M&T Bank Corp Raises Position in Gildan Activewear Inc. (NYSE:GIL)

M&T Bank Corp grew its holdings in Gildan Activewear Inc. (NYSE:GIL) (TSE:GIL) by 24.3% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 8,089 shares of the textile maker’s stock after buying an additional 1,582 shares during the quarter. M&T Bank Corp’s holdings in Gildan Activewear were worth $381,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the stock. Intact Investment Management Inc. grew its stake in Gildan Activewear by 204.8% during the 2nd quarter. Intact Investment Management Inc. now owns 881,100 shares of the textile maker’s stock worth $33,416,000 after purchasing an additional 591,980 shares in the last quarter. EdgePoint Investment Group Inc. grew its position 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 worth $70,696,000 after buying an additional 407,113 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of 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 worth $97,290,000 after buying an additional 324,304 shares during the period. Cooke & Bieler LP raised its holdings in Gildan Activewear by 2.7% in the second quarter. Cooke & Bieler LP now owns 10,252,785 shares of the textile maker’s stock valued at $388,786,000 after acquiring an additional 271,273 shares in the last quarter. Finally, Toronto Dominion Bank lifted its stake in Gildan Activewear by 332.7% in the second quarter. Toronto Dominion Bank now owns 344,666 shares of the textile maker’s stock worth $13,070,000 after acquiring an additional 265,020 shares during the last quarter. Hedge funds and other institutional investors own 82.83% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on GIL. CIBC increased their price objective on shares of Gildan Activewear from $48.00 to $56.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. TD Securities raised their price target on Gildan Activewear from $58.00 to $60.00 and gave the company a “buy” rating in a research note on Monday, December 2nd. Citigroup lifted their price target on Gildan Activewear from $54.00 to $59.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Canaccord Genuity Group increased their price objective on Gildan Activewear from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday, November 1st. Finally, Stifel Nicolaus boosted their target price on Gildan Activewear from $54.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Gildan Activewear currently has a consensus rating of “Moderate Buy” and an average price target of $51.05.

Gildan Activewear Trading Down 3.0 %

NYSE:GIL opened at $47.02 on Thursday. The company has a market capitalization of $7.19 billion, a PE ratio of 18.59, a P/E/G ratio of 1.82 and a beta of 1.40. Gildan Activewear Inc. has a 52-week low of $30.68 and a 52-week high of $50.60. The stock’s 50 day moving average price is $48.60 and its 200 day moving average price is $44.10. 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 posted its quarterly earnings data on Thursday, October 31st. The textile maker reported $0.85 earnings per share for the quarter, meeting the consensus estimate of $0.85. The business 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% compared to the same quarter last year. During the same period in the prior year, the company earned $0.74 earnings per share. On average, research analysts anticipate that Gildan Activewear Inc. will post 2.97 EPS for the current year.

Gildan Activewear Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Thursday, November 21st were paid a $0.152 dividend. The ex-dividend date was Thursday, November 21st. This represents a $0.61 dividend on an annualized basis and a yield of 1.29%. Gildan Activewear’s dividend 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.