Cibc World Market Inc. Buys New Shares in Gildan Activewear, Inc. $GIL

Key Points

• Cibc World Market Inc. acquired 1.07 million Gildan Activewear shares worth approximately $55.2 million, giving it a 0.58% stake. Institutional investors collectively own 82.83% of the company.
• Analysts maintain a generally positive outlook, with 12 Buy ratings and three Holds, resulting in a “Moderate Buy” consensus and an average price target of $80.00. Targets range from $67 at Scotiabank to $111 at UBS.
• Gildan reported quarterly EPS of $1.28, beating estimates of $1.11, while revenue rose 72.3% year over year to $1.58 billion. The company also declared a quarterly dividend of $0.249 per share, representing a 1.8% yield.

Cibc World Market Inc. acquired a new position in shares of Gildan Activewear, Inc. (NYSE:GIL - Free Report) TSE: GIL during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 1,070,678 shares of the textile maker's stock, valued at approximately $55,152,000. Cibc World Market Inc. owned about 0.58% of Gildan Activewear at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. Islay Capital Management LLC bought a new stake in shares of Gildan Activewear during the 4th quarter worth about $25,000. Larson Financial Group LLC raised its holdings 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 acquiring an additional 422 shares during the period. Smartleaf Asset Management LLC raised its holdings 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 acquiring an additional 343 shares during the period. Caitong International Asset Management Co. Ltd raised its holdings in Gildan Activewear by 14,833.3% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 448 shares of the textile maker's stock valued at $28,000 after acquiring an additional 445 shares during the period. Finally, Brown Brothers Harriman & Co. lifted its position in Gildan Activewear by 867.9% during the third quarter. Brown Brothers Harriman & Co. now owns 513 shares of the textile maker's stock worth $30,000 after acquiring an additional 460 shares during the last quarter. 82.83% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Gildan Activewear in a research report on Thursday, August 13th. Scotia increased their target price on shares of Gildan Activewear from $65.00 to $67.00 and gave the stock a "sector outperform" rating in a research report on Friday, July 31st. Stifel Nicolaus set a $83.00 target price on shares of Gildan Activewear and gave the stock a "buy" rating in a report on Friday, July 31st. Scotiabank reiterated a "sector outperform" rating and issued a $67.00 price target (up from $65.00) on shares of Gildan Activewear in a research report on Friday, July 31st. Finally, UBS Group increased their price target on Gildan Activewear from $110.00 to $111.00 and gave the stock 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's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $80.00.

Gildan Activewear Price Performance

Shares of NYSE:GIL opened at $56.30 on Monday. The firm has a 50 day moving average of $53.80 and a 200-day moving average of $58.57. The stock has a market capitalization of $10.43 billion, a PE ratio of 108.27 and a beta of 1.11. The company has a current ratio of 1.93, a quick ratio of 1.01 and a debt-to-equity ratio of 1.15. Gildan Activewear, Inc. has a 12 month low of $46.55 and a 12 month high of $73.69.

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

Gildan Activewear Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 14th. Stockholders of record on Thursday, August 20th will be issued a dividend of $0.249 per share. The ex-dividend date is Thursday, August 20th. This represents a $1.00 annualized dividend and a dividend yield of 1.8%. Gildan Activewear's dividend payout ratio is 192.31%.

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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