Desjardins Comments on Gildan Activewear, Inc.’s Q3 2017 Earnings (NYSE:GIL)
Gildan Activewear, Inc. (NYSE:GIL) (TSE:GIL) – Stock analysts at Desjardins dropped their Q3 2017 earnings per share (EPS) estimates for Gildan Activewear in a research report issued on Friday. Desjardins analyst K. Howlett now anticipates that the textile maker will post earnings per share of $0.50 for the quarter, down from their prior estimate of $0.53. Desjardins also issued estimates for Gildan Activewear’s Q4 2017 earnings at $0.34 EPS.
Other analysts have also issued research reports about the company. Zacks Investment Research raised Gildan Activewear from a “hold” rating to a “buy” rating and set a $32.00 target price on the stock in a report on Tuesday, May 16th. CIBC raised Gildan Activewear from a “sector perform” rating to a “sector outperform” rating in a report on Wednesday, June 28th. National Bank Financial lowered Gildan Activewear from an “outperform” rating to a “sector perform” rating in a report on Friday, August 4th. Canaccord Genuity set a $32.00 target price on Gildan Activewear and gave the company a “buy” rating in a report on Friday, July 7th. Finally, BMO Capital Markets reaffirmed a “buy” rating and issued a $34.00 target price (up previously from $32.00) on shares of Gildan Activewear in a report on Friday, August 4th. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $35.14.
Gildan Activewear (NYSE GIL) opened at 31.00 on Monday. Gildan Activewear has a 12 month low of $23.55 and a 12 month high of $31.83. The firm has a market capitalization of $6.98 billion, a price-to-earnings ratio of 19.68 and a beta of 0.72. The firm has a 50 day moving average price of $30.53 and a 200-day moving average price of $27.79.
Gildan Activewear (NYSE:GIL) (TSE:GIL) last announced its earnings results on Thursday, August 3rd. The textile maker reported $0.49 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.48 by $0.01. Gildan Activewear had a return on equity of 18.65% and a net margin of 14.16%. The company had revenue of $715.40 million for the quarter, compared to analyst estimates of $753.85 million. During the same period in the prior year, the company posted $0.41 EPS. Gildan Activewear’s quarterly revenue was up 3.8% on a year-over-year basis.
Hedge funds have recently made changes to their positions in the company. Oppenheimer Asset Management Inc. purchased a new stake in shares of Gildan Activewear during the first quarter worth approximately $696,000. Nationwide Fund Advisors purchased a new stake in shares of Gildan Activewear during the first quarter worth approximately $1,801,000. World Asset Management Inc increased its stake in shares of Gildan Activewear by 0.7% in the first quarter. World Asset Management Inc now owns 14,512 shares of the textile maker’s stock worth $392,000 after buying an additional 105 shares in the last quarter. Bank of Nova Scotia increased its stake in shares of Gildan Activewear by 3.2% in the first quarter. Bank of Nova Scotia now owns 609,690 shares of the textile maker’s stock worth $16,473,000 after buying an additional 18,815 shares in the last quarter. Finally, Hermes Investment Management Ltd. increased its stake in shares of Gildan Activewear by 2.6% in the first quarter. Hermes Investment Management Ltd. now owns 1,325,889 shares of the textile maker’s stock worth $35,852,000 after buying an additional 33,310 shares in the last quarter. Institutional investors own 77.19% of the company’s stock.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 11th. Shareholders of record on Thursday, August 17th will be given a $0.094 dividend. The ex-dividend date is Tuesday, August 15th. This represents a $0.38 dividend on an annualized basis and a dividend yield of 1.21%. Gildan Activewear’s dividend payout ratio is currently 22.42%.
About Gildan Activewear
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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