Cidel Asset Management Inc. lifted its stake in shares of Gildan Activewear Inc (NYSE:GIL) (TSE:GIL) by 0.3% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,197,800 shares of the textile maker’s stock after buying an additional 4,088 shares during the period. Gildan Activewear comprises approximately 1.7% of Cidel Asset Management Inc.’s investment portfolio, making the stock its 21st biggest position. Cidel Asset Management Inc. owned approximately 0.55% of Gildan Activewear worth $38,694,000 as of its most recent filing with the SEC.
Other large investors also recently made changes to their positions in the company. PNC Financial Services Group Inc. increased its holdings in shares of Gildan Activewear by 19.3% during the second quarter. PNC Financial Services Group Inc. now owns 4,733 shares of the textile maker’s stock worth $146,000 after buying an additional 765 shares in the last quarter. Boston Private Wealth LLC acquired a new position in shares of Gildan Activewear during the third quarter worth $201,000. Atria Investments LLC acquired a new position in shares of Gildan Activewear during the fourth quarter worth $204,000. Stifel Financial Corp acquired a new position in shares of Gildan Activewear during the third quarter worth $210,000. Finally, Dynamic Technology Lab Private Ltd acquired a new position in shares of Gildan Activewear during the second quarter worth $220,000. Institutional investors own 71.24% of the company’s stock.
Several research analysts have recently issued reports on the stock. Royal Bank of Canada set a $32.00 price target on shares of Gildan Activewear and gave the stock a “hold” rating in a report on Wednesday. ValuEngine upgraded Gildan Activewear from a “hold” rating to a “buy” rating in a report on Monday, February 5th. BMO Capital Markets downgraded Gildan Activewear from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $34.00 to $30.00 in a report on Friday, November 3rd. Macquarie initiated coverage on Gildan Activewear in a report on Wednesday, November 1st. They issued a “neutral” rating for the company. Finally, Zacks Investment Research downgraded Gildan Activewear from a “buy” rating to a “hold” rating in a report on Monday, November 6th. Seven analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Gildan Activewear presently has a consensus rating of “Hold” and a consensus target price of $34.13.
Gildan Activewear announced that its board has authorized a share buyback plan on Thursday, November 2nd that authorizes the company to repurchase 4,600,000 shares. This repurchase authorization authorizes the textile maker to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its stock is undervalued.
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About Gildan Activewear
Gildan Activewear Inc is a manufacturer and marketer of branded basic family apparel, including T-shirts, fleece, sport shirts, underwear, socks, hosiery and shapewear. The Company operates through two segments: Printwear and Branded Apparel. The Printwear segment designs, manufactures, sources, markets, and distributes undecorated activewear products.
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