Gildan Activewear (NYSE:GIL) Sets New 52-Week Low – Here’s What Happened

Gildan Activewear, Inc. (NYSE:GIL) (TSE:GIL)’s share price reached a new 52-week low on Thursday . The company traded as low as $41.50 and last traded at $41.3830, with a volume of 314981 shares traded. The stock had previously closed at $46.19.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Weiss Ratings reissued a “hold (c)” rating on shares of Gildan Activewear in a report on Thursday, August 13th. Scotia increased their price target on Gildan Activewear from $65.00 to $67.00 and gave the stock a “sector outperform” rating in a report on Friday, July 31st. UBS Group increased their price target on Gildan Activewear from $110.00 to $111.00 and gave the stock a “buy” rating in a report on Friday, July 31st. TD Securities reiterated a “buy” rating on shares of Gildan Activewear in a research report on Tuesday, June 16th. Finally, Scotiabank reissued a “sector outperform” rating and issued a $67.00 price objective (up from $65.00) on shares of Gildan Activewear in a research note on Friday, July 31st. Twelve research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $80.00.

Gildan Activewear Price Performance

The stock has a fifty day simple moving average of $52.78 and a two-hundred day simple moving average of $55.34. The company has a market cap of $7.56 billion, a PE ratio of 78.75 and a beta of 1.08. The company has a current ratio of 1.93, a quick ratio of 1.01 and a debt-to-equity ratio of 1.15.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last released its earnings results on Thursday, July 30th. The textile maker reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.17. The company had revenue of $1.58 billion for the quarter, compared to analysts’ expectations of $1.61 billion. Gildan Activewear had a return on equity of 21.03% and a net margin of 1.28%.The firm’s quarterly revenue was up 72.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.97 EPS. On average, equities analysts predict that Gildan Activewear, Inc. will post 4.67 EPS for the current fiscal year.

Gildan Activewear Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 14th. Investors of record on Thursday, August 20th were issued a dividend of $0.249 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend was Thursday, August 20th. Gildan Activewear’s dividend payout ratio is currently 192.31%.

Institutional Investors Weigh In On Gildan Activewear

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Andra AP fonden purchased a new position in shares of Gildan Activewear in the 2nd quarter valued at about $784,000. WINTON GROUP Ltd purchased a new stake in Gildan Activewear during the second quarter worth about $459,000. Nykredit A S purchased a new stake in Gildan Activewear during the second quarter worth about $2,389,000. VELA Investment Management LLC grew its position in Gildan Activewear by 44.0% during the second quarter. VELA Investment Management LLC now owns 104,710 shares of the textile maker’s stock worth $5,403,000 after buying an additional 32,005 shares during the period. Finally, Corient Private Wealth LP grew its position in Gildan Activewear by 34.6% during the second quarter. Corient Private Wealth LP now owns 8,868 shares of the textile maker’s stock worth $458,000 after buying an additional 2,280 shares during the period. Institutional investors and hedge funds own 82.83% of the company’s stock.

Gildan Activewear Company Profile

Gildan Activewear Inc is a Canadian apparel manufacturer headquartered in Montreal, Quebec. Founded in 1984, the company produces and sells everyday basic apparel for consumers, retailers and the decorated-apparel market. Its products include T-shirts, fleece, underwear, socks, hosiery and other activewear and casualwear items.

Gildan markets products through a portfolio of brands that includes Gildan, American Apparel, Comfort Colors, Gold Toe and Peds. The company primarily serves wholesale distributors, screen printers and other apparel decorators, as well as retailers and private-label customers.