Bank of Nova Scotia Buys 65,090 Shares of Gildan Activewear, Inc. $GIL

Bank of Nova Scotia lifted its stake in shares of Gildan Activewear, Inc. (NYSE:GIL) (TSE:GIL) by 14.0% in the second quarter, HoldingsChannel reports. The fund owned 528,681 shares of the textile maker’s stock after acquiring an additional 65,090 shares during the period. Bank of Nova Scotia’s holdings in Gildan Activewear were worth $26,043,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in GIL. Amundi lifted its holdings in Gildan Activewear by 74.2% during the second quarter. Amundi now owns 220,093 shares of the textile maker’s stock valued at $11,038,000 after purchasing an additional 93,717 shares in the last quarter. Marshall Wace LLP bought a new stake in shares of Gildan Activewear during the 2nd quarter valued at $24,591,000. Baird Financial Group Inc. lifted its stake in shares of Gildan Activewear by 12.8% during the 2nd quarter. Baird Financial Group Inc. now owns 9,264 shares of the textile maker’s stock valued at $456,000 after buying an additional 1,048 shares in the last quarter. Invesco Ltd. boosted its holdings in Gildan Activewear by 28.3% in the 2nd quarter. Invesco Ltd. now owns 176,535 shares of the textile maker’s stock worth $8,693,000 after buying an additional 38,982 shares during the period. Finally, Westerkirk Capital Inc. purchased a new stake in Gildan Activewear in the 2nd quarter worth $411,000. 82.83% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

GIL has been the topic of several research analyst reports. UBS Group set a $80.00 price objective on Gildan Activewear and gave the company a “buy” rating in a research report on Friday, October 31st. Citigroup cut Gildan Activewear from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $60.00 to $63.00 in a report on Monday, October 20th. Stifel Nicolaus set a $75.00 price objective on shares of Gildan Activewear and gave the company a “buy” rating in a report on Friday, September 19th. Weiss Ratings reiterated a “buy (b)” rating on shares of Gildan Activewear in a research report on Monday. Finally, Wall Street Zen lowered shares of Gildan Activewear from a “buy” rating to a “hold” rating in a research report on Saturday, September 6th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $72.15.

Gildan Activewear Stock Down 1.3%

NYSE GIL opened at $57.04 on Wednesday. The stock has a 50 day moving average price of $58.59 and a 200-day moving average price of $54.25. Gildan Activewear, Inc. has a one year low of $37.16 and a one year high of $62.56. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.88 and a current ratio of 2.01. The company has a market capitalization of $8.50 billion, a P/E ratio of 18.22 and a beta of 1.12.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last announced its quarterly earnings results on Wednesday, October 29th. The textile maker reported $1.00 earnings per share for the quarter, topping the consensus estimate of $0.98 by $0.02. Gildan Activewear had a net margin of 14.13% and a return on equity of 35.53%. The company had revenue of $910.60 million for the quarter, compared to analysts’ expectations of $925.24 million. During the same quarter in the previous year, the business posted $0.85 earnings per share. Gildan Activewear’s quarterly revenue was up 2.2% on a year-over-year basis. Gildan Activewear has set its FY 2025 guidance at 3.450-3.510 EPS. As a group, equities analysts predict that Gildan Activewear, Inc. will post 3.48 EPS for the current fiscal year.

Gildan Activewear Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Wednesday, November 19th will be given a dividend of $0.226 per share. This represents a $0.90 annualized dividend and a dividend yield of 1.6%. The ex-dividend date is Wednesday, November 19th. Gildan Activewear’s dividend payout ratio is currently 28.75%.

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.