Gildan Activewear (NYSE:GIL) Releases FY 2024 Earnings Guidance

Gildan Activewear (NYSE:GIL) (TSE:GIL) issued an update on its FY 2024 earnings guidance on Monday morning. The company provided earnings per share guidance of 2.920-3.070 for the period, compared to the consensus earnings per share estimate of 2.950. The company issued revenue guidance of -. Gildan Activewear also updated its FY24 guidance to $2.92-3.07 EPS.

Gildan Activewear Stock Down 0.7 %

Shares of NYSE GIL traded down $0.26 during mid-day trading on Monday, hitting $35.33. 590,203 shares of the stock traded hands, compared to its average volume of 839,745. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.83 and a current ratio of 2.33. Gildan Activewear has a 52 week low of $26.98 and a 52 week high of $38.87. The company has a market cap of $5.96 billion, a price-to-earnings ratio of 11.66, a PEG ratio of 1.35 and a beta of 1.38. The stock has a fifty day moving average price of $35.32 and a 200-day moving average price of $33.38.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last released its quarterly earnings results on Wednesday, February 21st. The textile maker reported $0.75 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.03. Gildan Activewear had a return on equity of 23.19% and a net margin of 16.70%. The company had revenue of $782.70 million for the quarter, compared to analyst estimates of $753.35 million. During the same period in the previous year, the company posted $0.65 earnings per share. The firm’s revenue was up 8.7% on a year-over-year basis. Research analysts anticipate that Gildan Activewear will post 2.94 EPS for the current year.

Gildan Activewear Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 8th. Investors of record on Wednesday, March 13th were given a dividend of $0.205 per share. The ex-dividend date was Tuesday, March 12th. This is a positive change from Gildan Activewear’s previous quarterly dividend of $0.19. This represents a $0.82 annualized dividend and a dividend yield of 2.32%. Gildan Activewear’s payout ratio is currently 27.06%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on GIL shares. CIBC lifted their price target on Gildan Activewear from $38.00 to $41.00 and gave the company an outperform rating in a research report on Thursday, February 22nd. UBS Group cut Gildan Activewear from a buy rating to a neutral rating and cut their target price for the stock from $40.00 to $37.00 in a research note on Friday, January 5th. Stifel Canada cut Gildan Activewear from a buy rating to a hold rating in a research note on Monday, December 18th. TD Securities increased their target price on Gildan Activewear from $42.00 to $46.00 and gave the stock a buy rating in a research note on Wednesday, March 20th. Finally, Stifel Nicolaus increased their target price on Gildan Activewear from $34.00 to $36.00 and gave the stock a hold rating in a research note on Thursday, February 22nd. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, Gildan Activewear has a consensus rating of Moderate Buy and an average price target of $41.25.

Institutional Investors Weigh In On Gildan Activewear

Several institutional investors have recently modified their holdings of the business. Legal & General Group Plc boosted its position in shares of Gildan Activewear by 34.2% during the fourth quarter. Legal & General Group Plc now owns 1,103,826 shares of the textile maker’s stock valued at $36,681,000 after buying an additional 281,095 shares during the last quarter. Barclays PLC boosted its position in shares of Gildan Activewear by 7,589.4% during the fourth quarter. Barclays PLC now owns 13,072 shares of the textile maker’s stock valued at $432,000 after buying an additional 12,902 shares during the last quarter. Weiss Multi Strategy Advisers LLC purchased a new stake in shares of Gildan Activewear during the fourth quarter valued at $4,893,000. Nuveen Asset Management LLC bought a new position in Gildan Activewear in the fourth quarter valued at about $4,446,000. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new position in Gildan Activewear in the fourth quarter valued at about $6,618,000. 82.83% of the stock is owned by hedge funds and other institutional investors.

Gildan Activewear Company Profile

Gildan Activewear Inc manufactures and sells various apparel products in the United States, North America, Europe, Asia-Pacific, and Latin America. It provides various activewear products, including T-shirts, fleece tops and bottoms, and sports shirts under the Gildan, Gildan Performance, Gildan Hammer, Glidan Softstyle, Gildan Heavy Cotton, Gildan Ultra Cotton, Gildan DryBlend, Gildan HeavyBlend, Comfort Colors, and American Apparel brands.