CIBC Asset Management Inc Sells 20,646 Shares of Gildan Activewear Inc. (NYSE:GIL)

CIBC Asset Management Inc lessened its stake in Gildan Activewear Inc. (NYSE:GIL) (TSE:GIL) by 9.9% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 187,619 shares of the textile maker’s stock after selling 20,646 shares during the period. CIBC Asset Management Inc’s holdings in Gildan Activewear were worth $8,835,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the stock. Zions Bancorporation N.A. lifted its stake in shares of Gildan Activewear by 46.1% in the third quarter. Zions Bancorporation N.A. now owns 16,200 shares of the textile maker’s stock valued at $763,000 after buying an additional 5,110 shares during the period. Cumberland Partners Ltd bought a new stake in shares of Gildan Activewear in the third quarter valued at about $231,000. Aigen Investment Management LP bought a new stake in shares of Gildan Activewear in the third quarter valued at about $323,000. Tacita Capital Inc lifted its stake in shares of Gildan Activewear by 1,025.5% in the third quarter. Tacita Capital Inc now owns 13,056 shares of the textile maker’s stock valued at $615,000 after buying an additional 11,896 shares during the period. Finally, Atria Investments Inc bought a new stake in shares of Gildan Activewear in the third quarter valued at about $391,000. Institutional investors own 82.83% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on GIL shares. Stifel Nicolaus increased their price target on shares of Gildan Activewear from $54.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Canaccord Genuity Group increased their price target on shares of Gildan Activewear from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Citigroup increased their price target 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 increased their price target on shares of Gildan Activewear from $48.00 to $56.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Finally, Royal Bank of Canada raised their price objective on shares of Gildan Activewear from $41.00 to $44.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Three research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $50.85.

Gildan Activewear Price Performance

Shares of GIL stock opened at $48.29 on Friday. Gildan Activewear Inc. has a 52-week low of $30.68 and a 52-week high of $50.58. The stock has a market cap of $7.44 billion, a PE ratio of 19.09, a PEG ratio of 1.81 and a beta of 1.44. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.98 and a current ratio of 2.31. The firm’s 50 day moving average price is $47.31 and its two-hundred day moving average price is $41.81.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last announced its quarterly earnings data on Thursday, October 31st. The textile maker reported $0.85 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.85. Gildan Activewear had a net margin of 13.06% and a return on equity of 26.88%. The firm had revenue of $891.10 million for the quarter, compared to analysts’ expectations of $882.85 million. During the same period last year, the firm earned $0.74 earnings per share. The business’s revenue for the quarter was up 2.4% on a year-over-year basis. As a group, analysts forecast that Gildan Activewear Inc. will post 2.97 EPS for the current 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 given a dividend of $0.152 per share. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $0.61 dividend on an annualized basis and a dividend yield of 1.26%. Gildan Activewear’s dividend payout ratio is 32.41%.

Gildan Activewear Company 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.