515,000 Shares in Gildan Activewear Inc. (NYSE:GIL) Purchased by Lord Abbett & CO. LLC

Lord Abbett & CO. LLC acquired a new stake in shares of Gildan Activewear Inc. (NYSE:GIL) (TSE:GIL) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 515,000 shares of the textile maker’s stock, valued at approximately $24,262,000.

Other hedge funds also recently bought and sold shares of the company. Riverview Trust Co acquired a new position in shares of Gildan Activewear during the 3rd quarter worth approximately $29,000. Blue Trust Inc. boosted its stake in Gildan Activewear by 96.1% during the third quarter. Blue Trust Inc. now owns 810 shares of the textile maker’s stock worth $38,000 after buying an additional 397 shares during the last quarter. Cullen Frost Bankers Inc. purchased a new stake in Gildan Activewear in the 2nd quarter valued at $51,000. Tobam purchased a new stake in Gildan Activewear in the 2nd quarter valued at $53,000. Finally, CWM LLC increased its stake in shares of Gildan Activewear by 23.0% in the 3rd quarter. CWM LLC now owns 1,698 shares of the textile maker’s stock worth $80,000 after acquiring an additional 318 shares during the last quarter. Institutional investors and hedge funds own 82.83% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on GIL. TD Securities boosted 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. CIBC increased their price target on shares of Gildan Activewear from $48.00 to $56.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. BMO Capital Markets raised their price target on shares of Gildan Activewear from $47.00 to $58.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Citigroup upped their price objective on Gildan Activewear from $54.00 to $59.00 and gave the company a “buy” rating in a report on Friday, November 1st. Finally, Stifel Nicolaus raised their target price on Gildan Activewear from $54.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $51.05.

Gildan Activewear Trading Down 0.0 %

GIL opened at $48.82 on Monday. Gildan Activewear Inc. has a 52 week low of $30.68 and a 52 week high of $50.60. The company has a quick ratio of 0.98, a current ratio of 2.31 and a debt-to-equity ratio of 0.81. The business has a fifty day simple moving average of $48.55 and a 200-day simple moving average of $43.87. The firm has a market cap of $7.46 billion, a P/E ratio of 19.30, a P/E/G ratio of 1.82 and a beta of 1.40.

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

Gildan Activewear Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Thursday, November 21st will be issued a $0.152 dividend. This represents a $0.61 dividend on an annualized basis and a dividend yield of 1.25%. The ex-dividend date is Thursday, November 21st. Gildan Activewear’s dividend payout ratio (DPR) is currently 32.41%.

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.