TD Securities Has Lowered Expectations for Gildan Activewear (NYSE:GIL) Stock Price

Gildan Activewear (NYSE:GIL) (TSE:GIL) had its price objective cut by TD Securities from $80.00 to $54.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the textile maker’s stock. TD Securities’ price objective points to a potential upside of 31.59% from the company’s previous close.

Several other equities research analysts have also issued reports on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Gildan Activewear in a report on Thursday, August 13th. Scotiabank reaffirmed a “sector outperform” rating and set a $67.00 target price (up from $65.00) on shares of Gildan Activewear in a research note on Friday, July 31st. Citigroup reiterated a “neutral” rating on shares of Gildan Activewear in a research note on Tuesday, August 4th. UBS Group lifted their price target on shares of Gildan Activewear from $110.00 to $111.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Finally, Scotia increased their price objective on shares of Gildan Activewear from $65.00 to $67.00 and gave the stock a “sector outperform” rating in a research report on Friday, July 31st. Twelve analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $78.23.

Gildan Activewear Price Performance

GIL traded down $5.15 during trading on Thursday, hitting $41.04. 4,807,242 shares of the stock traded hands, compared to its average volume of 1,394,708. The business has a 50 day moving average price of $52.78 and a 200 day moving average price of $55.34. The company has a debt-to-equity ratio of 1.15, a current ratio of 1.93 and a quick ratio of 1.01. Gildan Activewear has a twelve month low of $40.13 and a twelve month high of $73.69. The company has a market cap of $7.60 billion, a price-to-earnings ratio of 78.54 and a beta of 1.08.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last released its quarterly earnings data on Thursday, July 30th. The textile maker reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.11 by $0.17. Gildan Activewear had a return on equity of 21.03% and a net margin of 1.28%.The business had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.61 billion. During the same period last year, the firm posted $0.97 earnings per share. Gildan Activewear’s revenue was up 72.3% compared to the same quarter last year. Equities research analysts forecast that Gildan Activewear will post 4.67 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Gildan Activewear

Institutional investors and hedge funds have recently made changes to their positions in the business. Caisse de depot et placement du Quebec acquired a new position in Gildan Activewear during the 2nd quarter valued at about $601,931,000. Janus Henderson Group PLC raised its stake in shares of Gildan Activewear by 0.9% during the 1st quarter. Janus Henderson Group PLC now owns 10,593,203 shares of the textile maker’s stock worth $589,508,000 after purchasing an additional 98,134 shares during the period. Jupiter Topco LLC purchased a new position in shares of Gildan Activewear in the 2nd quarter worth about $573,363,000. Royal Bank of Canada grew its position in Gildan Activewear by 20.9% during the first quarter. Royal Bank of Canada now owns 6,911,589 shares of the textile maker’s stock valued at $384,629,000 after buying an additional 1,193,718 shares during the period. Finally, The Manufacturers Life Insurance Company increased its holdings in Gildan Activewear by 15.7% during the first quarter. The Manufacturers Life Insurance Company now owns 6,706,078 shares of the textile maker’s stock worth $373,122,000 after buying an additional 909,001 shares during the last quarter. Institutional investors and hedge funds own 82.83% of the company’s stock.

About Gildan Activewear

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.