Allspring Global Investments Holdings LLC Acquires 21,675 Shares of Gildan Activewear Inc. (NYSE:GIL)

Allspring Global Investments Holdings LLC increased its holdings in shares of Gildan Activewear Inc. (NYSE:GIL) (TSE:GIL) by 18.6% during the 4th quarter, Holdings Channel reports. The institutional investor owned 138,429 shares of the textile maker’s stock after acquiring an additional 21,675 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Gildan Activewear were worth $4,576,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Vaughan Nelson Investment Management L.P. bought a new position in shares of Gildan Activewear during the fourth quarter worth about $34,456,000. Vanguard Group Inc. raised its holdings in Gildan Activewear by 1.6% during the 3rd quarter. Vanguard Group Inc. now owns 6,401,045 shares of the textile maker’s stock worth $179,293,000 after purchasing an additional 97,924 shares during the last quarter. Galibier Capital Management Ltd. bought a new position in Gildan Activewear during the 3rd quarter worth approximately $26,255,000. Intact Investment Management Inc. lifted its position in shares of Gildan Activewear by 39.3% in the 3rd quarter. Intact Investment Management Inc. now owns 100,300 shares of the textile maker’s stock worth $2,811,000 after purchasing an additional 28,300 shares during the period. Finally, Toronto Dominion Bank boosted its stake in shares of Gildan Activewear by 5.0% in the 3rd quarter. Toronto Dominion Bank now owns 1,299,017 shares of the textile maker’s stock valued at $36,385,000 after purchasing an additional 61,861 shares during the last quarter. 82.83% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on GIL shares. CIBC lifted their target price on shares of Gildan Activewear from $38.00 to $41.00 and gave the stock an “outperform” rating in a research note on Thursday, February 22nd. Royal Bank of Canada reissued an “outperform” rating and issued a $41.00 price objective on shares of Gildan Activewear in a research note on Monday, April 8th. Stifel Nicolaus raised their target price on Gildan Activewear from $34.00 to $36.00 and gave the stock a “hold” rating in a research note on Thursday, February 22nd. UBS Group lowered Gildan Activewear from a “buy” rating to a “neutral” rating and dropped their price target for the company from $40.00 to $37.00 in a research note on Friday, January 5th. Finally, Citigroup raised their price objective on shares of Gildan Activewear from $40.00 to $44.00 and gave the stock a “buy” rating in a research report on Friday, February 23rd. Five research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $41.25.

Gildan Activewear Trading Up 0.2 %

NYSE GIL opened at $35.21 on Friday. The company has a quick ratio of 0.83, a current ratio of 2.33 and a debt-to-equity ratio of 0.39. Gildan Activewear Inc. has a 52 week low of $26.98 and a 52 week high of $38.87. The business has a 50 day moving average price of $35.48 and a 200-day moving average price of $33.57. The company has a market cap of $5.93 billion, a price-to-earnings ratio of 11.62, a P/E/G ratio of 1.33 and a beta of 1.38.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last posted its quarterly earnings results on Wednesday, February 21st. The textile maker reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.03. Gildan Activewear had a net margin of 16.70% and a return on equity of 23.19%. The business had revenue of $782.70 million during the quarter, compared to the consensus estimate of $753.35 million. During the same quarter last year, the firm posted $0.65 EPS. Gildan Activewear’s revenue was up 8.7% compared to the same quarter last year. As a group, equities analysts expect that Gildan Activewear Inc. will post 2.94 earnings per share for the current fiscal year.

Gildan Activewear Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 8th. Investors of record on Wednesday, March 13th were issued a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a dividend yield of 2.33%. The ex-dividend date was Tuesday, March 12th. This is a positive change from Gildan Activewear’s previous quarterly dividend of $0.19. Gildan Activewear’s dividend payout ratio is currently 27.06%.

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.