Cumberland Partners Ltd Lowers Position in Gildan Activewear Inc. (NYSE:GIL)

Cumberland Partners Ltd reduced its position in shares of Gildan Activewear Inc. (NYSE:GIL) (TSE:GIL) by 76.2% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 17,400 shares of the textile maker’s stock after selling 55,600 shares during the period. Cumberland Partners Ltd’s holdings in Gildan Activewear were worth $578,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in GIL. Pzena Investment Management LLC grew its holdings in shares of Gildan Activewear by 1.6% in the 3rd quarter. Pzena Investment Management LLC now owns 10,996,538 shares of the textile maker’s stock worth $308,013,000 after acquiring an additional 168,601 shares during the period. Cooke & Bieler LP grew its holdings in Gildan Activewear by 1.7% in the fourth quarter. Cooke & Bieler LP now owns 10,075,062 shares of the textile maker’s stock valued at $333,082,000 after purchasing an additional 169,476 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Gildan Activewear by 1.6% in the third quarter. Vanguard Group Inc. now owns 6,401,045 shares of the textile maker’s stock valued at $179,293,000 after buying an additional 97,924 shares in the last quarter. Guardian Capital LP raised its stake in shares of Gildan Activewear by 3.2% during the 3rd quarter. Guardian Capital LP now owns 2,739,070 shares of the textile maker’s stock worth $77,128,000 after buying an additional 84,744 shares during the last quarter. Finally, Mackenzie Financial Corp boosted its position in shares of Gildan Activewear by 1.1% in the 4th quarter. Mackenzie Financial Corp now owns 2,712,021 shares of the textile maker’s stock worth $89,732,000 after buying an additional 29,193 shares in the last quarter. 82.83% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on GIL. Stifel Nicolaus upped their price target on Gildan Activewear from $34.00 to $36.00 and gave the stock a “hold” rating in a research note on Thursday, February 22nd. Royal Bank of Canada reiterated an “outperform” rating and issued a $41.00 price target on shares of Gildan Activewear in a report on Monday, April 8th. TD Securities boosted their price objective on Gildan Activewear from $42.00 to $46.00 and gave the stock a “buy” rating in a research note on Wednesday, March 20th. CIBC increased their target price on Gildan Activewear from $38.00 to $41.00 and gave the company an “outperform” rating in a research note on Thursday, February 22nd. Finally, UBS Group downgraded Gildan Activewear from a “buy” rating to a “neutral” rating and dropped their target price for the company from $40.00 to $37.00 in a report on Friday, January 5th. Five investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $41.25.

Gildan Activewear Stock Performance

Gildan Activewear stock traded down $0.17 during midday trading on Wednesday, reaching $35.55. 173,816 shares of the stock traded hands, compared to its average volume of 826,109. The firm has a fifty day moving average price of $35.52 and a two-hundred day moving average price of $33.75. Gildan Activewear Inc. has a fifty-two week low of $26.98 and a fifty-two week high of $38.87. The firm has a market cap of $5.99 billion, a price-to-earnings ratio of 11.75, a PEG ratio of 1.32 and a beta of 1.38. The company has a current ratio of 2.33, a quick ratio of 0.83 and a debt-to-equity ratio of 0.39.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last issued its quarterly earnings results on Wednesday, February 21st. The textile maker reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.72 by $0.03. The company had revenue of $782.70 million for the quarter, compared to analyst estimates of $753.35 million. Gildan Activewear had a return on equity of 23.19% and a net margin of 16.70%. The company’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same period last year, the company earned $0.65 earnings per share. On average, equities research analysts forecast that Gildan Activewear Inc. will post 2.94 earnings per share for the current year.

Gildan Activewear Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 8th. Shareholders of record on Wednesday, March 13th were issued a $0.205 dividend. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $0.82 annualized dividend and a dividend yield of 2.31%. This is a boost from Gildan Activewear’s previous quarterly dividend of $0.19. Gildan Activewear’s dividend payout ratio is currently 27.06%.

Gildan Activewear Company 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.