Bank of America Corp DE Acquires 112,894 Shares of Gildan Activewear Inc. (NYSE:GIL)

Bank of America Corp DE boosted its position in Gildan Activewear Inc. (NYSE:GIL - Free Report) TSE: GIL by 8.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,502,417 shares of the textile maker's stock after purchasing an additional 112,894 shares during the period. Bank of America Corp DE owned approximately 0.99% of Gildan Activewear worth $70,689,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Forge First Asset Management Inc. grew its holdings in shares of Gildan Activewear by 108.0% in the 4th quarter. Forge First Asset Management Inc. now owns 46,600 shares of the textile maker's stock worth $2,191,000 after acquiring an additional 24,200 shares during the last quarter. CIBC Asset Management Inc grew its stake in Gildan Activewear by 545.1% during the 4th quarter. CIBC Asset Management Inc now owns 1,210,314 shares of the textile maker's stock valued at $57,403,000 after acquiring an additional 1,022,695 shares in the last quarter. Truist Financial Corp boosted its holdings in shares of Gildan Activewear by 76.8% during the fourth quarter. Truist Financial Corp now owns 19,401 shares of the textile maker's stock worth $913,000 after purchasing an additional 8,430 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Gildan Activewear by 80.9% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 245,926 shares of the textile maker's stock valued at $11,568,000 after buying an additional 109,993 shares during the period. Finally, Arrowstreet Capital Limited Partnership increased its position in Gildan Activewear by 776.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 817,204 shares of the textile maker's stock worth $38,414,000 after purchasing an additional 723,962 shares during the last quarter. 82.83% of the stock is owned by institutional investors.

Gildan Activewear Price Performance

NYSE GIL traded up $0.75 during trading on Friday, reaching $50.09. 454,823 shares of the company traded hands, compared to its average volume of 653,398. Gildan Activewear Inc. has a 1-year low of $34.62 and a 1-year high of $55.39. The company has a market cap of $7.57 billion, a price-to-earnings ratio of 20.03, a P/E/G ratio of 1.76 and a beta of 1.21. The stock's 50 day moving average price is $44.24 and its two-hundred day moving average price is $47.82. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.98 and a current ratio of 2.22.

Gildan Activewear (NYSE:GIL - Get Free Report) TSE: GIL last released its quarterly earnings data on Tuesday, April 29th. The textile maker reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.02. Gildan Activewear had a return on equity of 28.80% and a net margin of 12.26%. The firm had revenue of $711.70 million during the quarter, compared to analyst estimates of $715.29 million. During the same period in the prior year, the company posted $0.59 earnings per share. The business's revenue for the quarter was up 2.3% compared to the same quarter last year. As a group, analysts anticipate that Gildan Activewear Inc. will post 3.48 EPS for the current year.

Gildan Activewear Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Tuesday, May 20th will be paid a dividend of $0.226 per share. The ex-dividend date is Tuesday, May 20th. This represents a $0.90 annualized dividend and a yield of 1.80%. Gildan Activewear's dividend payout ratio is 34.75%.

Wall Street Analysts Forecast Growth

GIL has been the subject of several recent research reports. Barclays started coverage on shares of Gildan Activewear in a research report on Monday, April 28th. They issued an "overweight" rating and a $51.00 target price for the company. Canaccord Genuity Group increased their target price on shares of Gildan Activewear from $53.00 to $58.00 and gave the stock a "buy" rating in a research report on Thursday, February 20th. TD Securities raised their target price on Gildan Activewear from $56.00 to $60.00 and gave the company a "buy" rating in a report on Wednesday, April 30th. BMO Capital Markets upped their price target on Gildan Activewear from $58.00 to $64.00 and gave the stock an "outperform" rating in a research note on Thursday, February 20th. Finally, CIBC reduced their target price on Gildan Activewear from $60.00 to $56.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. Nine equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $58.20.

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.