Cardinal Capital Management Inc. Purchases 440,770 Shares of Gildan Activewear, Inc. $GIL

Key Points

• Cardinal Capital Management increased its Gildan Activewear stake by 17%, adding 440,770 shares to own 3.03 million shares valued at approximately $155.7 million. 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.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $79.07 price target. The company also declared a quarterly dividend of $0.249 per share, representing a 1.7% yield.

Cardinal Capital Management Inc. raised its position in Gildan Activewear, Inc. (NYSE:GIL - Free Report) TSE: GIL by 17.0% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,026,915 shares of the textile maker's stock after acquiring an additional 440,770 shares during the quarter. Gildan Activewear makes up about 3.8% of Cardinal Capital Management Inc.'s holdings, making the stock its 9th biggest holding. Cardinal Capital Management Inc. owned about 1.63% of Gildan Activewear worth $155,749,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in GIL. Assenagon Asset Management S.A. increased its position in shares of Gildan Activewear by 88.7% in the 2nd quarter. Assenagon Asset Management S.A. now owns 12,208 shares of the textile maker's stock valued at $629,000 after purchasing an additional 5,740 shares during the last quarter. Avior Wealth Management LLC grew its stake in shares of Gildan Activewear by 16.5% during the second quarter. Avior Wealth Management LLC now owns 26,684 shares of the textile maker's stock worth $1,377,000 after purchasing an additional 3,780 shares in the last quarter. Versant Capital Management Inc grew its stake in shares of Gildan Activewear by 14.6% during the second quarter. Versant Capital Management Inc now owns 3,566 shares of the textile maker's stock worth $184,000 after purchasing an additional 454 shares in the last quarter. Bank of America Corp DE grew its stake in shares of Gildan Activewear by 13.4% during the first quarter. Bank of America Corp DE now owns 1,797,429 shares of the textile maker's stock worth $100,027,000 after purchasing an additional 212,217 shares in the last quarter. Finally, Janus Henderson Group PLC increased its holdings in Gildan Activewear by 0.9% in the first quarter. Janus Henderson Group PLC now owns 10,593,203 shares of the textile maker's stock valued at $589,508,000 after buying an additional 98,134 shares during the last quarter. Hedge funds and other institutional investors own 82.83% of the company's stock.

Gildan Activewear Trading Up 1.8%

Shares of Gildan Activewear stock opened at $58.55 on Wednesday. The firm has a market cap of $10.84 billion, a price-to-earnings ratio of 112.59 and a beta of 1.11. Gildan Activewear, Inc. has a 52-week low of $46.00 and a 52-week high of $73.69. The company's 50-day simple moving average is $54.12 and its 200-day simple moving average is $59.13. The company has a quick ratio of 1.01, a current ratio of 1.93 and a debt-to-equity ratio of 1.15.

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

Gildan Activewear Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 14th. Shareholders of record on Thursday, August 20th will be issued a dividend of $0.249 per share. This represents a $1.00 annualized dividend and a yield of 1.7%. The ex-dividend date is Thursday, August 20th. Gildan Activewear's dividend payout ratio (DPR) is 192.31%.

Analysts Set New Price Targets

A number of analysts have issued reports on GIL shares. TD Securities reaffirmed a "buy" rating on shares of Gildan Activewear in a report on Tuesday, June 16th. Weiss Ratings downgraded Gildan Activewear from a "hold (c+)" rating to a "hold (c)" rating in a report on Monday, May 18th. Scotia raised their target price on Gildan Activewear from $65.00 to $67.00 and gave the stock a "sector outperform" rating in a research report on Friday, July 31st. UBS Group raised their target price on Gildan Activewear from $110.00 to $111.00 and gave the stock a "buy" rating in a research report on Friday, July 31st. Finally, Zacks Research upgraded Gildan Activewear from a "strong sell" rating to a "hold" rating in a research note on Friday, May 1st. Thirteen equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $79.07.

Gildan Activewear Profile

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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