Bank of Nova Scotia Buys New Holdings in Gildan Activewear, Inc. $GIL

Key Points

• Bank of Nova Scotia acquired 617,932 Gildan Activewear shares worth approximately $31.9 million, giving it a 0.33% stake. Institutional investors collectively own 82.83% of the company.
• Gildan reported quarterly EPS of $1.28, beating estimates of $1.11, while revenue rose 72.3% year over year to $1.58 billion, slightly below expectations.
• The company declared a quarterly dividend of $0.249 per share, equivalent to an annualized $1.00 payout and a 1.8% yield. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $80.

Bank of Nova Scotia purchased a new position in shares of Gildan Activewear, Inc. (NYSE:GIL - Free Report) TSE: GIL during the second quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 617,932 shares of the textile maker's stock, valued at approximately $31,857,000. Bank of Nova Scotia owned 0.33% of Gildan Activewear as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Islay Capital Management LLC acquired a new position in shares of Gildan Activewear during the fourth quarter worth approximately $25,000. Larson Financial Group LLC grew its position 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 purchasing an additional 422 shares during the period. Smartleaf Asset Management LLC grew its position 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 purchasing an additional 343 shares during the period. Caitong International Asset Management Co. Ltd increased its stake in Gildan Activewear by 14,833.3% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 448 shares of the textile maker's stock valued at $28,000 after purchasing an additional 445 shares in the last quarter. Finally, Brown Brothers Harriman & Co. increased its stake in Gildan Activewear by 867.9% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 513 shares of the textile maker's stock valued at $30,000 after purchasing an additional 460 shares in the last quarter. Institutional investors own 82.83% of the company's stock.

Gildan Activewear Trading Up 0.2%

Shares of GIL stock opened at $56.30 on Monday. Gildan Activewear, Inc. has a 52-week low of $46.55 and a 52-week high of $73.69. The company has a debt-to-equity ratio of 1.15, a quick ratio of 1.01 and a current ratio of 1.93. The company has a 50-day simple moving average of $53.80 and a two-hundred day simple moving average of $58.57. The company has a market capitalization of $10.43 billion, a price-to-earnings ratio of 108.27 and a beta of 1.11.

Gildan Activewear (NYSE:GIL - Get Free Report) TSE: GIL last posted its quarterly earnings data on Thursday, July 30th. The textile maker reported $1.28 EPS for the quarter, beating the consensus estimate of $1.11 by $0.17. Gildan Activewear had a net margin of 1.28% and a return on equity of 21.03%. The firm had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.61 billion. During the same quarter last year, the business posted $0.97 EPS. The company's revenue for the quarter was up 72.3% on a year-over-year basis. Research analysts anticipate that Gildan Activewear, Inc. will post 4.67 EPS for the current fiscal year.

Gildan Activewear Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 14th. Investors of record on Thursday, August 20th will be given a dividend of $0.249 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend is Thursday, August 20th. Gildan Activewear's dividend payout ratio (DPR) is presently 192.31%.

Analyst Upgrades and Downgrades

GIL has been the topic of a number of recent research reports. Citigroup reaffirmed a "neutral" rating on shares of Gildan Activewear in a research note on Tuesday, August 4th. TD Securities reissued a "buy" rating on shares of Gildan Activewear in a research report on Tuesday, June 16th. Zacks Research upgraded shares of Gildan Activewear from a "strong sell" rating to a "hold" rating in a report on Friday, May 1st. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Gildan Activewear in a research report on Thursday, August 13th. Finally, UBS Group raised their price target on shares of Gildan Activewear from $110.00 to $111.00 and gave the company 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. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $80.00.

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.

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