Synovus Financial Corp Has $1.92 Million Stake in Gildan Activewear Inc. (NYSE:GIL)

Synovus Financial Corp increased its stake in Gildan Activewear Inc. (NYSE:GIL - Free Report) TSE: GIL by 76.1% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 40,798 shares of the textile maker's stock after acquiring an additional 17,634 shares during the quarter. Synovus Financial Corp's holdings in Gildan Activewear were worth $1,922,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Simcoe Capital Management LLC raised its holdings in shares of Gildan Activewear by 10.5% in the 3rd quarter. Simcoe Capital Management LLC now owns 2,387,865 shares of the textile maker's stock valued at $112,492,000 after buying an additional 226,695 shares during the period. Intech Investment Management LLC acquired a new stake in Gildan Activewear during the 3rd quarter worth $544,000. Tacita Capital Inc increased its position in Gildan Activewear by 1,025.5% in the 3rd quarter. Tacita Capital Inc now owns 13,056 shares of the textile maker's stock valued at $615,000 after acquiring an additional 11,896 shares during the period. Bridges Investment Management Inc. acquired a new position in Gildan Activewear during the second quarter worth $1,425,000. Finally, Allspring Global Investments Holdings LLC boosted its stake in shares of Gildan Activewear by 7,709.2% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 125,181 shares of the textile maker's stock worth $5,899,000 after acquiring an additional 123,578 shares in the last quarter. 82.83% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on GIL shares. TD Securities increased their price target on Gildan Activewear from $58.00 to $60.00 and gave the stock a "buy" rating in a research note on Monday, December 2nd. Stifel Nicolaus boosted their price target on Gildan Activewear from $54.00 to $60.00 and gave the stock a "buy" rating in a research note on Friday, November 1st. Citigroup boosted their target price on shares of Gildan Activewear from $54.00 to $59.00 and gave the stock a "buy" rating in a research report on Friday, November 1st. CIBC upped their price objective on Gildan Activewear from $48.00 to $56.00 and gave the company an "outperform" rating in a research note on Friday, November 1st. Finally, BMO Capital Markets lifted their price target on shares of Gildan Activewear from $47.00 to $58.00 and gave the company an "outperform" rating in a report on Friday, November 1st. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $51.05.

Gildan Activewear Stock Down 0.3 %

Shares of GIL traded down $0.17 during midday trading on Monday, reaching $48.65. 421,480 shares of the stock were exchanged, compared to its average volume of 711,202. The company has a market cap of $7.44 billion, a price-to-earnings ratio of 19.30, a P/E/G ratio of 1.82 and a beta of 1.40. The firm has a 50 day simple moving average of $48.55 and a 200-day simple moving average of $43.93. Gildan Activewear Inc. has a 12-month low of $30.68 and a 12-month high of $50.60. 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 released its quarterly earnings results on Thursday, October 31st. The textile maker reported $0.85 earnings per share for the quarter, meeting analysts' consensus estimates of $0.85. The business had revenue of $891.10 million for the quarter, compared to the consensus estimate of $882.85 million. Gildan Activewear had a net margin of 13.06% and a return on equity of 26.88%. Gildan Activewear's revenue for the quarter was up 2.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.74 EPS. Research analysts forecast that Gildan Activewear Inc. will post 2.97 EPS for the current year.

Gildan Activewear Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Thursday, November 21st will be issued a $0.152 dividend. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $0.61 annualized dividend and a yield of 1.25%. Gildan Activewear's dividend payout ratio (DPR) is presently 32.41%.

About Gildan Activewear

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.