Zacks Investment Research Lowers Gildan Activewear, Inc. (GIL) to Hold
Zacks Investment Research cut shares of Gildan Activewear, Inc. (NYSE:GIL) (TSE:GIL) from a buy rating to a hold rating in a report issued on Wednesday morning.
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 research reports about the company. Canaccord Genuity set a $32.00 price target on Gildan Activewear and gave the stock a buy rating in a research note on Friday, July 7th. BMO Capital Markets restated a buy rating and set a $34.00 price target (up previously from $32.00) on shares of Gildan Activewear in a research note on Friday, August 4th. TD Securities lowered Gildan Activewear from a buy rating to a hold rating and boosted their price target for the stock from $32.00 to $33.00 in a research note on Friday, August 4th. CIBC upgraded Gildan Activewear from a sector perform rating to a sector outperform rating in a research note on Wednesday, June 28th. Finally, National Bank Financial lowered Gildan Activewear from an outperform rating to a sector perform rating in a research note on Friday, August 4th. Six analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company currently has an average rating of Hold and an average target price of $35.14.
Shares of Gildan Activewear (GIL) traded up 1.18% during mid-day trading on Wednesday, hitting $30.75. 357,886 shares of the stock were exchanged. Gildan Activewear has a 12 month low of $23.55 and a 12 month high of $31.87. The stock’s 50 day moving average is $30.64 and its 200-day moving average is $28.97. The stock has a market cap of $6.90 billion, a PE ratio of 18.61 and a beta of 0.70.
Gildan Activewear (NYSE:GIL) (TSE:GIL) last issued its quarterly earnings results on Thursday, August 3rd. The textile maker reported $0.49 earnings per share for the quarter, topping 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 business had revenue of $715.40 million for the quarter, compared to analyst estimates of $753.85 million. During the same quarter in the previous year, the firm earned $0.41 earnings per share. The company’s revenue was up 3.8% on a year-over-year basis. On average, analysts anticipate that Gildan Activewear will post $1.70 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, September 11th. Investors of record on Thursday, August 17th were given a $0.094 dividend. The ex-dividend date was Tuesday, August 15th. This represents a $0.38 dividend on an annualized basis and a yield of 1.22%. Gildan Activewear’s dividend payout ratio is currently 22.42%.
Hedge funds and other institutional investors have recently modified their holdings of the stock. US Bancorp DE boosted its position in Gildan Activewear by 24.2% in the 1st quarter. US Bancorp DE now owns 3,718 shares of the textile maker’s stock worth $101,000 after purchasing an additional 725 shares in the last quarter. Commonwealth Bank of Australia boosted its position in Gildan Activewear by 9.7% in the 2nd quarter. Commonwealth Bank of Australia now owns 3,414 shares of the textile maker’s stock worth $103,000 after purchasing an additional 303 shares in the last quarter. DekaBank Deutsche Girozentrale boosted its position in Gildan Activewear by 133.7% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 3,475 shares of the textile maker’s stock worth $106,000 after purchasing an additional 1,988 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in Gildan Activewear by 43.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,968 shares of the textile maker’s stock worth $107,000 after purchasing an additional 1,198 shares in the last quarter. Finally, Global X Management Co. LLC boosted its position in Gildan Activewear by 33.1% in the 2nd quarter. Global X Management Co. LLC now owns 3,591 shares of the textile maker’s stock worth $110,000 after purchasing an additional 893 shares in the last quarter. Hedge funds and other institutional investors own 72.57% of the company’s stock.
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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