Arrowstreet Capital Limited Partnership Acquires 723,962 Shares of Gildan Activewear Inc. (NYSE:GIL)

Arrowstreet Capital Limited Partnership increased its holdings in shares of Gildan Activewear Inc. (NYSE:GIL) (TSE:GIL) by 776.4% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 817,204 shares of the textile maker’s stock after acquiring an additional 723,962 shares during the period. Arrowstreet Capital Limited Partnership owned about 0.54% of Gildan Activewear worth $38,414,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of GIL. Norges Bank purchased a new position in Gildan Activewear in the 4th quarter worth about $97,275,000. Connor Clark & Lunn Investment Management Ltd. grew its stake in Gildan Activewear by 604.1% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,850,971 shares of the textile maker’s stock worth $86,999,000 after acquiring an additional 1,588,071 shares in the last quarter. CIBC Asset Management Inc increased its position in shares of Gildan Activewear by 545.1% during the fourth quarter. CIBC Asset Management Inc now owns 1,210,314 shares of the textile maker’s stock worth $57,403,000 after acquiring an additional 1,022,695 shares during the period. Lord Abbett & CO. LLC bought a new stake in shares of Gildan Activewear during the third quarter valued at approximately $24,262,000. Finally, Bahl & Gaynor Inc. boosted its holdings in shares of Gildan Activewear by 192.7% in the fourth quarter. Bahl & Gaynor Inc. now owns 742,149 shares of the textile maker’s stock valued at $34,918,000 after purchasing an additional 488,602 shares during the period. Hedge funds and other institutional investors own 82.83% of the company’s stock.

Wall Street Analyst Weigh In

GIL has been the topic of several research reports. TD Securities raised their price objective on Gildan Activewear from $62.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, February 20th. BMO Capital Markets lifted their price objective on Gildan Activewear from $58.00 to $64.00 and gave the company an “outperform” rating in a report on Thursday, February 20th. Citigroup increased their target price on shares of Gildan Activewear from $59.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, February 20th. UBS Group boosted their price target on shares of Gildan Activewear from $60.00 to $69.00 and gave the company a “buy” rating in a report on Thursday, February 20th. Finally, Canaccord Genuity Group increased their price objective on shares of Gildan Activewear from $53.00 to $58.00 and gave the company a “buy” rating in a research note on Thursday, February 20th. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $60.00.

Gildan Activewear Trading Up 1.1 %

NYSE GIL opened at $45.54 on Thursday. Gildan Activewear Inc. has a 52 week low of $32.23 and a 52 week high of $55.39. The company has a 50 day moving average price of $49.87 and a 200 day moving average price of $48.67. The company has a quick ratio of 0.98, a current ratio of 2.22 and a debt-to-equity ratio of 0.92. The firm has a market cap of $6.92 billion, a PE ratio of 18.22, a price-to-earnings-growth ratio of 1.76 and a beta of 1.39.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last issued its quarterly earnings results on Wednesday, February 19th. The textile maker reported $0.83 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.30). The business had revenue of $822.00 million for the quarter, compared to analyst estimates of $805.75 million. Gildan Activewear had a return on equity of 28.80% and a net margin of 12.26%. The business’s revenue for the quarter was up 5.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.75 earnings per share. As a group, sell-side analysts forecast that Gildan Activewear Inc. will post 3.48 EPS for the current fiscal year.

Gildan Activewear Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 7th. Stockholders of record on Wednesday, March 12th will be paid a dividend of $0.226 per share. This is a positive change from Gildan Activewear’s previous quarterly dividend of $0.15. The ex-dividend date is Wednesday, March 12th. This represents a $0.90 dividend on an annualized basis and a dividend yield of 1.99%. Gildan Activewear’s payout ratio is presently 36.00%.

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.