Cardinal Capital Management Inc. Acquires 440,770 Shares of Gildan Activewear, Inc. $GIL

Cardinal Capital Management Inc. boosted its holdings in Gildan Activewear, Inc. (NYSE:GIL) (TSE:GIL) by 17.0% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 3,026,915 shares of the textile maker’s stock after buying an additional 440,770 shares during the period. Gildan Activewear accounts for approximately 3.8% of Cardinal Capital Management Inc.’s holdings, making the stock its 9th largest holding. Cardinal Capital Management Inc.’s holdings in Gildan Activewear were worth $155,749,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in GIL. Islay Capital Management LLC purchased a new stake in shares of Gildan Activewear during the 4th quarter worth about $25,000. Webster Bank N. A. acquired a new position in Gildan Activewear during the fourth quarter valued at approximately $25,000. Larson Financial Group LLC grew its stake in Gildan Activewear by 3,516.7% during the fourth quarter. Larson Financial Group LLC now owns 434 shares of the textile maker’s stock worth $27,000 after buying an additional 422 shares during the period. Caitong International Asset Management Co. Ltd increased its position in shares of Gildan Activewear by 14,833.3% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 448 shares of the textile maker’s stock worth $28,000 after acquiring an additional 445 shares in the last quarter. Finally, Brown Brothers Harriman & Co. raised its stake in shares of Gildan Activewear by 867.9% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 513 shares of the textile maker’s stock valued at $30,000 after acquiring an additional 460 shares during the period. Hedge funds and other institutional investors own 82.83% of the company’s stock.

Gildan Activewear Stock Performance

NYSE:GIL opened at $58.55 on Wednesday. The firm has a 50-day moving average of $54.12 and a two-hundred day moving average of $59.13. The company has a debt-to-equity ratio of 1.15, a current ratio of 1.93 and a quick ratio of 1.01. The stock has a market cap of $10.84 billion, a P/E ratio of 112.59 and a beta of 1.11. Gildan Activewear, Inc. has a 1-year low of $46.00 and a 1-year high of $73.69.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last announced its earnings results on Thursday, July 30th. The textile maker reported $1.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.11 by $0.17. Gildan Activewear had a return on equity of 21.03% and a net margin of 1.28%.The business had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.61 billion. During the same period in the previous year, the company earned $0.97 earnings per share. The company’s revenue for the quarter was up 72.3% compared to the same quarter last year. On average, research analysts expect that Gildan Activewear, Inc. will post 4.67 earnings per share for the current fiscal year.

Gildan Activewear Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 14th. Shareholders of record on Thursday, August 20th will be issued a dividend of $0.249 per share. The ex-dividend date is Thursday, August 20th. This represents a $1.00 annualized dividend and a yield of 1.7%. Gildan Activewear’s payout ratio is currently 192.31%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on GIL shares. Citigroup reaffirmed a “neutral” rating on shares of Gildan Activewear in a research report on Tuesday, August 4th. Canadian Imperial Bank of Commerce reissued an “outperform” rating and issued a $77.00 price objective on shares of Gildan Activewear in a research report on Friday, May 1st. Scotiabank restated a “sector outperform” rating and set a $67.00 price objective (up from $65.00) on shares of Gildan Activewear in a research note on Friday, July 31st. Stifel Nicolaus set a $83.00 target price on Gildan Activewear and gave the stock a “buy” rating in a research report on Friday, July 31st. Finally, Scotia increased their target price on Gildan Activewear from $65.00 to $67.00 and gave the company a “sector outperform” rating in a research note on Friday, July 31st. Thirteen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, Gildan Activewear currently has a consensus rating of “Moderate Buy” and an average price target of $79.07.

Gildan Activewear Profile

Gildan Activewear Inc (NYSE:GIL) is a vertically integrated manufacturer and wholesaler of branded basic apparel, including activewear, socks, hosiery and underwear. Headquartered in Montreal, Quebec, the company produces a wide range of products such as T-shirts, fleece garments, sport shirts, performance wear, and shapewear under its Gildan, Anvil, Comfort Colors, Gold Toe, Peds and Silks brands. Leveraging its in-house knitting, dyeing, cut-and-sew and finishing operations, Gildan supplies blank apparel to screen printers, promotional product distributors and major retailers around the world.

Since its founding in 1984 by Glenn J.