PNC Financial Services Group Inc. Has $542,000 Stock Holdings in Gildan Activewear, Inc. (NYSE:GIL)

Key Points

• PNC Financial Services Group Inc. increased its stake in Gildan Activewear by 173.6% in the first quarter, owning shares worth approximately $542,000 after acquiring an additional 7,778 shares.
• Several institutional investors made significant investments in Gildan Activewear, with Millennium Management LLC increasing its holdings by 5,996.0% during the fourth quarter.
• Gildan Activewear reported earnings of $0.97 per share for the last quarter, exceeding analyst expectations and showing a revenue increase of 6.5% year-over-year.

PNC Financial Services Group Inc. grew its stake in Gildan Activewear, Inc. (NYSE:GIL - Free Report) TSE: GIL by 173.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 12,259 shares of the textile maker's stock after buying an additional 7,778 shares during the period. PNC Financial Services Group Inc.'s holdings in Gildan Activewear were worth $542,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. The Manufacturers Life Insurance Company boosted its position in shares of Gildan Activewear by 276.9% during the 4th quarter. The Manufacturers Life Insurance Company now owns 1,769,634 shares of the textile maker's stock valued at $83,394,000 after purchasing an additional 1,300,121 shares in the last quarter. Genus Capital Management Inc. boosted its position in shares of Gildan Activewear by 191.7% during the 1st quarter. Genus Capital Management Inc. now owns 251,308 shares of the textile maker's stock valued at $11,109,000 after purchasing an additional 525,386 shares in the last quarter. Millennium Management LLC boosted its position in shares of Gildan Activewear by 5,996.0% during the 4th quarter. Millennium Management LLC now owns 466,342 shares of the textile maker's stock valued at $21,935,000 after purchasing an additional 458,692 shares in the last quarter. Alberta Investment Management Corp boosted its position in shares of Gildan Activewear by 28.7% during the 1st quarter. Alberta Investment Management Corp now owns 1,589,001 shares of the textile maker's stock valued at $70,240,000 after purchasing an additional 354,201 shares in the last quarter. Finally, Royal Bank of Canada boosted its position in shares of Gildan Activewear by 24.1% during the 4th quarter. Royal Bank of Canada now owns 1,173,213 shares of the textile maker's stock valued at $55,199,000 after purchasing an additional 228,141 shares in the last quarter. Institutional investors and hedge funds own 82.83% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Scotiabank increased their price target on Gildan Activewear from $55.00 to $59.00 and gave the stock a "sector outperform" rating in a report on Friday, August 1st. TD Securities increased their price target on Gildan Activewear from $56.00 to $60.00 and gave the stock a "buy" rating in a report on Wednesday, April 30th. CIBC increased their price target on Gildan Activewear from $56.00 to $60.00 and gave the stock an "outperformer" rating in a report on Friday, August 1st. Wall Street Zen upgraded Gildan Activewear from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Finally, National Bankshares raised their target price on Gildan Activewear from $78.00 to $80.00 and gave the company an "outperform" rating in a report on Friday, August 1st. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $62.33.

Gildan Activewear Trading Up 11.8%

Shares of Gildan Activewear stock opened at $54.92 on Thursday. Gildan Activewear, Inc. has a 1 year low of $37.16 and a 1 year high of $55.97. The firm has a market cap of $8.20 billion, a PE ratio of 17.43, a P/E/G ratio of 1.57 and a beta of 1.17. The stock has a fifty day moving average price of $50.13 and a 200-day moving average price of $48.35. 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 (NYSE:GIL - Get Free Report) TSE: GIL last announced its earnings results on Thursday, July 31st. The textile maker reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.01. Gildan Activewear had a return on equity of 34.31% and a net margin of 14.55%. The firm had revenue of $918.50 million during the quarter, compared to analyst estimates of $908.41 million. During the same period last year, the firm posted $0.74 EPS. The business's revenue was up 6.5% compared to the same quarter last year. Equities research analysts anticipate that Gildan Activewear, Inc. will post 3.48 EPS for the current year.

Gildan Activewear Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Thursday, August 21st will be paid a $0.226 dividend. The ex-dividend date is Thursday, August 21st. This represents a $0.90 annualized dividend and a dividend yield of 1.6%. Gildan Activewear's payout ratio is presently 28.57%.

Gildan Activewear Profile

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.

Want to see what other hedge funds are holding GIL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Gildan Activewear, Inc. (NYSE:GIL - Free Report) TSE: GIL.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.