Summit Financial LLC Invests $743,000 in Gildan Activewear Inc. (NYSE:GIL)

Summit Financial LLC acquired a new position in Gildan Activewear Inc. (NYSE:GIL) (TSE:GIL) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 15,782 shares of the textile maker’s stock, valued at approximately $743,000.

Several other large investors have also added to or reduced their stakes in the business. Forge First Asset Management Inc. lifted its position in Gildan Activewear by 108.0% during the 4th quarter. Forge First Asset Management Inc. now owns 46,600 shares of the textile maker’s stock worth $2,191,000 after buying an additional 24,200 shares in the last quarter. CIBC Asset Management Inc raised its holdings in Gildan Activewear by 545.1% during the fourth quarter. CIBC Asset Management Inc now owns 1,210,314 shares of the textile maker’s stock worth $57,403,000 after acquiring an additional 1,022,695 shares in the last quarter. Truist Financial Corp boosted its position in Gildan Activewear by 76.8% during the fourth quarter. Truist Financial Corp now owns 19,401 shares of the textile maker’s stock valued at $913,000 after purchasing an additional 8,430 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Gildan Activewear by 80.9% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 245,926 shares of the textile maker’s stock valued at $11,568,000 after purchasing an additional 109,993 shares in the last quarter. Finally, Meritage Portfolio Management acquired a new position in shares of Gildan Activewear during the 4th quarter worth approximately $462,000. Institutional investors and hedge funds own 82.83% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. BMO Capital Markets raised their target price on shares of Gildan Activewear from $58.00 to $64.00 and gave the company an “outperform” rating in a research note on Thursday, February 20th. Canaccord Genuity Group boosted their price objective on shares of Gildan Activewear from $53.00 to $58.00 and gave the stock a “buy” rating in a research note on Thursday, February 20th. CIBC upped their target price on shares of Gildan Activewear from $56.00 to $60.00 and gave the company an “outperform” rating in a report on Thursday, February 20th. Citigroup lifted their price target on Gildan Activewear from $59.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, February 20th. Finally, Stifel Nicolaus upped their price objective on Gildan Activewear from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, February 20th. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $60.00.

Gildan Activewear Trading Up 1.1 %

Shares of NYSE:GIL opened at $45.54 on Thursday. The stock has a market cap of $6.92 billion, a PE ratio of 18.22, a P/E/G ratio of 1.76 and a beta of 1.39. The company has a quick ratio of 0.98, a current ratio of 2.22 and a debt-to-equity ratio of 0.92. Gildan Activewear Inc. has a 12-month low of $32.23 and a 12-month high of $55.39. The business has a 50 day moving average of $49.87 and a 200-day moving average of $48.67.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last issued its quarterly earnings data on Wednesday, February 19th. The textile maker reported $0.83 EPS for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.30). Gildan Activewear had a net margin of 12.26% and a return on equity of 28.80%. The firm had revenue of $822.00 million during the quarter, compared to analyst estimates of $805.75 million. During the same period in the prior year, the company earned $0.75 earnings per share. The business’s quarterly revenue was up 5.0% compared to the same quarter last year. As a group, equities research analysts forecast that Gildan Activewear Inc. will post 3.48 earnings per share for the current year.

Gildan Activewear Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 7th. Shareholders of record on Wednesday, March 12th will be issued a $0.226 dividend. The ex-dividend date is Wednesday, March 12th. This represents a $0.90 dividend on an annualized basis and a yield of 1.99%. This is an increase from Gildan Activewear’s previous quarterly dividend of $0.15. Gildan Activewear’s payout ratio is currently 36.00%.

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.