Geode Capital Management LLC Purchases 41,735 Shares of Gildan Activewear Inc. (NYSE:GIL)

Geode Capital Management LLC lifted its position in Gildan Activewear Inc. (NYSE:GIL) (TSE:GIL) by 7.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 637,407 shares of the textile maker’s stock after acquiring an additional 41,735 shares during the quarter. Geode Capital Management LLC owned 0.41% of Gildan Activewear worth $29,708,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. M&T Bank Corp raised its holdings in shares of Gildan Activewear by 24.3% in the third quarter. M&T Bank Corp now owns 8,089 shares of the textile maker’s stock worth $381,000 after buying an additional 1,582 shares during the period. Public Employees Retirement System of Ohio bought a new position in Gildan Activewear in the 3rd quarter valued at $591,000. Wellington Management Group LLP increased its stake in Gildan Activewear by 42.4% in the third quarter. Wellington Management Group LLP now owns 29,724 shares of the textile maker’s stock worth $1,401,000 after purchasing an additional 8,855 shares during the period. Stifel Financial Corp lifted its position in shares of Gildan Activewear by 7.2% during the third quarter. Stifel Financial Corp now owns 92,054 shares of the textile maker’s stock worth $4,337,000 after purchasing an additional 6,205 shares during the last quarter. Finally, Quantinno Capital Management LP boosted its stake in shares of Gildan Activewear by 8.4% during the third quarter. Quantinno Capital Management LP now owns 52,716 shares of the textile maker’s stock valued at $2,483,000 after purchasing an additional 4,069 shares during the period. Institutional investors own 82.83% of the company’s stock.

Gildan Activewear Price Performance

GIL opened at $47.22 on Friday. The firm has a market capitalization of $7.22 billion, a PE ratio of 18.66, a price-to-earnings-growth ratio of 1.82 and a beta of 1.40. The company has a debt-to-equity ratio of 0.81, a current ratio of 2.31 and a quick ratio of 0.98. The business’s 50-day moving average is $48.54 and its two-hundred day moving average is $44.41. Gildan Activewear Inc. has a 1 year low of $30.68 and a 1 year high of $50.60.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last issued its quarterly earnings data on Thursday, October 31st. The textile maker reported $0.85 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.85. Gildan Activewear had a net margin of 13.06% and a return on equity of 26.88%. The firm had revenue of $891.10 million for the quarter, compared to the consensus estimate of $882.85 million. During the same quarter in the previous year, the firm earned $0.74 EPS. The company’s quarterly revenue was up 2.4% compared to the same quarter last year. Research analysts anticipate that Gildan Activewear Inc. will post 2.97 earnings per share for the current fiscal year.

Gildan Activewear Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Thursday, November 21st were given a $0.152 dividend. The ex-dividend date was Thursday, November 21st. This represents a $0.61 dividend on an annualized basis and a dividend yield of 1.29%. Gildan Activewear’s payout ratio is 32.41%.

Analyst Upgrades and Downgrades

Several research firms recently commented on GIL. CIBC raised their price target on shares of Gildan Activewear from $48.00 to $56.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Citigroup raised their target price on shares of Gildan Activewear from $54.00 to $59.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. TD Securities increased their price objective on Gildan Activewear from $58.00 to $60.00 and gave the stock a “buy” rating in a research note on Monday, December 2nd. Canaccord Genuity Group raised their price objective on Gildan Activewear from $52.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Finally, Stifel Nicolaus upped their target price on Gildan Activewear from $54.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, November 1st. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, Gildan Activewear has a consensus rating of “Moderate Buy” and an average price target of $51.05.

Gildan Activewear 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.