Bridges Investment Management Inc. Makes New Investment in Gildan Activewear Inc. (NYSE:GIL)

Bridges Investment Management Inc. bought a new stake in shares of Gildan Activewear Inc. (NYSE:GIL) (TSE:GIL) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 37,590 shares of the textile maker’s stock, valued at approximately $1,425,000.

A number of other hedge funds have also recently made changes to their positions in GIL. Natixis purchased a new position in Gildan Activewear during the first quarter valued at $51,000. Cullen Frost Bankers Inc. purchased a new stake in Gildan Activewear during the 2nd quarter valued at about $51,000. Tobam bought a new stake in Gildan Activewear during the 2nd quarter valued at about $53,000. EverSource Wealth Advisors LLC raised its holdings in Gildan Activewear by 16.9% in the first quarter. EverSource Wealth Advisors LLC now owns 1,893 shares of the textile maker’s stock worth $66,000 after buying an additional 274 shares during the last quarter. Finally, UniSuper Management Pty Ltd lifted its stake in shares of Gildan Activewear by 69.2% in the first quarter. UniSuper Management Pty Ltd now owns 2,200 shares of the textile maker’s stock worth $82,000 after buying an additional 900 shares in the last quarter. 82.83% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

GIL has been the subject of several analyst reports. Royal Bank of Canada raised their price target 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 boosted their price target on Gildan Activewear from $43.00 to $47.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Finally, Stifel Nicolaus raised Gildan Activewear from a “hold” rating to a “buy” rating and increased their price objective for the company from $39.00 to $51.00 in a research report on Friday, August 2nd. Four investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $44.50.

Gildan Activewear Stock Performance

Shares of NYSE GIL opened at $45.70 on Friday. The company has a current ratio of 2.35, a quick ratio of 0.97 and a debt-to-equity ratio of 0.55. Gildan Activewear Inc. has a 12-month low of $26.99 and a 12-month high of $46.68. The firm has a market capitalization of $7.57 billion, a price-to-earnings ratio of 15.44, a price-to-earnings-growth ratio of 1.71 and a beta of 1.43. The firm has a 50 day moving average of $42.42 and a 200 day moving average of $38.47.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last posted its quarterly earnings data on Thursday, August 1st. The textile maker reported $0.74 EPS for the quarter, topping the consensus estimate of $0.71 by $0.03. The firm had revenue of $862.20 million during the quarter, compared to analyst estimates of $851.10 million. Gildan Activewear had a return on equity of 24.96% and a net margin of 13.01%. Gildan Activewear’s revenue was up 2.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.63 EPS. On average, research analysts anticipate that Gildan Activewear Inc. will post 2.92 earnings per share for the current year.

Gildan Activewear Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Thursday, August 22nd were paid a dividend of $0.205 per share. The ex-dividend date of this dividend was Thursday, August 22nd. This represents a $0.82 dividend on an annualized basis and a dividend yield of 1.79%. Gildan Activewear’s dividend payout ratio (DPR) is presently 27.70%.

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.