Cardinal Capital Management Inc. raised its stake in shares of Gildan Activewear, Inc. (NYSE:GIL) (TSE:GIL) by 353.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 778,955 shares of the textile maker’s stock after buying an additional 607,005 shares during the period. Gildan Activewear comprises 2.4% of Cardinal Capital Management Inc.’s investment portfolio, making the stock its 14th largest position. Cardinal Capital Management Inc.’s holdings in Gildan Activewear were worth $23,910,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also bought and sold shares of the company. US Bancorp DE increased its stake in Gildan Activewear by 24.2% in the first quarter. US Bancorp DE now owns 3,718 shares of the textile maker’s stock worth $101,000 after buying an additional 725 shares during the period. PNC Financial Services Group Inc. increased its stake in Gildan Activewear by 43.2% in the first quarter. PNC Financial Services Group Inc. now owns 3,968 shares of the textile maker’s stock worth $107,000 after buying an additional 1,198 shares during the period. Raymond James Financial Services Advisors Inc. bought a new stake in Gildan Activewear during the first quarter worth approximately $222,000. BB&T Corp bought a new stake in Gildan Activewear during the first quarter worth approximately $270,000. Finally, Atlantic Trust Group LLC bought a new stake in Gildan Activewear during the first quarter worth approximately $312,000. 77.27% of the stock is owned by institutional investors and hedge funds.
Shares of Gildan Activewear, Inc. (NYSE GIL) traded up 0.438% during mid-day trading on Monday, hitting $30.965. 149,124 shares of the stock were exchanged. The firm has a 50-day moving average price of $29.60 and a 200 day moving average price of $27.04. The company has a market capitalization of $6.97 billion, a PE ratio of 19.660 and a beta of 0.73. Gildan Activewear, Inc. has a 12-month low of $23.55 and a 12-month high of $32.20.
Gildan Activewear (NYSE:GIL) (TSE:GIL) last released its quarterly earnings data on Wednesday, May 3rd. The textile maker reported $0.39 EPS for the quarter, topping the Zacks’ consensus estimate of $0.35 by $0.04. Gildan Activewear had a net margin of 13.81% and a return on equity of 18.09%. The firm had revenue of $665.40 million during the quarter, compared to analysts’ expectations of $664.37 million. On average, equities research analysts expect that Gildan Activewear, Inc. will post $1.68 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, June 12th. Shareholders of record on Thursday, May 18th were given a dividend of $0.0935 per share. The ex-dividend date was Tuesday, May 16th. This represents a $0.37 dividend on an annualized basis and a yield of 1.21%. Gildan Activewear’s dividend payout ratio (DPR) is 23.57%.
A number of analysts have commented on the stock. Zacks Investment Research downgraded shares of Gildan Activewear from a “buy” rating to a “hold” rating in a research report on Friday, June 16th. Canaccord Genuity set a $32.00 target price on shares of Gildan Activewear and gave the stock a “buy” rating in a report on Friday. TD Securities reiterated a “buy” rating and issued a $31.00 target price on shares of Gildan Activewear in a report on Thursday, April 27th. CIBC upgraded shares of Gildan Activewear from a “sector perform” rating to a “sector outperform” rating in a report on Wednesday, June 28th. Finally, Royal Bank of Canada boosted their target price on shares of Gildan Activewear from $29.00 to $30.00 and gave the stock an “outperform” rating in a report on Monday, April 24th. Three research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. Gildan Activewear presently has an average rating of “Buy” and a consensus target price of $35.56.
About Gildan Activewear
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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