Townsquare Capital LLC Takes Position in Gildan Activewear Inc. (NYSE:GIL)

Townsquare Capital LLC acquired a new stake in Gildan Activewear Inc. (NYSE:GIL) (TSE:GIL) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 5,368 shares of the textile maker’s stock, valued at approximately $253,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of GIL. Intact Investment Management Inc. boosted its holdings in shares of Gildan Activewear by 204.8% during the second quarter. Intact Investment Management Inc. now owns 881,100 shares of the textile maker’s stock worth $33,416,000 after acquiring an additional 591,980 shares during the period. EdgePoint Investment Group Inc. boosted its holdings in shares of Gildan Activewear by 28.0% during the second quarter. EdgePoint Investment Group Inc. now owns 1,863,618 shares of the textile maker’s stock worth $70,696,000 after acquiring an additional 407,113 shares during the period. Vaughan Nelson Investment Management L.P. boosted its holdings in shares of Gildan Activewear by 31.5% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,573,695 shares of the textile maker’s stock worth $59,674,000 after acquiring an additional 377,135 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in shares of Gildan Activewear by 14.4% during the second quarter. The Manufacturers Life Insurance Company now owns 2,568,733 shares of the textile maker’s stock worth $97,290,000 after acquiring an additional 324,304 shares during the period. Finally, Cooke & Bieler LP boosted its holdings in shares of Gildan Activewear by 2.7% during the second quarter. Cooke & Bieler LP now owns 10,252,785 shares of the textile maker’s stock worth $388,786,000 after acquiring an additional 271,273 shares during the period. Institutional investors own 82.83% of the company’s stock.

Analyst Upgrades and Downgrades

GIL has been the subject of a number of research analyst reports. Stifel Nicolaus boosted their price objective on Gildan Activewear from $54.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, November 1st. BMO Capital Markets lifted their price target on shares of Gildan Activewear from $47.00 to $58.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. TD Securities lifted their price target on shares of Gildan Activewear from $58.00 to $60.00 and gave the company a “buy” rating in a research report on Monday, December 2nd. Citigroup lifted their price target on shares of Gildan Activewear from $54.00 to $59.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Finally, Canaccord Genuity Group lifted their price target on shares of Gildan Activewear from $52.00 to $53.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Three analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, Gildan Activewear presently has an average rating of “Moderate Buy” and a consensus price target of $51.05.

Gildan Activewear Stock Down 1.8 %

Shares of GIL opened at $48.25 on Friday. Gildan Activewear Inc. has a one year low of $30.68 and a one year high of $50.60. The company has a market cap of $7.43 billion, a P/E ratio of 19.07, a P/E/G ratio of 1.87 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 firm has a 50 day simple moving average of $48.39 and a two-hundred day simple moving average of $43.41.

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

Gildan Activewear Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Thursday, November 21st will be paid a dividend of $0.152 per share. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $0.61 dividend on an annualized basis and a dividend yield of 1.26%. Gildan Activewear’s payout ratio is presently 32.41%.

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.