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

Synovus Financial Corp raised its holdings in Gildan Activewear Inc. (NYSE:GIL) (TSE:GIL) by 76.1% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm 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 as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in the stock. Riverview Trust Co purchased a new position in shares of Gildan Activewear in the 3rd quarter valued at about $29,000. Blue Trust Inc. increased its holdings in Gildan Activewear by 96.1% in the third quarter. Blue Trust Inc. now owns 810 shares of the textile maker’s stock valued at $38,000 after buying an additional 397 shares in the last quarter. Cullen Frost Bankers Inc. acquired a new stake in shares of Gildan Activewear during the 2nd quarter valued at approximately $51,000. Tobam purchased a new stake in shares of Gildan Activewear during the 2nd quarter worth approximately $53,000. Finally, CWM LLC grew its holdings 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 period. 82.83% of the stock is currently owned by hedge funds and other institutional investors.

Gildan Activewear Trading Down 0.0 %

Shares of GIL opened at $48.82 on Monday. Gildan Activewear Inc. has a fifty-two week low of $30.68 and a fifty-two week high of $50.60. The company has a market capitalization of $7.46 billion, a PE ratio of 19.30, a price-to-earnings-growth ratio of 1.82 and a beta of 1.40. The stock has a fifty day moving average of $48.55 and a two-hundred day moving average of $43.87. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.98 and a current ratio of 2.31.

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

Gildan Activewear Cuts Dividend

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

Analyst Upgrades and Downgrades

A number of brokerages recently commented on GIL. Canaccord Genuity Group increased 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. CIBC raised their price objective on shares of Gildan Activewear from $48.00 to $56.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Stifel Nicolaus upped their target price on Gildan Activewear from $54.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Citigroup increased their target price on Gildan Activewear from $54.00 to $59.00 and gave the company a “buy” rating in a report on Friday, November 1st. Finally, TD Securities boosted their price target on Gildan Activewear from $58.00 to $60.00 and gave the stock a “buy” rating in a report on Monday, December 2nd. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average 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.