Gildan Activewear (GIL) Rating Increased to Hold at Zacks Investment Research
Zacks Investment Research upgraded shares of Gildan Activewear (NYSE:GIL) (TSE:GIL) from a sell rating to a hold rating in a research report sent to investors on Wednesday morning.
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. “
Several other brokerages have also weighed in on GIL. ValuEngine raised Gildan Activewear from a hold rating to a buy rating in a research report on Monday, February 5th. Goldman Sachs reissued a buy rating and set a $37.00 target price on shares of Gildan Activewear in a research report on Friday, December 8th. Stifel Nicolaus set a $37.00 target price on Gildan Activewear and gave the stock a buy rating in a research report on Friday, December 15th. Royal Bank of Canada reissued a sector perform rating and set a $32.00 target price on shares of Gildan Activewear in a research report on Friday, February 23rd. Finally, DA Davidson set a $32.00 price target on Gildan Activewear and gave the stock a hold rating in a research report on Tuesday, March 6th. Nine equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus target price of $33.89.
Gildan Activewear (NYSE:GIL) (TSE:GIL) last issued its earnings results on Thursday, February 22nd. The textile maker reported $0.31 earnings per share for the quarter, hitting the consensus estimate of $0.31. Gildan Activewear had a return on equity of 18.63% and a net margin of 13.17%. The business had revenue of $653.70 million for the quarter, compared to analyst estimates of $636.62 million. During the same quarter last year, the company earned $0.32 EPS. The business’s quarterly revenue was up 11.2% on a year-over-year basis. research analysts forecast that Gildan Activewear will post 1.87 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, April 2nd. Shareholders of record on Thursday, March 8th will be given a dividend of $0.112 per share. This is a positive change from Gildan Activewear’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Wednesday, March 7th. This represents a $0.45 annualized dividend and a yield of 1.52%. Gildan Activewear’s payout ratio is 27.95%.
Gildan Activewear declared that its board has approved a stock repurchase program on Thursday, February 22nd that permits the company to buyback 10,960,000 outstanding shares. This buyback authorization permits the textile maker to buy shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Grandeur Peak Global Advisors LLC increased its holdings in shares of Gildan Activewear by 8.7% in the fourth quarter. Grandeur Peak Global Advisors LLC now owns 340,888 shares of the textile maker’s stock valued at $11,004,000 after purchasing an additional 27,423 shares during the period. OLD Mutual Customised Solutions Proprietary Ltd. increased its holdings in shares of Gildan Activewear by 67.2% in the fourth quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 10,700 shares of the textile maker’s stock valued at $347,000 after purchasing an additional 4,300 shares during the period. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp increased its holdings in shares of Gildan Activewear by 25.8% in the fourth quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 884,900 shares of the textile maker’s stock valued at $35,936,000 after purchasing an additional 181,700 shares during the period. Gotham Asset Management LLC increased its holdings in shares of Gildan Activewear by 95.8% in the fourth quarter. Gotham Asset Management LLC now owns 285,242 shares of the textile maker’s stock valued at $9,213,000 after purchasing an additional 139,577 shares during the period. Finally, Jane Street Group LLC increased its holdings in shares of Gildan Activewear by 27.3% in the fourth quarter. Jane Street Group LLC now owns 30,013 shares of the textile maker’s stock valued at $970,000 after purchasing an additional 6,442 shares during the period. 73.03% of the stock is currently owned by institutional investors.
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Gildan Activewear Company Profile
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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