Summit Financial LLC Acquires Shares of 15,782 Gildan Activewear Inc. (NYSE:GIL)

Summit Financial LLC bought a new stake in Gildan Activewear Inc. (NYSE:GIL - Free Report) TSE: GIL during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 15,782 shares of the textile maker's stock, valued at approximately $743,000.

Several other institutional investors have also added to or reduced their stakes in the company. Norges Bank acquired a new stake in Gildan Activewear during the fourth quarter worth approximately $97,275,000. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Gildan Activewear by 604.1% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,850,971 shares of the textile maker's stock worth $86,999,000 after purchasing an additional 1,588,071 shares during the period. CIBC Asset Management Inc lifted its position in Gildan Activewear by 545.1% during the fourth quarter. CIBC Asset Management Inc now owns 1,210,314 shares of the textile maker's stock worth $57,403,000 after purchasing an additional 1,022,695 shares during the period. Arrowstreet Capital Limited Partnership raised its position in shares of Gildan Activewear by 776.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 817,204 shares of the textile maker's stock valued at $38,414,000 after buying an additional 723,962 shares in the last quarter. Finally, Lord Abbett & CO. LLC acquired a new stake in shares of Gildan Activewear during the 3rd quarter worth approximately $24,262,000. 82.83% of the stock is currently owned by institutional investors.

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Gildan Activewear Stock Down 1.7 %

GIL stock traded down $0.67 during trading on Monday, reaching $39.11. 547,900 shares of the stock were exchanged, compared to its average volume of 642,201. The company has a current ratio of 2.22, a quick ratio of 0.98 and a debt-to-equity ratio of 0.92. Gildan Activewear Inc. has a twelve month low of $32.23 and a twelve month high of $55.39. The firm's 50 day moving average is $49.46 and its 200 day moving average is $48.62. The firm has a market cap of $5.94 billion, a P/E ratio of 15.65, a price-to-earnings-growth ratio of 1.76 and a beta of 1.16.

Gildan Activewear (NYSE:GIL - Get Free Report) TSE: GIL last released its quarterly earnings results on Wednesday, February 19th. The textile maker reported $0.83 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.13 by ($0.30). The company had revenue of $822.00 million for the quarter, compared to analyst estimates of $805.75 million. Gildan Activewear had a net margin of 12.26% and a return on equity of 28.80%. Gildan Activewear's revenue for the quarter was up 5.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.75 EPS. As a group, research analysts forecast that Gildan Activewear Inc. will post 3.48 EPS for the current year.

Gildan Activewear Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 7th. Shareholders of record on Wednesday, March 12th will be issued a dividend of $0.226 per share. This represents a $0.90 dividend on an annualized basis and a yield of 2.31%. This is an increase from Gildan Activewear's previous quarterly dividend of $0.15. The ex-dividend date is Wednesday, March 12th. Gildan Activewear's payout ratio is currently 36.00%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. BMO Capital Markets raised their target price on Gildan Activewear from $58.00 to $64.00 and gave the company an "outperform" rating in a report on Thursday, February 20th. UBS Group lifted their price target on shares of Gildan Activewear from $60.00 to $69.00 and gave the company a "buy" rating in a report on Thursday, February 20th. Canaccord Genuity Group upped their target price on Gildan Activewear from $53.00 to $58.00 and gave the stock a "buy" rating in a report on Thursday, February 20th. Citigroup boosted their target price on shares of Gildan Activewear from $59.00 to $62.00 and gave the stock a "buy" rating in a report on Thursday, February 20th. Finally, Stifel Nicolaus lifted their price target on shares of Gildan Activewear from $60.00 to $65.00 and gave the stock a "buy" rating in a report on Thursday, February 20th. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $60.00.

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.