The Manufacturers Life Insurance Company Invests $234.76 Million in Gildan Activewear, Inc. $GIL

Key Points

• The Manufacturers Life Insurance Company acquired 4.56 million Gildan Activewear shares worth approximately $234.8 million, giving it a 2.46% stake. Institutional investors collectively own 82.83% of the company.
• Gildan reported quarterly EPS of $1.28, exceeding 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, equal to a 1.8% yield. Analysts maintain a broadly positive view, with a consensus “Moderate Buy” rating and an $80 target price.

The Manufacturers Life Insurance Company acquired a new position in Gildan Activewear, Inc. (NYSE:GIL - Free Report) TSE: GIL in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 4,561,775 shares of the textile maker's stock, valued at approximately $234,764,000. The Manufacturers Life Insurance Company owned approximately 2.46% of Gildan Activewear at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in GIL. Islay Capital Management LLC purchased a new stake in shares of Gildan Activewear during the fourth quarter worth about $25,000. Larson Financial Group LLC boosted its stake 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 worth $27,000 after purchasing an additional 422 shares in the last quarter. Smartleaf Asset Management LLC boosted its stake in Gildan Activewear by 161.8% in the 2nd quarter. Smartleaf Asset Management LLC now owns 555 shares of the textile maker's stock worth $27,000 after purchasing an additional 343 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its position 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 worth $28,000 after purchasing an additional 445 shares during the last quarter. Finally, Brown Brothers Harriman & Co. grew its position in Gildan Activewear by 867.9% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 513 shares of the textile maker's stock worth $30,000 after purchasing an additional 460 shares during the last quarter. 82.83% of the stock is currently owned by hedge funds and other institutional investors.

Gildan Activewear Price Performance

Shares of Gildan Activewear stock opened at $54.90 on Tuesday. 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, Inc. has a twelve month low of $46.55 and a twelve month high of $73.69. The business has a 50-day moving average price of $53.66 and a 200 day moving average price of $58.49. The firm has a market cap of $10.17 billion, a PE ratio of 105.57 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 earnings per share for the quarter, topping analysts' consensus estimates of $1.11 by $0.17. Gildan Activewear had a net margin of 1.28% and a return on equity of 21.03%. The company had revenue of $1.58 billion during the quarter, compared to analysts' expectations of $1.61 billion. During the same period in the prior year, the business posted $0.97 earnings per share. The firm's revenue for the quarter was up 72.3% on a year-over-year basis. Sell-side analysts predict that Gildan Activewear, Inc. will post 4.67 earnings per share for the current fiscal year.

Gildan Activewear Announces Dividend

The business also recently announced 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. This represents a $1.00 annualized dividend and a dividend yield of 1.8%. The ex-dividend date is Thursday, August 20th. Gildan Activewear's payout ratio is currently 190.38%.

Analyst Ratings Changes

GIL has been the topic of a number of research analyst reports. Canadian Imperial Bank of Commerce reissued an "outperform" rating and set a $77.00 price objective on shares of Gildan Activewear in a report on Friday, May 1st. Zacks Research raised Gildan Activewear from a "strong sell" rating to a "hold" rating in a research report on Friday, May 1st. Stifel Nicolaus set a $83.00 price target on Gildan Activewear and gave the stock a "buy" rating in a research report on Friday, July 31st. Scotiabank reiterated a "sector outperform" rating and set a $67.00 price target (up from $65.00) on shares of Gildan Activewear in a research note on Friday, July 31st. Finally, Citigroup reissued a "neutral" rating on shares of Gildan Activewear in a report on Tuesday, August 4th. Twelve analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Gildan Activewear currently has a consensus rating of "Moderate Buy" and a consensus target price of $80.00.

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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