Azzad Asset Management Inc. ADV Buys New Position in Gildan Activewear Inc. (NYSE:GIL)

Azzad Asset Management Inc. ADV acquired a new stake in shares of Gildan Activewear Inc. (NYSE:GIL - Free Report) TSE: GIL during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 66,959 shares of the textile maker's stock, valued at approximately $2,961,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Forge First Asset Management Inc. increased its stake in shares of Gildan Activewear by 108.0% during the fourth quarter. Forge First Asset Management Inc. now owns 46,600 shares of the textile maker's stock worth $2,191,000 after purchasing an additional 24,200 shares in the last quarter. Polar Asset Management Partners Inc. boosted its position in Gildan Activewear by 55.6% in the 4th quarter. Polar Asset Management Partners Inc. now owns 26,450 shares of the textile maker's stock valued at $1,244,000 after buying an additional 9,450 shares during the period. Shell Asset Management Co. lifted its position in shares of Gildan Activewear by 250.0% during the 4th quarter. Shell Asset Management Co. now owns 27,721 shares of the textile maker's stock worth $1,304,000 after purchasing an additional 19,800 shares during the last quarter. Public Employees Retirement System of Ohio lifted its position in Gildan Activewear by 262.4% in the fourth quarter. Public Employees Retirement System of Ohio now owns 45,451 shares of the textile maker's stock valued at $2,138,000 after acquiring an additional 32,911 shares during the last quarter. Finally, Truist Financial Corp lifted its position in Gildan Activewear by 76.8% in the fourth quarter. Truist Financial Corp now owns 19,401 shares of the textile maker's stock valued at $913,000 after acquiring an additional 8,430 shares during the last quarter. 82.83% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Scotiabank upgraded shares of Gildan Activewear to a "strong-buy" rating and set a $55.00 target price on the stock in a research report on Wednesday, May 28th. BMO Capital Markets raised their price target on shares of Gildan Activewear from $58.00 to $64.00 and gave the company an "outperform" rating in a report on Thursday, February 20th. TD Securities raised their price objective on shares of Gildan Activewear from $56.00 to $60.00 and gave the stock a "buy" rating in a report on Wednesday, April 30th. Stifel Nicolaus raised their price target on shares of Gildan Activewear from $60.00 to $65.00 and gave the stock a "buy" rating in a research report on Thursday, February 20th. Finally, Barclays initiated coverage on shares of Gildan Activewear in a research report on Monday, April 28th. They set an "overweight" rating and a $51.00 price target on the stock. Nine equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Buy" and a consensus target price of $57.91.

Gildan Activewear Price Performance

GIL stock traded up $1.65 during mid-day trading on Monday, reaching $47.97. 238,039 shares of the company traded hands, compared to its average volume of 632,322. The company has a debt-to-equity ratio of 0.92, a current ratio of 2.22 and a quick ratio of 0.98. The company has a market capitalization of $7.22 billion, a P/E ratio of 19.20, a P/E/G ratio of 1.76 and a beta of 1.20. Gildan Activewear Inc. has a 52-week low of $36.91 and a 52-week high of $55.39. The company has a fifty day moving average price of $45.79 and a 200-day moving average price of $47.69.

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

Gildan Activewear Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Tuesday, May 20th will be given a $0.226 dividend. This represents a $0.90 dividend on an annualized basis and a yield of 1.88%. The ex-dividend date of this dividend is Tuesday, May 20th. Gildan Activewear's payout ratio is 34.75%.

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.