CIBC Asset Management Inc Increases Holdings in Gildan Activewear Inc. (NYSE:GIL)

CIBC Asset Management Inc raised its stake in Gildan Activewear Inc. (NYSE:GIL - Free Report) TSE: GIL by 545.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,210,314 shares of the textile maker's stock after buying an additional 1,022,695 shares during the period. CIBC Asset Management Inc owned approximately 0.79% of Gildan Activewear worth $57,403,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Principal Securities Inc. increased its holdings in Gildan Activewear by 10.4% in the fourth quarter. Principal Securities Inc. now owns 11,007 shares of the textile maker's stock valued at $518,000 after buying an additional 1,033 shares in the last quarter. Rhumbline Advisers increased its stake in shares of Gildan Activewear by 561.9% during the 4th quarter. Rhumbline Advisers now owns 1,423 shares of the textile maker's stock worth $67,000 after purchasing an additional 1,208 shares in the last quarter. Louisbourg Investments Inc. increased its stake in shares of Gildan Activewear by 30.2% during the 4th quarter. Louisbourg Investments Inc. now owns 234,146 shares of the textile maker's stock worth $11,014,000 after purchasing an additional 54,287 shares in the last quarter. Entropy Technologies LP purchased a new position in shares of Gildan Activewear during the 4th quarter worth approximately $987,000. Finally, Triasima Portfolio Management inc. increased its stake in shares of Gildan Activewear by 4.3% during the 4th quarter. Triasima Portfolio Management inc. now owns 45,390 shares of the textile maker's stock worth $2,135,000 after purchasing an additional 1,890 shares in the last quarter. 82.83% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have recently weighed in on GIL shares. BMO Capital Markets raised their price objective on shares of Gildan Activewear from $58.00 to $64.00 and gave the stock an "outperform" rating in a research note on Thursday. TD Securities raised their price objective on shares of Gildan Activewear from $62.00 to $65.00 and gave the stock a "buy" rating in a research note on Thursday. Citigroup raised their price objective on shares of Gildan Activewear from $59.00 to $62.00 and gave the stock a "buy" rating in a research note on Thursday. Canaccord Genuity Group raised their price objective on shares of Gildan Activewear from $52.00 to $53.00 and gave the stock a "buy" rating in a research note on Friday, November 1st. Finally, UBS Group raised their target price on shares of Gildan Activewear from $60.00 to $69.00 and gave the stock a "buy" rating in a research report on Thursday. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $60.00.

Gildan Activewear Trading Up 2.2 %

Shares of NYSE GIL traded up $1.19 during trading on Thursday, hitting $55.09. 747,166 shares of the company traded hands, compared to its average volume of 531,408. Gildan Activewear Inc. has a 1 year low of $32.23 and a 1 year high of $55.12. The company has a 50-day moving average price of $49.47 and a 200-day moving average price of $47.54. The firm has a market capitalization of $8.38 billion, a P/E ratio of 21.78, a P/E/G ratio of 1.71 and a beta of 1.41. The company has a quick ratio of 0.98, a current ratio of 2.31 and a debt-to-equity ratio of 0.81.

Gildan Activewear (NYSE:GIL - Get Free Report) TSE: GIL last announced its quarterly earnings data on Wednesday, February 19th. The textile maker reported $0.83 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.13 by ($0.30). Gildan Activewear had a net margin of 13.06% and a return on equity of 26.88%. The company had revenue of $822.00 million for the quarter, compared to analysts' expectations of $805.75 million. During the same period in the prior year, the firm earned $0.75 earnings per share. The firm's quarterly revenue was up 5.0% on a year-over-year basis. On average, equities analysts predict that Gildan Activewear Inc. will post 2.97 EPS for the current year.

Gildan Activewear Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 7th. Stockholders of record on Wednesday, March 12th will be paid a dividend of $0.226 per share. The ex-dividend date is Wednesday, March 12th. This is a boost from Gildan Activewear's previous quarterly dividend of $0.15. This represents a $0.90 annualized dividend and a dividend yield of 1.64%. Gildan Activewear's payout ratio is currently 32.41%.

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.