Gildan Activewear (NYSE:GIL) (TSE:GIL) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Wednesday.

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 subject of a number of other research reports. ValuEngine cut Gildan Activewear from a “hold” rating to a “sell” rating in a research report on Wednesday, June 6th. DA Davidson set a $32.00 price objective on Gildan Activewear and gave the stock a “hold” rating in a research note on Tuesday, March 6th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $32.00 price objective on shares of Gildan Activewear in a research note on Friday, February 23rd. Finally, TD Securities raised Gildan Activewear from a “hold” rating to a “buy” rating and upped their price objective for the stock from $33.00 to $35.00 in a research note on Thursday, May 3rd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company. Gildan Activewear presently has a consensus rating of “Hold” and an average target price of $33.89.

GIL traded up $0.14 during midday trading on Wednesday, reaching $28.90. The company had a trading volume of 215,361 shares, compared to its average volume of 420,730. The company has a quick ratio of 1.64, a current ratio of 5.06 and a debt-to-equity ratio of 0.39. The stock has a market cap of $6.22 billion, a price-to-earnings ratio of 16.80, a PEG ratio of 1.38 and a beta of 0.85. Gildan Activewear has a 1 year low of $27.89 and a 1 year high of $34.19.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last issued its quarterly earnings results on Wednesday, May 2nd. The textile maker reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.01). The company had revenue of $647.30 million during the quarter, compared to analysts’ expectations of $654.39 million. Gildan Activewear had a return on equity of 18.06% and a net margin of 12.69%. The business’s quarterly revenue was down 2.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.39 EPS. equities analysts anticipate that Gildan Activewear will post 1.87 earnings per share for the current fiscal year.

Gildan Activewear declared that its board has authorized a share repurchase program on Thursday, February 22nd that allows the company to repurchase 10,960,000 shares. This repurchase authorization allows the textile maker to reacquire shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Allianz Asset Management GmbH bought a new position in Gildan Activewear during the first quarter valued at approximately $208,000. BlueCrest Capital Management Ltd bought a new position in Gildan Activewear during the fourth quarter valued at approximately $219,000. MML Investors Services LLC bought a new position in Gildan Activewear during the fourth quarter valued at approximately $261,000. Stifel Financial Corp boosted its stake in Gildan Activewear by 36.9% during the first quarter. Stifel Financial Corp now owns 9,002 shares of the textile maker’s stock valued at $261,000 after buying an additional 2,425 shares during the last quarter. Finally, Verition Fund Management LLC bought a new position in Gildan Activewear during the fourth quarter valued at approximately $333,000. 73.47% of the stock is owned by hedge funds and other institutional investors.

About Gildan Activewear

Gildan Activewear Inc manufactures and sells a range of apparel products in the United States, Canada, Mexico, Europe, the Asia-Pacific, and Latin America. It operates in two segments, Printwear and Branded Apparel. The company manufactures and markets active wear products, including T-shirts, fleece tops and bottoms, and sport shirts under Gildan, Gildan Performance, Gildan Platinum, Gildan Hammer, Smart Basics, Comfort Colors, American Apparel, Anvil, Alstyle, Gold Toe, and Mossy Oak brands.

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