EdgePoint Investment Group Inc. Acquires 407,113 Shares of Gildan Activewear Inc. (NYSE:GIL)

EdgePoint Investment Group Inc. increased its holdings in Gildan Activewear Inc. (NYSE:GIL) (TSE:GIL) by 28.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,863,618 shares of the textile maker’s stock after buying an additional 407,113 shares during the period. EdgePoint Investment Group Inc.’s holdings in Gildan Activewear were worth $70,696,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Natixis purchased a new stake in Gildan Activewear in the 1st quarter worth approximately $51,000. Cullen Frost Bankers Inc. purchased a new stake in Gildan Activewear in the 2nd quarter worth approximately $51,000. Tobam purchased a new stake in Gildan Activewear in the 2nd quarter worth approximately $53,000. EverSource Wealth Advisors LLC lifted its stake 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. Finally, UniSuper Management Pty Ltd lifted its stake in Gildan Activewear by 69.2% in the 1st quarter. UniSuper Management Pty Ltd now owns 2,200 shares of the textile maker’s stock worth $82,000 after purchasing an additional 900 shares in the last quarter. 82.83% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on GIL. Royal Bank of Canada raised their price objective 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. BMO Capital Markets raised their price objective on shares of Gildan Activewear from $43.00 to $47.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Finally, Stifel Nicolaus upgraded shares of Gildan Activewear from a “hold” rating to a “buy” rating and raised their price objective for the company from $39.00 to $51.00 in a research report on Friday, August 2nd. Four equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, Gildan Activewear has a consensus rating of “Moderate Buy” and a consensus price target of $44.50.

Gildan Activewear Price Performance

Shares of Gildan Activewear stock opened at $46.96 on Thursday. The firm has a market cap of $7.78 billion, a PE ratio of 15.86, a price-to-earnings-growth ratio of 1.77 and a beta of 1.43. Gildan Activewear Inc. has a 12-month low of $27.08 and a 12-month high of $47.35. The company has a quick ratio of 0.97, a current ratio of 2.35 and a debt-to-equity ratio of 0.55. The company’s fifty day simple moving average is $42.86 and its two-hundred day simple moving average is $38.76.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last announced its earnings results on Thursday, August 1st. The textile maker reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.03. The firm had revenue of $862.20 million for the quarter, compared to analyst estimates of $851.10 million. Gildan Activewear had a net margin of 13.01% and a return on equity of 24.96%. The company’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.63 EPS. As a group, equities analysts expect that Gildan Activewear Inc. will post 2.92 EPS for the current year.

Gildan Activewear Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Thursday, August 22nd were paid a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a dividend yield of 1.75%. The ex-dividend date of this dividend was Thursday, August 22nd. Gildan Activewear’s payout ratio is 27.70%.

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.