Gildan Activewear, Inc. (GIL) Lowered to Hold at Zacks Investment Research
Zacks Investment Research cut shares of Gildan Activewear, Inc. (NYSE:GIL) (TSE:GIL) from a buy rating to a hold rating in a research report report published on Monday.
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 also recently issued research reports about the stock. CIBC raised shares of Gildan Activewear from a sector perform rating to a sector outperform rating in a research report on Wednesday, June 28th. Canaccord Genuity set a $32.00 price objective on shares of Gildan Activewear and gave the stock a buy rating in a research report on Friday, July 7th. National Bank Financial downgraded shares of Gildan Activewear from an outperform rating to a sector perform rating in a research report on Friday, August 4th. TD Securities downgraded shares of Gildan Activewear from a buy rating to a hold rating and increased their price objective for the stock from $32.00 to $33.00 in a research report on Friday, August 4th. Finally, BMO Capital Markets reissued a buy rating and set a $34.00 price objective (up previously from $32.00) on shares of Gildan Activewear in a research report on Friday, August 4th. Seven investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock has an average rating of Hold and a consensus target price of $35.14.
Shares of Gildan Activewear (NYSE GIL) opened at 30.92 on Monday. The firm has a market cap of $6.94 billion, a PE ratio of 18.72 and a beta of 0.72. The firm’s 50-day moving average price is $30.31 and its 200-day moving average price is $28.34. Gildan Activewear has a one year low of $23.55 and a one year high of $31.83.
Gildan Activewear (NYSE:GIL) (TSE:GIL) last issued its quarterly earnings data on Thursday, August 3rd. The textile maker reported $0.49 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.48 by $0.01. Gildan Activewear had a net margin of 14.16% and a return on equity of 18.65%. The company had revenue of $715.40 million during the quarter, compared to the consensus estimate of $753.85 million. During the same quarter in the prior year, the firm earned $0.41 earnings per share. The firm’s revenue was up 3.8% compared to the same quarter last year. Equities research analysts expect that Gildan Activewear will post $1.70 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, September 11th. Investors of record on Thursday, August 17th will be given a $0.094 dividend. This represents a $0.38 dividend on an annualized basis and a yield of 1.22%. The ex-dividend date is Tuesday, August 15th. Gildan Activewear’s dividend payout ratio (DPR) is currently 22.42%.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. US Bancorp DE increased its position in Gildan Activewear by 24.2% in the first quarter. US Bancorp DE now owns 3,718 shares of the textile maker’s stock worth $101,000 after buying an additional 725 shares during the period. Commonwealth Bank of Australia increased its position in Gildan Activewear by 9.7% in the second quarter. Commonwealth Bank of Australia now owns 3,414 shares of the textile maker’s stock worth $103,000 after buying an additional 303 shares during the period. DekaBank Deutsche Girozentrale increased its position in Gildan Activewear by 133.7% in the second quarter. DekaBank Deutsche Girozentrale now owns 3,475 shares of the textile maker’s stock worth $106,000 after buying an additional 1,988 shares during the period. PNC Financial Services Group Inc. increased its position in Gildan Activewear by 43.2% in the first quarter. PNC Financial Services Group Inc. now owns 3,968 shares of the textile maker’s stock worth $107,000 after buying an additional 1,198 shares during the period. Finally, Global X Management Co. LLC increased its position in Gildan Activewear by 33.1% in the second quarter. Global X Management Co. LLC now owns 3,591 shares of the textile maker’s stock worth $110,000 after buying an additional 893 shares during the period. 72.57% of the stock is owned by institutional investors and hedge funds.
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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