JCIC Asset Management Inc. Acquires New Position in Gildan Activewear Inc. (NYSE:GIL)

JCIC Asset Management Inc. bought a new position in shares of Gildan Activewear Inc. (NYSE:GIL) (TSE:GIL) during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor bought 81,925 shares of the textile maker’s stock, valued at approximately $3,853,000. Gildan Activewear accounts for about 1.6% of JCIC Asset Management Inc.’s holdings, making the stock its 22nd largest position.

A number of other hedge funds also recently added to or reduced their stakes in GIL. Fortis Group Advisors LLC grew its stake in shares of Gildan Activewear by 3.9% in the third quarter. Fortis Group Advisors LLC now owns 6,601 shares of the textile maker’s stock worth $311,000 after acquiring an additional 246 shares in the last quarter. Aristides Capital LLC grew its stake in Gildan Activewear by 4.3% during the 2nd quarter. Aristides Capital LLC now owns 7,617 shares of the textile maker’s stock worth $289,000 after purchasing an additional 314 shares in the last quarter. CWM LLC increased its holdings in Gildan Activewear by 23.0% during the 3rd quarter. CWM LLC now owns 1,698 shares of the textile maker’s stock worth $80,000 after purchasing an additional 318 shares during the period. Cooper Financial Group raised its position in Gildan Activewear by 2.1% in the 4th quarter. Cooper Financial Group now owns 16,268 shares of the textile maker’s stock valued at $765,000 after purchasing an additional 340 shares in the last quarter. Finally, Blue Trust Inc. boosted its stake in shares of Gildan Activewear by 96.1% in the 3rd quarter. Blue Trust Inc. now owns 810 shares of the textile maker’s stock valued at $38,000 after buying an additional 397 shares during the period. 82.83% of the stock is currently owned by institutional investors and hedge funds.

Gildan Activewear Stock Performance

Shares of Gildan Activewear stock traded down $0.26 on Monday, hitting $48.04. The stock had a trading volume of 511,794 shares, compared to its average volume of 471,113. The company’s 50 day moving average price is $48.30 and its 200 day moving average price is $45.22. The stock has a market cap of $7.35 billion, a price-to-earnings ratio of 18.99, a P/E/G ratio of 1.82 and a beta of 1.41. The company has a current ratio of 2.31, a quick ratio of 0.98 and a debt-to-equity ratio of 0.81. Gildan Activewear Inc. has a 52-week low of $30.68 and a 52-week high of $50.60.

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

Gildan Activewear Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Thursday, November 21st were issued a $0.152 dividend. The ex-dividend date of this dividend was Thursday, November 21st. This represents a $0.61 dividend on an annualized basis and a dividend yield of 1.27%. Gildan Activewear’s payout ratio is 32.41%.

Analyst Ratings Changes

GIL has been the topic of a number of recent research reports. UBS Group upgraded shares of Gildan Activewear from a “neutral” rating to a “buy” rating and upped their target price for the stock from $50.00 to $60.00 in a research note on Friday. TD Securities increased their price objective 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. Stifel Nicolaus lifted their price objective 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. Canaccord Genuity Group increased their target price on Gildan Activewear from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday, November 1st. Finally, CIBC lifted 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. Ten equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $53.35.

Gildan Activewear Company 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.