Cumberland Partners Ltd Sells 55,600 Shares of Gildan Activewear Inc. (NYSE:GIL)

Cumberland Partners Ltd lessened its stake in shares of Gildan Activewear Inc. (NYSE:GIL) (TSE:GIL) by 76.2% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 17,400 shares of the textile maker’s stock after selling 55,600 shares during the quarter. Cumberland Partners Ltd’s holdings in Gildan Activewear were worth $578,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. Vaughan Nelson Investment Management L.P. bought a new position in Gildan Activewear during the fourth quarter worth about $34,456,000. Galibier Capital Management Ltd. bought a new position in shares of Gildan Activewear during the third quarter worth approximately $26,255,000. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Gildan Activewear by 130.8% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 925,970 shares of the textile maker’s stock valued at $25,952,000 after buying an additional 524,691 shares in the last quarter. Strs Ohio boosted its stake in shares of Gildan Activewear by 443.6% in the fourth quarter. Strs Ohio now owns 588,202 shares of the textile maker’s stock valued at $19,547,000 after buying an additional 480,000 shares during the period. Finally, The Manufacturers Life Insurance Company grew its position in Gildan Activewear by 13.5% during the third quarter. The Manufacturers Life Insurance Company now owns 2,548,189 shares of the textile maker’s stock worth $71,933,000 after buying an additional 303,697 shares in the last quarter. 82.83% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Stifel Nicolaus increased their target price on Gildan Activewear from $34.00 to $36.00 and gave the stock a “hold” rating in a report on Thursday, February 22nd. Royal Bank of Canada restated an “outperform” rating and issued a $41.00 target price on shares of Gildan Activewear in a research report on Monday, April 8th. CIBC boosted their price target on Gildan Activewear from $38.00 to $41.00 and gave the stock an “outperform” rating in a report on Thursday, February 22nd. Citigroup lifted their target price on Gildan Activewear from $40.00 to $44.00 and gave the company a “buy” rating in a research report on Friday, February 23rd. Finally, Scotiabank increased their target price on shares of Gildan Activewear from $39.50 to $40.50 and gave the stock a “sector outperform” rating in a report on Friday, February 9th. Five investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Gildan Activewear currently has an average rating of “Moderate Buy” and a consensus price target of $41.25.

Gildan Activewear Trading Down 0.5 %

GIL traded down $0.17 during trading on Wednesday, reaching $35.55. 173,816 shares of the company’s stock were exchanged, compared to its average volume of 826,109. The company has a current ratio of 2.33, a quick ratio of 0.83 and a debt-to-equity ratio of 0.39. Gildan Activewear Inc. has a one year low of $26.98 and a one year high of $38.87. The firm has a fifty day moving average price of $35.52 and a two-hundred day moving average price of $33.75. The stock has a market capitalization of $5.99 billion, a PE ratio of 11.75, a price-to-earnings-growth ratio of 1.32 and a beta of 1.38.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last announced its earnings results on Wednesday, February 21st. The textile maker reported $0.75 EPS for the quarter, topping the consensus estimate of $0.72 by $0.03. The firm had revenue of $782.70 million for the quarter, compared to the consensus estimate of $753.35 million. Gildan Activewear had a return on equity of 23.19% and a net margin of 16.70%. The business’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.65 EPS. As a group, equities research analysts forecast that Gildan Activewear Inc. will post 2.94 earnings per share for the current fiscal year.

Gildan Activewear Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 8th. Shareholders of record on Wednesday, March 13th were issued a dividend of $0.205 per share. This is a positive change from Gildan Activewear’s previous quarterly dividend of $0.19. The ex-dividend date was Tuesday, March 12th. This represents a $0.82 annualized dividend and a yield of 2.31%. Gildan Activewear’s dividend payout ratio (DPR) is presently 27.06%.

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.