DRW Securities LLC Makes New $1.66 Million Investment in Gildan Activewear Inc. (NYSE:GIL)

DRW Securities LLC bought a new position in shares of Gildan Activewear Inc. (NYSE:GIL) (TSE:GIL) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 35,300 shares of the textile maker’s stock, valued at approximately $1,663,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in GIL. Intact Investment Management Inc. raised its position in shares of Gildan Activewear by 204.8% during the second quarter. Intact Investment Management Inc. now owns 881,100 shares of the textile maker’s stock worth $33,416,000 after purchasing an additional 591,980 shares during the period. EdgePoint Investment Group Inc. raised its position in shares of Gildan Activewear by 28.0% during the second quarter. EdgePoint Investment Group Inc. now owns 1,863,618 shares of the textile maker’s stock worth $70,696,000 after purchasing an additional 407,113 shares during the period. Vaughan Nelson Investment Management L.P. raised its position in shares of Gildan Activewear by 31.5% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,573,695 shares of the textile maker’s stock worth $59,674,000 after purchasing an additional 377,135 shares during the period. The Manufacturers Life Insurance Company raised its position in shares of Gildan Activewear by 14.4% during the second quarter. The Manufacturers Life Insurance Company now owns 2,568,733 shares of the textile maker’s stock worth $97,290,000 after purchasing an additional 324,304 shares during the period. Finally, Cooke & Bieler LP raised its position in Gildan Activewear by 2.7% in the 2nd quarter. Cooke & Bieler LP now owns 10,252,785 shares of the textile maker’s stock valued at $388,786,000 after buying an additional 271,273 shares during the last quarter. Institutional investors own 82.83% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Stifel Nicolaus lifted their target price on Gildan Activewear from $54.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, November 1st. CIBC boosted their price target on Gildan Activewear from $48.00 to $56.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. BMO Capital Markets boosted their price target on Gildan Activewear from $47.00 to $58.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. TD Securities boosted their price target on Gildan Activewear from $56.00 to $58.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Finally, Royal Bank of Canada boosted their price target on Gildan Activewear from $41.00 to $44.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Three equities research 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 presently has a consensus rating of “Moderate Buy” and an average price target of $50.85.

Gildan Activewear Stock Performance

Shares of NYSE GIL opened at $50.01 on Tuesday. 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 12 month low of $30.68 and a 12 month high of $50.58. The stock has a 50 day moving average of $47.86 and a 200-day moving average of $42.60. The company has a market capitalization of $7.70 billion, a P/E ratio of 19.77, a P/E/G ratio of 1.86 and a beta of 1.44.

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

Gildan Activewear Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Thursday, November 21st will be paid a $0.152 dividend. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $0.61 annualized dividend and a yield of 1.22%. Gildan Activewear’s dividend payout ratio (DPR) is presently 32.41%.

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.