Summit Financial LLC Takes $743,000 Position in Gildan Activewear Inc. (NYSE:GIL)

Summit Financial LLC purchased a new position in Gildan Activewear Inc. (NYSE:GIL) (TSE:GIL) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 15,782 shares of the textile maker’s stock, valued at approximately $743,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of GIL. Plato Investment Management Ltd bought a new position in Gildan Activewear in the 4th quarter valued at about $28,000. Fifth Third Bancorp increased its stake in Gildan Activewear by 61.8% in the fourth quarter. Fifth Third Bancorp now owns 872 shares of the textile maker’s stock valued at $41,000 after acquiring an additional 333 shares during the last quarter. Steward Partners Investment Advisory LLC raised its position in Gildan Activewear by 500.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 894 shares of the textile maker’s stock valued at $42,000 after purchasing an additional 745 shares in the last quarter. Venturi Wealth Management LLC lifted its stake in Gildan Activewear by 899.0% during the fourth quarter. Venturi Wealth Management LLC now owns 1,009 shares of the textile maker’s stock worth $47,000 after purchasing an additional 908 shares during the last quarter. Finally, Rhumbline Advisers boosted its holdings in shares of Gildan Activewear by 561.9% in the 4th quarter. Rhumbline Advisers now owns 1,423 shares of the textile maker’s stock valued at $67,000 after purchasing an additional 1,208 shares in the last quarter. Institutional investors and hedge funds own 82.83% of the company’s stock.

Gildan Activewear Price Performance

Shares of NYSE:GIL opened at $45.54 on Thursday. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.98 and a current ratio of 2.22. Gildan Activewear Inc. has a 52 week low of $32.23 and a 52 week high of $55.39. The firm has a market cap of $6.92 billion, a PE ratio of 18.22, a price-to-earnings-growth ratio of 1.76 and a beta of 1.39. The firm’s fifty day moving average is $49.87 and its 200-day moving average is $48.67.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last announced its earnings results on Wednesday, February 19th. The textile maker reported $0.83 EPS for the quarter, missing the consensus estimate of $1.13 by ($0.30). The company had revenue of $822.00 million for the quarter, compared to analyst estimates of $805.75 million. Gildan Activewear had a return on equity of 28.80% and a net margin of 12.26%. The firm’s quarterly revenue was up 5.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.75 earnings per share. Sell-side analysts predict that Gildan Activewear Inc. will post 3.48 earnings per share for the current year.

Gildan Activewear Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 7th. Shareholders of record on Wednesday, March 12th will be issued a dividend of $0.226 per share. This is a positive change from Gildan Activewear’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Wednesday, March 12th. This represents a $0.90 annualized dividend and a yield of 1.99%. Gildan Activewear’s dividend payout ratio (DPR) is presently 36.00%.

Analyst Ratings Changes

GIL has been the subject of a number of research analyst reports. BMO Capital Markets boosted their price target on Gildan Activewear from $58.00 to $64.00 and gave the stock an “outperform” rating in a report on Thursday, February 20th. CIBC increased their target price on shares of Gildan Activewear from $56.00 to $60.00 and gave the stock an “outperform” rating in a report on Thursday, February 20th. Citigroup lifted their price target on shares of Gildan Activewear from $59.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, February 20th. UBS Group increased their price objective on shares of Gildan Activewear from $60.00 to $69.00 and gave the company a “buy” rating in a research note on Thursday, February 20th. Finally, Canaccord Genuity Group boosted their target price on shares of Gildan Activewear from $53.00 to $58.00 and gave the stock a “buy” rating in a research note on Thursday, February 20th. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat, Gildan Activewear presently has a consensus rating of “Buy” and an average target price of $60.00.

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.