Gildan Activewear, Inc. (GIL) Upgraded to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Gildan Activewear, Inc. (NYSE:GIL) (TSE:GIL) from a hold rating to a buy rating in a research report report published on Tuesday. The firm currently has $34.00 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. “
Other equities research analysts have also issued reports about the stock. CIBC raised shares of Gildan Activewear from a sector perform rating to a sector outperform rating in a report on Wednesday, June 28th. Canaccord Genuity set a $32.00 price target on shares of Gildan Activewear and gave the company a buy rating in a report on Friday, July 7th. National Bank Financial lowered shares of Gildan Activewear from an outperform rating to a sector perform rating in a report on Friday, August 4th. TD Securities lowered shares of Gildan Activewear from a buy rating to a hold rating and lifted their price target for the company from $32.00 to $33.00 in a report on Friday, August 4th. Finally, BMO Capital Markets reaffirmed a buy rating and set a $34.00 price target (up from $32.00) on shares of Gildan Activewear in a report on Friday, August 4th. Six analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock currently has an average rating of Hold and an average target price of $35.14.
Shares of Gildan Activewear (NYSE GIL) traded up 0.48% during trading on Tuesday, hitting $31.28. 393,582 shares of the stock were exchanged. The firm has a market capitalization of $7.02 billion, a P/E ratio of 18.93 and a beta of 0.70. The firm has a 50 day moving average price of $30.68 and a 200 day moving average price of $29.09. Gildan Activewear has a 52 week low of $23.55 and a 52 week high of $31.87.
Gildan Activewear (NYSE:GIL) (TSE:GIL) last announced its quarterly earnings results on Thursday, August 3rd. The textile maker reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.01. The company had revenue of $715.40 million for the quarter, compared to analyst estimates of $753.85 million. Gildan Activewear had a net margin of 14.16% and a return on equity of 18.65%. The firm’s revenue was up 3.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.41 EPS. Analysts forecast that Gildan Activewear will post $1.70 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, September 11th. Investors 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 annualized dividend and a yield of 1.20%. Gildan Activewear’s dividend payout ratio is presently 22.42%.
A number of large investors have recently bought and sold shares of the stock. FMR LLC boosted its position in Gildan Activewear by 18.2% during the 2nd quarter. FMR LLC now owns 12,177,081 shares of the textile maker’s stock worth $374,195,000 after buying an additional 1,875,214 shares during the period. Causeway Capital Management LLC boosted its position in Gildan Activewear by 392.6% during the 1st quarter. Causeway Capital Management LLC now owns 11,941,097 shares of the textile maker’s stock worth $322,887,000 after buying an additional 9,517,241 shares during the period. Janus Henderson Group PLC acquired a new stake in Gildan Activewear during the 2nd quarter worth approximately $266,358,000. Vanguard Group Inc. boosted its position in Gildan Activewear by 3.9% during the 2nd quarter. Vanguard Group Inc. now owns 4,927,849 shares of the textile maker’s stock worth $151,433,000 after buying an additional 185,026 shares during the period. Finally, TD Asset Management Inc. boosted its position in Gildan Activewear by 17.6% during the 2nd quarter. TD Asset Management Inc. now owns 4,168,600 shares of the textile maker’s stock worth $127,912,000 after buying an additional 623,938 shares during the period. Institutional investors and hedge funds own 72.59% of the company’s stock.
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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