CIBC Asset Management Inc Has $8.84 Million Stock Position in Gildan Activewear Inc. (NYSE:GIL)

CIBC Asset Management Inc decreased its stake in Gildan Activewear Inc. (NYSE:GIL - Free Report) TSE: GIL by 9.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 187,619 shares of the textile maker's stock after selling 20,646 shares during the period. CIBC Asset Management Inc owned 0.12% of Gildan Activewear worth $8,835,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in GIL. Riverview Trust Co acquired a new position in Gildan Activewear during the 3rd quarter worth $29,000. Blue Trust Inc. raised its position in shares of Gildan Activewear by 96.1% during the 3rd quarter. Blue Trust Inc. now owns 810 shares of the textile maker's stock worth $38,000 after buying an additional 397 shares in the last quarter. Natixis acquired a new stake in shares of Gildan Activewear in the 1st quarter worth approximately $51,000. Cullen Frost Bankers Inc. bought a new position in shares of Gildan Activewear in the second quarter valued at approximately $51,000. Finally, Tobam acquired a new position in shares of Gildan Activewear during the second quarter valued at approximately $53,000. Institutional investors and hedge funds own 82.83% of the company's stock.

Analysts Set New Price Targets

GIL has been the subject of a number of research reports. Stifel Nicolaus increased their price target on Gildan Activewear from $54.00 to $60.00 and gave the company a "buy" rating in a research note on Friday, November 1st. Royal Bank of Canada raised their target price on Gildan Activewear from $41.00 to $44.00 and gave the company an "outperform" rating in a research note on Friday, August 2nd. Canaccord Genuity Group upped their price target on shares of Gildan Activewear from $52.00 to $53.00 and gave the company a "buy" rating in a report on Friday, November 1st. BMO Capital Markets lifted their price objective on shares of Gildan Activewear from $47.00 to $58.00 and gave the stock an "outperform" rating in a research note on Friday, November 1st. Finally, TD Securities raised their target price on shares of Gildan Activewear from $56.00 to $58.00 and gave the stock a "buy" rating in a report on Friday, November 1st. Three equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, Gildan Activewear has an average rating of "Moderate Buy" and a consensus price target of $50.85.

Gildan Activewear Stock Up 0.3 %

Shares of GIL traded up $0.16 during trading hours on Friday, reaching $48.29. The company's stock had a trading volume of 438,590 shares, compared to its average volume of 614,853. The company has a 50 day moving average of $47.31 and a two-hundred day moving average of $41.86. The company has a quick ratio of 0.98, a current ratio of 2.31 and a debt-to-equity ratio of 0.81. The firm has a market cap of $7.44 billion, a price-to-earnings ratio of 19.09, a P/E/G ratio of 1.81 and a beta of 1.44. Gildan Activewear Inc. has a 1-year low of $30.68 and a 1-year high of $50.58.

Gildan Activewear (NYSE:GIL - Get Free Report) TSE: GIL last posted its quarterly earnings results on Thursday, October 31st. The textile maker reported $0.85 EPS for the quarter, meeting the consensus estimate of $0.85. Gildan Activewear had a net margin of 13.06% and a return on equity of 26.88%. The business had revenue of $891.10 million for the quarter, compared to analysts' expectations of $882.85 million. During the same period in the previous year, the company posted $0.74 EPS. Gildan Activewear's revenue was up 2.4% on a year-over-year basis. As a group, research analysts predict that Gildan Activewear Inc. will post 2.97 EPS for the current fiscal year.

Gildan Activewear Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Thursday, November 21st will be issued a dividend of $0.152 per share. The ex-dividend date is Thursday, November 21st. This represents a $0.61 annualized dividend and a dividend yield of 1.26%. Gildan Activewear's dividend payout ratio is 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.