Gildan Activewear (NYSE:GIL) Downgraded to “Hold” at Zacks Investment Research

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Zacks Investment Research lowered shares of Gildan Activewear (NYSE:GIL) (TSE:GIL) from a buy rating to a hold rating in a research note published on Thursday, Zacks.com reports.

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. “

Several other brokerages also recently weighed in on GIL. Canaccord Genuity restated a hold rating and set a $32.00 price target on shares of Gildan Activewear in a report on Tuesday, February 18th. TD Securities decreased their target price on Gildan Activewear from $38.00 to $36.00 and set a buy rating for the company in a research report on Friday, November 1st. Stifel Nicolaus set a $28.00 target price on Gildan Activewear and gave the company a hold rating in a research report on Friday, November 1st. Desjardins raised Gildan Activewear from a hold rating to a buy rating and set a $42.00 target price for the company in a research report on Friday, November 29th. Finally, Cfra decreased their target price on Gildan Activewear from $50.00 to $45.00 and set a strong-buy rating for the company in a research report on Thursday. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, two have given a buy rating and two have assigned a strong buy rating to the stock. The company currently has a consensus rating of Hold and a consensus price target of $31.92.

Shares of Gildan Activewear stock traded down $1.22 during trading hours on Thursday, hitting $26.12. The company’s stock had a trading volume of 9,894 shares, compared to its average volume of 625,743. Gildan Activewear has a twelve month low of $23.45 and a twelve month high of $40.40. The firm has a fifty day moving average of $28.82 and a 200-day moving average of $31.20. The stock has a market cap of $5.44 billion, a price-to-earnings ratio of 20.59, a P/E/G ratio of 1.10 and a beta of 0.88. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.09 and a current ratio of 3.58.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last posted its earnings results on Thursday, February 20th. The textile maker reported $0.41 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.41. Gildan Activewear had a return on equity of 17.89% and a net margin of 9.20%. The firm had revenue of $658.70 million for the quarter, compared to analyst estimates of $673.43 million. During the same quarter in the prior year, the company earned $0.43 EPS. Gildan Activewear’s revenue was down 11.3% on a year-over-year basis. On average, sell-side analysts expect that Gildan Activewear will post 1.9 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 6th. Stockholders of record on Thursday, March 12th will be issued a $0.154 dividend. This is a boost from Gildan Activewear’s previous quarterly dividend of $0.13. This represents a $0.62 annualized dividend and a dividend yield of 2.36%. The ex-dividend date of this dividend is Wednesday, March 11th. Gildan Activewear’s dividend payout ratio (DPR) is currently 32.53%.

Institutional investors and hedge funds have recently bought and sold shares of the company. Quest Capital Management Inc. ADV acquired a new stake in shares of Gildan Activewear in the 3rd quarter valued at approximately $98,000. Bartlett & Co. LLC increased its stake in Gildan Activewear by 77.5% in the 3rd quarter. Bartlett & Co. LLC now owns 3,905 shares of the textile maker’s stock valued at $139,000 after purchasing an additional 1,705 shares in the last quarter. Quantum Capital Management purchased a new position in Gildan Activewear in the 3rd quarter valued at approximately $143,000. Atlas Capital Advisors LLC purchased a new position in Gildan Activewear in the 3rd quarter valued at approximately $171,000. Finally, Resources Management Corp CT ADV purchased a new position in Gildan Activewear in the 3rd quarter valued at approximately $255,000. 70.12% of the stock is owned by institutional investors and hedge funds.

About Gildan Activewear

Gildan Activewear Inc manufactures and sells a range of apparel products in North America, Europe, the Asia-Pacific, and Latin America. The company manufactures and markets active wear products, including T-shirts, fleece tops and bottoms, and sport shirts under Gildan, Gildan Performance, Gildan Platinum, Gildan Hammer, Comfort Colors, American Apparel, Anvil, Alstyle, and Gold Toe brands.

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