Bank of New York Mellon Corp boosted its holdings in Gildan Activewear Inc (NYSE:GIL) (TSE:GIL) by 1.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 294,640 shares of the textile maker’s stock after purchasing an additional 3,573 shares during the period. Bank of New York Mellon Corp owned about 0.13% of Gildan Activewear worth $9,516,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also recently made changes to their positions in the company. The Manufacturers Life Insurance Company grew its position in shares of Gildan Activewear by 44.5% in the 4th quarter. The Manufacturers Life Insurance Company now owns 4,340,079 shares of the textile maker’s stock valued at $140,185,000 after acquiring an additional 1,337,248 shares during the period. JPMorgan Chase & Co. grew its position in shares of Gildan Activewear by 7.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,913,265 shares of the textile maker’s stock valued at $121,819,000 after acquiring an additional 278,852 shares during the period. Mackenzie Financial Corp grew its position in shares of Gildan Activewear by 1.1% in the 3rd quarter. Mackenzie Financial Corp now owns 1,848,210 shares of the textile maker’s stock valued at $57,812,000 after acquiring an additional 19,653 shares during the period. Cidel Asset Management Inc. grew its position in shares of Gildan Activewear by 0.3% in the 4th quarter. Cidel Asset Management Inc. now owns 1,197,800 shares of the textile maker’s stock valued at $38,694,000 after acquiring an additional 4,088 shares during the period. Finally, Marathon Asset Management LLP grew its position in shares of Gildan Activewear by 0.4% in the 4th quarter. Marathon Asset Management LLP now owns 418,475 shares of the textile maker’s stock valued at $13,563,000 after acquiring an additional 1,791 shares during the period. 73.03% of the stock is owned by institutional investors.
NYSE GIL opened at $28.89 on Friday. The company has a quick ratio of 1.40, a current ratio of 5.06 and a debt-to-equity ratio of 0.31. The stock has a market cap of $6,332.92, a PE ratio of 16.80, a P/E/G ratio of 1.24 and a beta of 0.91. Gildan Activewear Inc has a 52-week low of $26.09 and a 52-week high of $34.19.
The business also recently announced a quarterly dividend, which will be paid on Monday, April 2nd. Stockholders of record on Thursday, March 8th will be paid a dividend of $0.112 per share. This represents a $0.45 dividend on an annualized basis and a dividend yield of 1.55%. The ex-dividend date is Wednesday, March 7th. This is a boost from Gildan Activewear’s previous quarterly dividend of $0.09. Gildan Activewear’s dividend payout ratio (DPR) is currently 26.16%.
Gildan Activewear announced that its board has initiated a share repurchase program on Thursday, February 22nd that authorizes the company to buyback 10,960,000 shares. This buyback authorization authorizes the textile maker to reacquire shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.
GIL has been the subject of a number of analyst reports. Bank of America reissued a “buy” rating and issued a $37.00 price objective on shares of Gildan Activewear in a research report on Friday, December 8th. Stifel Nicolaus set a $37.00 price objective on shares of Gildan Activewear and gave the company a “buy” rating in a research report on Friday, December 15th. Goldman Sachs reissued a “buy” rating and issued a $37.00 price objective on shares of Gildan Activewear in a research report on Friday, December 8th. Royal Bank of Canada set a $32.00 price objective on shares of Gildan Activewear and gave the company a “hold” rating in a research report on Wednesday, February 14th. Finally, ValuEngine raised shares of Gildan Activewear from a “hold” rating to a “buy” rating in a research report on Monday, February 5th. Nine research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $33.89.
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Gildan Activewear Profile
Gildan Activewear Inc is a manufacturer and marketer of branded basic family apparel, including T-shirts, fleece, sport shirts, underwear, socks, hosiery and shapewear. The Company operates through two segments: Printwear and Branded Apparel. The Printwear segment designs, manufactures, sources, markets, and distributes undecorated activewear products.
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