Gildan Activewear Inc. (NYSE:GIL) Shares Purchased by Synovus Financial Corp

Synovus Financial Corp grew its position in shares of Gildan Activewear Inc. (NYSE:GIL) (TSE:GIL) by 76.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 40,798 shares of the textile maker’s stock after acquiring an additional 17,634 shares during the quarter. Synovus Financial Corp’s holdings in Gildan Activewear were worth $1,922,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Riverview Trust Co purchased a new stake in shares of Gildan Activewear during the 3rd quarter worth about $29,000. Blue Trust Inc. grew 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 period. Cullen Frost Bankers Inc. purchased a new stake in Gildan Activewear during the second quarter worth approximately $51,000. Tobam acquired a new stake in shares of Gildan Activewear in the second quarter worth $53,000. Finally, CWM LLC raised 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 valued at $80,000 after acquiring an additional 318 shares during the period. 82.83% of the stock is currently owned by hedge funds and other institutional investors.

Gildan Activewear Price Performance

GIL stock opened at $48.82 on Monday. The stock’s 50 day moving average is $48.55 and its two-hundred day moving average is $43.87. Gildan Activewear Inc. has a 52-week low of $30.68 and a 52-week high of $50.60. The company has a market capitalization of $7.46 billion, a PE ratio of 19.30, a P/E/G ratio of 1.82 and a beta of 1.40. The company has a quick ratio of 0.98, a current ratio of 2.31 and a debt-to-equity ratio of 0.81.

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

Gildan Activewear Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Thursday, November 21st will be given a dividend of $0.152 per share. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $0.61 annualized dividend and a dividend yield of 1.25%. Gildan Activewear’s payout ratio is 32.41%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Stifel Nicolaus upped their price target on shares of Gildan Activewear from $54.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. TD Securities upped their target price on Gildan Activewear from $58.00 to $60.00 and gave the stock a “buy” rating in a research report on Monday, December 2nd. BMO Capital Markets raised their target price on Gildan Activewear from $47.00 to $58.00 and gave the company an “outperform” rating in a report on Friday, November 1st. CIBC upped their price target on Gildan Activewear from $48.00 to $56.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Finally, Canaccord Genuity Group lifted their price objective on shares of Gildan Activewear from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.05.

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.