Connor Clark & Lunn Investment Management Ltd. Lowers Position in Gildan Activewear Inc. (NYSE:GIL)

Connor Clark & Lunn Investment Management Ltd. decreased its holdings in shares of Gildan Activewear Inc. (NYSE:GIL) (TSE:GIL) by 21.1% in the 3rd quarter, Holdings Channel reports. The firm owned 262,900 shares of the textile maker’s stock after selling 70,239 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Gildan Activewear were worth $12,373,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Riverview Trust Co bought a new stake in shares of Gildan Activewear in the 3rd quarter worth approximately $29,000. Blue Trust Inc. increased its stake in Gildan Activewear by 96.1% in the 3rd quarter. Blue Trust Inc. now owns 810 shares of the textile maker’s stock worth $38,000 after purchasing an additional 397 shares during the period. Natixis bought a new stake in Gildan Activewear in the first quarter valued at approximately $51,000. Cullen Frost Bankers Inc. bought a new stake in Gildan Activewear in the second quarter valued at approximately $51,000. Finally, Tobam purchased a new stake in shares of Gildan Activewear during the second quarter valued at approximately $53,000. Institutional investors own 82.83% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Canaccord Genuity Group raised their target price on Gildan Activewear from $52.00 to $53.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. TD Securities raised their target price on shares of Gildan Activewear from $56.00 to $58.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Royal Bank of Canada boosted their price target on shares of Gildan Activewear from $41.00 to $44.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Citigroup raised their price objective on shares of Gildan Activewear from $54.00 to $59.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Finally, Stifel Nicolaus upped their target price on Gildan Activewear from $54.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Three investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, Gildan Activewear currently has a consensus rating of “Moderate Buy” and an average target price of $50.85.

Gildan Activewear Price Performance

GIL stock opened at $49.48 on Friday. 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 has a market capitalization of $7.62 billion, a price-to-earnings ratio of 19.56, a PEG ratio of 1.83 and a beta of 1.44. The firm has a 50 day moving average price of $47.58 and a 200-day moving average price of $42.18. Gildan Activewear Inc. has a 52-week low of $30.68 and a 52-week high of $50.58.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last issued its quarterly earnings results on Thursday, October 31st. The textile maker reported $0.85 earnings per share for the quarter, meeting the consensus estimate of $0.85. The firm had revenue of $891.10 million during 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 company’s revenue was up 2.4% on a year-over-year basis. During the same period last year, the company earned $0.74 earnings per share. Equities research analysts forecast that Gildan Activewear Inc. will post 2.97 EPS for the current fiscal year.

Gildan Activewear Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Thursday, November 21st will be given a $0.152 dividend. 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 dividend payout ratio (DPR) is 32.41%.

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.