabank increased their price target on Gildan Activewear from $39.50 to $40.50 and gave the company a “sector outperform” rating in a research note on Friday, February 9th. TD Securities increased their price target on Gildan Activewear from $42.00 to $46.00 and gave the company a “buy” rating in a research note on Wednesday, March 20th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $41.00 price objective on shares of Gildan Activewear in a research note on Monday, April 8th. Five investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $41.25.

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.