Simcoe Capital Management LLC Has $112.49 Million Holdings in Gildan Activewear Inc. (NYSE:GIL)

Simcoe Capital Management LLC lifted its holdings in Gildan Activewear Inc. (NYSE:GIL) (TSE:GIL) by 10.5% in the third quarter, HoldingsChannel reports. The firm owned 2,387,865 shares of the textile maker’s stock after purchasing an additional 226,695 shares during the quarter. Gildan Activewear accounts for 14.8% of Simcoe Capital Management LLC’s portfolio, making the stock its 2nd largest position. Simcoe Capital Management LLC’s holdings in Gildan Activewear were worth $112,492,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Intact Investment Management Inc. grew its position in Gildan Activewear by 204.8% in the second quarter. Intact Investment Management Inc. now owns 881,100 shares of the textile maker’s stock worth $33,416,000 after acquiring an additional 591,980 shares in the last quarter. EdgePoint Investment Group Inc. lifted its stake in shares of Gildan Activewear by 28.0% in the 2nd quarter. EdgePoint Investment Group Inc. now owns 1,863,618 shares of the textile maker’s stock valued at $70,696,000 after purchasing an additional 407,113 shares during the last quarter. Vaughan Nelson Investment Management L.P. boosted its holdings in shares of Gildan Activewear by 31.5% in the 2nd 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 increased its position in shares of Gildan Activewear by 14.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,568,733 shares of the textile maker’s stock valued at $97,290,000 after purchasing an additional 324,304 shares during the last quarter. Finally, Cooke & Bieler LP raised its holdings in Gildan Activewear by 2.7% during 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 period. Institutional investors own 82.83% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on GIL. CIBC lifted 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 lifted their price target on shares of Gildan Activewear from $54.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. Canaccord Genuity Group increased their price objective on shares of Gildan Activewear from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Citigroup boosted their target price on Gildan Activewear from $54.00 to $59.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Finally, BMO Capital Markets upped their target price on Gildan Activewear from $47.00 to $58.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Three research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $50.85.

Gildan Activewear Stock Up 0.1 %

Shares of NYSE:GIL opened at $49.62 on Monday. The business’s 50 day moving average is $48.15 and its 200 day moving average is $43.03. The stock has a market cap of $7.64 billion, a P/E ratio of 19.61, a price-to-earnings-growth ratio of 1.85 and a beta of 1.44. Gildan Activewear Inc. has a 52-week low of $30.68 and a 52-week high of $50.58. The company has a quick ratio of 0.98, a current ratio of 2.31 and a debt-to-equity ratio of 0.81.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last posted its quarterly earnings results on Thursday, October 31st. The textile maker reported $0.85 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.85. The business had revenue of $891.10 million for 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 business’s revenue was up 2.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.74 EPS. Sell-side analysts predict that Gildan Activewear Inc. will post 2.97 EPS for the current year.

Gildan Activewear Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders 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 1.23%. Gildan Activewear’s payout ratio is presently 32.41%.

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.