Gildan Activewear, Inc. (GIL) Lowered to Hold at Zacks Investment Research
Zacks Investment Research downgraded shares of Gildan Activewear, Inc. (NYSE:GIL) (TSE:GIL) from a buy rating to a hold rating in a report issued on Monday 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 research analysts have also issued reports about the stock. BMO Capital Markets reiterated a buy rating and set a $34.00 price target on shares of Gildan Activewear in a research note on Friday, October 20th. Canaccord Genuity lowered shares of Gildan Activewear from a buy rating to a hold rating and set a $32.00 price target on the stock. in a research note on Wednesday, July 12th. TD Securities lowered shares of 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. Macquarie initiated coverage on shares of Gildan Activewear in a research note on Wednesday, November 1st. They set a neutral rating on the stock. Finally, National Bank Financial lowered shares of Gildan Activewear from an outperform rating to a sector perform rating in a research report on Friday, August 4th. Nine research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Gildan Activewear has an average rating of Hold and a consensus target price of $34.00.
Shares of Gildan Activewear (GIL) traded up $0.23 during trading on Monday, hitting $29.61. 569,209 shares of the stock were exchanged, compared to its average volume of 502,001. Gildan Activewear has a twelve month low of $23.55 and a twelve month high of $32.15. The company has a current ratio of 5.13, a quick ratio of 1.72 and a debt-to-equity ratio of 0.34. The firm has a market capitalization of $6,450.00, a price-to-earnings ratio of 16.73, a price-to-earnings-growth ratio of 1.25 and a beta of 0.74.
Gildan Activewear (NYSE:GIL) (TSE:GIL) last issued its quarterly earnings results on Thursday, November 2nd. The textile maker reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.02. Gildan Activewear had a net margin of 14.21% and a return on equity of 18.80%. The business had revenue of $716.40 million for the quarter, compared to analyst estimates of $748.86 million. During the same period in the previous year, the business posted $0.50 earnings per share. The business’s revenue was up .2% compared to the same quarter last year. equities analysts forecast that Gildan Activewear will post 1.71 EPS for the current fiscal year.
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Gildan Activewear announced that its Board of Directors has initiated a stock repurchase plan on Thursday, November 2nd that allows the company to repurchase 4,600,000 outstanding shares. This repurchase authorization allows the textile maker to buy shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Monday, December 11th. Shareholders of record on Thursday, November 16th will be given a dividend of $0.094 per share. The ex-dividend date is Wednesday, November 15th. This represents a $0.38 annualized dividend and a yield of 1.27%. Gildan Activewear’s payout ratio is currently 22.02%.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Commonwealth Bank of Australia lifted its holdings in shares of Gildan Activewear by 9.7% in the second quarter. Commonwealth Bank of Australia now owns 3,414 shares of the textile maker’s stock valued at $103,000 after purchasing an additional 303 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its holdings in shares of Gildan Activewear by 133.7% in the second quarter. DekaBank Deutsche Girozentrale now owns 3,475 shares of the textile maker’s stock valued at $106,000 after purchasing an additional 1,988 shares in the last quarter. Global X Management Co. LLC lifted its holdings in shares of 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 valued at $110,000 after purchasing an additional 893 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of 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 valued at $107,000 after purchasing an additional 1,198 shares in the last quarter. Finally, Chevy Chase Trust Holdings Inc. purchased a new stake in shares of Gildan Activewear in the second quarter valued at about $209,000. 72.62% of the stock is currently owned by institutional investors.
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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