Connor Clark & Lunn Investment Management Ltd. Has $49.76 Million Stock Holdings in Gildan Activewear, Inc. (NYSE:GIL)

Key Points

• Connor Clark & Lunn Investment Management Ltd. has reduced its holdings in Gildan Activewear by 39.2%, now owning 1,125,293 shares worth approximately $49.76 million.
• Gildan Activewear recently reported a quarterly earnings per share (EPS) of $0.97, slightly exceeding analyst estimates, with reported revenue of $918.50 million.
• The company announced a quarterly dividend of $0.226 per share, representing a 1.8% yield, with a dividend payout ratio of 28.57%.

Connor Clark & Lunn Investment Management Ltd. decreased its position in Gildan Activewear, Inc. (NYSE:GIL - Free Report) TSE: GIL by 39.2% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 1,125,293 shares of the textile maker's stock after selling 725,678 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.74% of Gildan Activewear worth $49,757,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Olde Wealth Management LLC acquired a new position in Gildan Activewear in the first quarter valued at about $29,000. Versant Capital Management Inc grew its position in Gildan Activewear by 510.7% during the 1st quarter. Versant Capital Management Inc now owns 745 shares of the textile maker's stock worth $33,000 after acquiring an additional 623 shares during the last quarter. GAMMA Investing LLC grew its position in Gildan Activewear by 4,323.5% during the 1st quarter. GAMMA Investing LLC now owns 752 shares of the textile maker's stock worth $33,000 after acquiring an additional 735 shares during the last quarter. Blue Trust Inc. increased its holdings in Gildan Activewear by 69.3% during the 1st quarter. Blue Trust Inc. now owns 1,336 shares of the textile maker's stock valued at $59,000 after purchasing an additional 547 shares in the last quarter. Finally, Natixis increased its holdings in Gildan Activewear by 423.8% during the 4th quarter. Natixis now owns 1,540 shares of the textile maker's stock valued at $72,000 after purchasing an additional 1,246 shares in the last quarter. Institutional investors and hedge funds own 82.83% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Scotiabank raised their target price on Gildan Activewear from $55.00 to $59.00 and gave the company a "sector outperform" rating in a research note on Friday, August 1st. UBS Group increased their price objective on shares of Gildan Activewear from $56.00 to $70.00 and gave the stock a "buy" rating in a report on Tuesday, July 29th. Royal Bank Of Canada began coverage on shares of Gildan Activewear in a research note on Tuesday, August 5th. They issued an "outperform" rating and a $61.00 target price for the company. TD Securities upped their target price on shares of Gildan Activewear from $56.00 to $60.00 and gave the stock a "buy" rating in a research report on Wednesday, April 30th. Finally, CIBC raised their price target on shares of Gildan Activewear from $56.00 to $60.00 and gave the company an "outperformer" rating in a report on Friday, August 1st. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $62.33.

Gildan Activewear Trading Down 1.4%

Shares of Gildan Activewear stock traded down $0.73 on Friday, hitting $51.58. 381,495 shares of the company's stock traded hands, compared to its average volume of 544,000. The company has a debt-to-equity ratio of 1.37, a current ratio of 3.87 and a quick ratio of 1.67. Gildan Activewear, Inc. has a one year low of $37.16 and a one year high of $55.39. The stock has a market capitalization of $7.70 billion, a PE ratio of 16.37, a price-to-earnings-growth ratio of 1.65 and a beta of 1.17. The firm's 50-day moving average price is $49.85 and its two-hundred day moving average price is $48.30.

Gildan Activewear (NYSE:GIL - Get Free Report) TSE: GIL last announced its quarterly earnings results on Thursday, July 31st. The textile maker reported $0.97 earnings per share for the quarter, beating analysts' consensus estimates of $0.96 by $0.01. The business had revenue of $918.50 million for the quarter, compared to the consensus estimate of $908.41 million. Gildan Activewear had a net margin of 14.55% and a return on equity of 34.31%. Gildan Activewear's revenue for the quarter was up 6.5% on a year-over-year basis. During the same period last year, the company posted $0.74 EPS. On average, research analysts expect that Gildan Activewear, Inc. will post 3.48 EPS for the current fiscal year.

Gildan Activewear Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Thursday, August 21st will be given a $0.226 dividend. The ex-dividend date is Thursday, August 21st. This represents a $0.90 dividend on an annualized basis and a dividend yield of 1.8%. Gildan Activewear's dividend payout ratio is currently 28.57%.

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.