Zacks Investment Research upgraded shares of Gildan Activewear, Inc. (NYSE:GIL) (TSE:GIL) from a hold rating to a buy rating in a report released on Thursday, September 7th. The brokerage currently has $35.00 price target on the textile maker’s stock.
According to Zacks, “Gildan Activewear Inc. is a manufacturer and marketer of premium quality branded basic activewear for sale principally into the wholesale imprinted activewear segment of the North American apparel market. The company sells premium quality 100% cotton T-shirts and premium quality sweatshirts, in a variety of weights, sizes, colors and styles, as blanks, which are ultimately decorated with designs and logos for sale to consumers. “
GIL has been the topic of several other research reports. Royal Bank Of Canada cut Gildan Activewear from an outperform rating to a sector perform rating and set a $31.00 price objective on the stock. in a research report on Tuesday, July 11th. National Bank Financial cut Gildan Activewear from an outperform rating to a sector perform rating in a research report on Friday, August 4th. TD Securities cut Gildan Activewear from a buy rating to a hold rating and boosted their price objective for the stock from $32.00 to $33.00 in a research report on Friday, August 4th. BMO Capital Markets reissued a buy rating and issued a $34.00 price objective (up previously from $32.00) on shares of Gildan Activewear in a research report on Friday, August 4th. Finally, Canaccord Genuity cut Gildan Activewear from a buy rating to a hold rating and set a $32.00 price objective on the stock. in a research report on Wednesday, July 12th. Six analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock has an average rating of Hold and a consensus target price of $35.14.
Gildan Activewear (NYSE:GIL) traded up 1.18% during midday trading on Thursday, reaching $30.75. The company had a trading volume of 357,886 shares. The stock’s 50 day moving average is $30.64 and its 200 day moving average is $28.97. Gildan Activewear has a 12-month low of $23.55 and a 12-month high of $31.87. The firm has a market capitalization of $6.90 billion, a price-to-earnings ratio of 18.61 and a beta of 0.70.
Gildan Activewear (NYSE:GIL) (TSE:GIL) last posted its quarterly earnings data on Thursday, August 3rd. The textile maker reported $0.49 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.48 by $0.01. Gildan Activewear had a return on equity of 18.65% and a net margin of 14.16%. The business had revenue of $715.40 million for the quarter, compared to analysts’ expectations of $753.85 million. During the same quarter in the previous year, the firm earned $0.41 earnings per share. The business’s revenue was up 3.8% on a year-over-year basis. Equities research analysts expect that Gildan Activewear will post $1.70 earnings per share for the current year.
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The company also recently declared a quarterly dividend, which was paid on Monday, September 11th. Stockholders of record on Thursday, August 17th were given a dividend of $0.094 per share. The ex-dividend date of this dividend was Tuesday, August 15th. This represents a $0.38 dividend on an annualized basis and a dividend yield of 1.22%. Gildan Activewear’s dividend payout ratio is presently 22.42%.
Several hedge funds and other institutional investors have recently modified their holdings of GIL. Tobam raised its stake in shares of Gildan Activewear by 17.0% during the 2nd quarter. Tobam now owns 126,700 shares of the textile maker’s stock valued at $3,888,000 after purchasing an additional 18,400 shares during the period. Oppenheimer Asset Management Inc. bought a new stake in shares of Gildan Activewear during the 1st quarter valued at $696,000. Nationwide Fund Advisors bought a new stake in shares of Gildan Activewear during the 1st quarter valued at $1,801,000. Paloma Partners Management Co raised its stake in shares of Gildan Activewear by 67.3% during the 1st quarter. Paloma Partners Management Co now owns 15,100 shares of the textile maker’s stock valued at $408,000 after purchasing an additional 6,074 shares during the period. Finally, World Asset Management Inc raised its stake in shares of Gildan Activewear by 0.7% during the 1st quarter. World Asset Management Inc now owns 14,512 shares of the textile maker’s stock valued at $392,000 after purchasing an additional 105 shares during the period. 72.57% of the stock is currently owned by hedge funds and other institutional investors.
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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