The Manufacturers Life Insurance Company Has $22.12 Million Stake in Gildan Activewear Inc. (NYSE:GIL)

The Manufacturers Life Insurance Company cut its stake in Gildan Activewear Inc. (NYSE:GIL) (TSE:GIL) by 81.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 469,513 shares of the textile maker’s stock after selling 2,099,220 shares during the quarter. The Manufacturers Life Insurance Company owned 0.30% of Gildan Activewear worth $22,115,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. Riverview Trust Co purchased a new stake in Gildan Activewear in the 3rd quarter valued at $29,000. Blue Trust Inc. raised its holdings in shares of Gildan Activewear by 96.1% in the third quarter. Blue Trust Inc. now owns 810 shares of the textile maker’s stock valued at $38,000 after purchasing an additional 397 shares during the last quarter. Cullen Frost Bankers Inc. bought a new position in shares of Gildan Activewear during the second quarter valued at about $51,000. Tobam bought a new stake in Gildan Activewear in the 2nd quarter worth about $53,000. Finally, EverSource Wealth Advisors LLC grew its position in Gildan Activewear by 16.9% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,893 shares of the textile maker’s stock worth $66,000 after purchasing an additional 274 shares in the last quarter. Institutional investors own 82.83% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. CIBC boosted their target price on Gildan Activewear from $48.00 to $56.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. BMO Capital Markets upped their price objective on Gildan Activewear from $47.00 to $58.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Citigroup raised their target price on Gildan Activewear from $54.00 to $59.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Stifel Nicolaus boosted their price target on shares of Gildan Activewear from $54.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Finally, TD Securities raised their price objective 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 research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $50.85.

Gildan Activewear Stock Performance

Shares of GIL stock opened at $49.62 on Friday. The firm’s 50 day moving average is $48.15 and its 200 day moving average is $42.98. The stock has a market capitalization of $7.64 billion, a P/E ratio of 19.61, a PEG ratio of 1.85 and a beta of 1.44. Gildan Activewear Inc. has a 12 month low of $30.68 and a 12 month high of $50.58. The company has a current ratio of 2.31, a quick ratio of 0.98 and a debt-to-equity ratio of 0.81.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last posted its earnings results on Thursday, October 31st. The textile maker reported $0.85 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.85. The firm had revenue of $891.10 million for the quarter, compared to the consensus estimate of $882.85 million. Gildan Activewear had a return on equity of 26.88% and a net margin of 13.06%. The business’s quarterly revenue was up 2.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.74 earnings per share. On average, sell-side analysts anticipate that Gildan Activewear Inc. will post 2.97 earnings per share for the current year.

Gildan Activewear Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Thursday, November 21st will be issued a dividend of $0.152 per share. This represents a $0.61 dividend on an annualized basis and a yield of 1.23%. The ex-dividend date is Thursday, November 21st. Gildan Activewear’s payout ratio is presently 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.