Cornerstone Investment Partners LLC Sells 2,160 Shares of Gildan Activewear Inc. (NYSE:GIL)

Cornerstone Investment Partners LLC lessened its stake in Gildan Activewear Inc. (NYSE:GIL) (TSE:GIL) by 17.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,365 shares of the textile maker’s stock after selling 2,160 shares during the period. Cornerstone Investment Partners LLC’s holdings in Gildan Activewear were worth $343,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the stock. Pzena Investment Management LLC raised its position in Gildan Activewear by 1.6% in the 3rd quarter. Pzena Investment Management LLC now owns 10,996,538 shares of the textile maker’s stock worth $308,013,000 after purchasing an additional 168,601 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Gildan Activewear by 1.6% during the 3rd quarter. Vanguard Group Inc. now owns 6,401,045 shares of the textile maker’s stock valued at $179,293,000 after acquiring an additional 97,924 shares during the last quarter. Browning West LP raised its position in shares of Gildan Activewear by 7.1% during the 1st quarter. Browning West LP now owns 6,395,548 shares of the textile maker’s stock valued at $212,268,000 after acquiring an additional 425,000 shares during the last quarter. Guardian Capital LP raised its position in shares of Gildan Activewear by 3.2% during the 3rd quarter. Guardian Capital LP now owns 2,739,070 shares of the textile maker’s stock valued at $77,128,000 after acquiring an additional 84,744 shares during the last quarter. Finally, Mackenzie Financial Corp raised its position in shares of Gildan Activewear by 1.1% during the 4th quarter. Mackenzie Financial Corp now owns 2,712,021 shares of the textile maker’s stock valued at $89,732,000 after acquiring an additional 29,193 shares during the last quarter. Institutional investors own 82.83% of the company’s stock.

Gildan Activewear Stock Up 0.7 %

NYSE GIL traded up $0.23 on Friday, reaching $35.35. The company had a trading volume of 274,674 shares, compared to its average volume of 834,986. The firm has a market capitalization of $5.96 billion, a price-to-earnings ratio of 11.63, a price-to-earnings-growth ratio of 1.33 and a beta of 1.38. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.83 and a current ratio of 2.33. Gildan Activewear Inc. has a 1-year low of $26.98 and a 1-year high of $38.87. The company’s fifty day moving average is $35.46 and its 200-day moving average is $33.51.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last announced its earnings results on Wednesday, February 21st. The textile maker reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.72 by $0.03. The firm had revenue of $782.70 million during the quarter, compared to analyst estimates of $753.35 million. Gildan Activewear had a net margin of 16.70% and a return on equity of 23.19%. The company’s revenue for the quarter was up 8.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.65 EPS. On average, research analysts forecast that Gildan Activewear Inc. will post 2.94 earnings per share for the current fiscal year.

Gildan Activewear Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 8th. Stockholders of record on Wednesday, March 13th were issued a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a dividend yield of 2.32%. This is a boost from Gildan Activewear’s previous quarterly dividend of $0.19. The ex-dividend date was Tuesday, March 12th. Gildan Activewear’s dividend payout ratio is presently 27.06%.

Wall Street Analysts Forecast Growth

Several analysts have commented on GIL shares. Citigroup upped their target price on shares of Gildan Activewear from $40.00 to $44.00 and gave the company a “buy” rating in a research report on Friday, February 23rd. UBS Group lowered shares of Gildan Activewear from a “buy” rating to a “neutral” rating and decreased their price target for the company from $40.00 to $37.00 in a report on Friday, January 5th. Scotiabank boosted their price target on shares of Gildan Activewear from $39.50 to $40.50 and gave the company a “sector outperform” rating in a report on Friday, February 9th. Royal Bank of Canada reissued an “outperform” rating and issued a $41.00 price target on shares of Gildan Activewear in a report on Monday, April 8th. Finally, TD Securities boosted their price target on shares of Gildan Activewear from $42.00 to $46.00 and gave the company a “buy” rating in a report on Wednesday, March 20th. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Gildan Activewear currently has an average rating of “Moderate Buy” and a consensus target price of $41.25.

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.