Verdence Capital Advisors LLC Makes New $380,000 Investment in Gildan Activewear Inc. (NYSE:GIL)

Verdence Capital Advisors LLC purchased a new stake in shares of Gildan Activewear Inc. (NYSE:GIL) (TSE:GIL) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 11,494 shares of the textile maker’s stock, valued at approximately $380,000.

Several other institutional investors also recently modified their holdings of GIL. Byrne Asset Management LLC acquired a new position in Gildan Activewear during the 3rd quarter worth about $34,000. EverSource Wealth Advisors LLC increased its position in Gildan Activewear by 120.6% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 1,646 shares of the textile maker’s stock valued at $46,000 after purchasing an additional 900 shares during the period. Signaturefd LLC raised its holdings in Gildan Activewear by 39.3% during the 3rd quarter. Signaturefd LLC now owns 4,104 shares of the textile maker’s stock worth $115,000 after purchasing an additional 1,158 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of Gildan Activewear by 60.4% in the 3rd quarter. PNC Financial Services Group Inc. now owns 4,213 shares of the textile maker’s stock valued at $118,000 after purchasing an additional 1,586 shares during the last quarter. Finally, DORCHESTER WEALTH MANAGEMENT Co bought a new position in Gildan Activewear during the fourth quarter worth $202,000. Institutional investors own 82.83% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on GIL shares. UBS Group downgraded Gildan Activewear from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $40.00 to $37.00 in a report on Friday, January 5th. CIBC lifted their target price on Gildan Activewear from $38.00 to $41.00 and gave the stock an “outperform” rating in a report on Thursday, February 22nd. Stifel Nicolaus increased their price target on Gildan Activewear from $34.00 to $36.00 and gave the stock a “hold” rating in a report on Thursday, February 22nd. Citigroup lifted their price objective on shares of Gildan Activewear from $40.00 to $44.00 and gave the company a “buy” rating in a research note on Friday, February 23rd. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $41.00 target price on shares of Gildan Activewear in a research note on Monday, April 8th. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Gildan Activewear has a consensus rating of “Moderate Buy” and an average target price of $41.25.

Gildan Activewear Price Performance

GIL stock opened at $34.89 on Tuesday. The company has a market capitalization of $5.88 billion, a P/E ratio of 11.51, a price-to-earnings-growth ratio of 1.33 and a beta of 1.38. Gildan Activewear Inc. has a 52-week low of $26.98 and a 52-week high of $38.87. The business has a 50-day simple moving average of $35.48 and a two-hundred day simple moving average of $33.69. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.83 and a current ratio of 2.33.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last released its quarterly earnings results on Wednesday, February 21st. The textile maker reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.72 by $0.03. The business had revenue of $782.70 million during the quarter, compared to analyst estimates of $753.35 million. Gildan Activewear had a return on equity of 23.19% and a net margin of 16.70%. Gildan Activewear’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.65 EPS. Research analysts expect that Gildan Activewear Inc. will post 2.94 EPS for the current fiscal year.

Gildan Activewear Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 8th. Investors of record on Wednesday, March 13th were issued a dividend of $0.205 per share. The ex-dividend date of this dividend was Tuesday, March 12th. This is a boost from Gildan Activewear’s previous quarterly dividend of $0.19. This represents a $0.82 annualized dividend and a yield of 2.35%. Gildan Activewear’s payout ratio is 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.