Synovus Financial Corp Sells 20,077 Shares of Gildan Activewear Inc. (NYSE:GIL)

Synovus Financial Corp cut its stake in shares of Gildan Activewear Inc. (NYSE:GIL) (TSE:GIL) by 49.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 20,721 shares of the textile maker’s stock after selling 20,077 shares during the quarter. Synovus Financial Corp’s holdings in Gildan Activewear were worth $975,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Forge First Asset Management Inc. lifted its holdings in Gildan Activewear by 108.0% during the 4th quarter. Forge First Asset Management Inc. now owns 46,600 shares of the textile maker’s stock valued at $2,191,000 after purchasing an additional 24,200 shares during the last quarter. CIBC Asset Management Inc raised its stake in shares of Gildan Activewear by 545.1% in the fourth quarter. CIBC Asset Management Inc now owns 1,210,314 shares of the textile maker’s stock valued at $57,403,000 after acquiring an additional 1,022,695 shares during the last quarter. Truist Financial Corp grew its position in Gildan Activewear by 76.8% during the 4th quarter. Truist Financial Corp now owns 19,401 shares of the textile maker’s stock worth $913,000 after acquiring an additional 8,430 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Gildan Activewear by 80.9% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 245,926 shares of the textile maker’s stock valued at $11,568,000 after purchasing an additional 109,993 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its position in Gildan Activewear by 776.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 817,204 shares of the textile maker’s stock valued at $38,414,000 after purchasing an additional 723,962 shares during the last quarter. Institutional investors and hedge funds own 82.83% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on GIL shares. Canaccord Genuity Group raised their target price on Gildan Activewear from $53.00 to $58.00 and gave the company a “buy” rating in a research note on Thursday, February 20th. Citigroup boosted their target price on shares of Gildan Activewear from $59.00 to $62.00 and gave the stock a “buy” rating in a research note on Thursday, February 20th. CIBC increased their price target on shares of Gildan Activewear from $56.00 to $60.00 and gave the company an “outperform” rating in a research note on Thursday, February 20th. UBS Group boosted their price objective on shares of Gildan Activewear from $60.00 to $69.00 and gave the stock a “buy” rating in a research report on Thursday, February 20th. Finally, TD Securities increased their price objective on Gildan Activewear from $62.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, February 20th. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Gildan Activewear currently has an average rating of “Buy” and an average target price of $60.00.

Gildan Activewear Price Performance

NYSE GIL opened at $40.72 on Thursday. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.98 and a current ratio of 2.22. Gildan Activewear Inc. has a 52-week low of $32.23 and a 52-week high of $55.39. The business has a 50 day simple moving average of $47.15 and a 200 day simple moving average of $48.13. The stock has a market cap of $6.17 billion, a price-to-earnings ratio of 16.29, a PEG ratio of 1.76 and a beta of 1.16.

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

Gildan Activewear Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 7th. Stockholders of record on Wednesday, March 12th were given a dividend of $0.226 per share. This is a boost from Gildan Activewear’s previous quarterly dividend of $0.15. This represents a $0.90 annualized dividend and a dividend yield of 2.22%. The ex-dividend date of this dividend was Wednesday, March 12th. Gildan Activewear’s dividend payout ratio is currently 36.00%.

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.