Zurcher Kantonalbank Zurich Cantonalbank Boosts Stock Position in Gildan Activewear Inc. (NYSE:GIL)

Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Gildan Activewear Inc. (NYSE:GIL) (TSE:GIL) by 92.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 135,933 shares of the textile maker’s stock after purchasing an additional 65,428 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned approximately 0.09% of Gildan Activewear worth $6,405,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Cooke & Bieler LP grew its holdings in shares of Gildan Activewear by 2.7% during the 2nd quarter. Cooke & Bieler LP now owns 10,252,785 shares of the textile maker’s stock valued at $388,786,000 after purchasing an additional 271,273 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in Gildan Activewear by 14.4% during the second quarter. The Manufacturers Life Insurance Company now owns 2,568,733 shares of the textile maker’s stock valued at $97,290,000 after buying an additional 324,304 shares during the period. EdgePoint Investment Group Inc. grew its stake in shares of Gildan Activewear by 28.0% during the second quarter. EdgePoint Investment Group Inc. now owns 1,863,618 shares of the textile maker’s stock valued at $70,696,000 after buying an additional 407,113 shares during the last quarter. Vaughan Nelson Investment Management L.P. increased its holdings in shares of Gildan Activewear by 2.8% in the third quarter. Vaughan Nelson Investment Management L.P. now owns 1,618,420 shares of the textile maker’s stock worth $76,244,000 after buying an additional 44,725 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Gildan Activewear by 10.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,148,030 shares of the textile maker’s stock valued at $43,533,000 after acquiring an additional 110,704 shares during the last quarter. 82.83% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

GIL has been the subject of a number of analyst reports. Citigroup increased their price objective on Gildan Activewear from $54.00 to $59.00 and gave the company a “buy” rating in a research note 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 company a “buy” rating in a research report on Friday, November 1st. TD Securities boosted their price objective on shares of Gildan Activewear from $56.00 to $58.00 and gave the company a “buy” rating in a research report on Friday, November 1st. CIBC increased their target price on shares of Gildan Activewear from $48.00 to $56.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Finally, BMO Capital Markets raised their target price on Gildan Activewear from $47.00 to $58.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Three equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $50.85.

Gildan Activewear Stock Up 0.1 %

Shares of GIL stock opened at $49.62 on Monday. The company’s fifty day simple moving average is $48.15 and its two-hundred day simple moving average is $43.03. 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 $7.64 billion, a P/E ratio of 19.61, a PEG ratio of 1.85 and a beta of 1.44. The company has a quick ratio of 0.98, a current ratio of 2.31 and a debt-to-equity ratio of 0.81.

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

Gildan Activewear Cuts Dividend

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

Gildan Activewear 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.