Gildan Activewear (NYSE:GIL) Issues FY 2024 Earnings Guidance

Gildan Activewear (NYSE:GIL) (TSE:GIL) updated its FY 2024 earnings guidance on Monday. The company provided earnings per share guidance of 2.920-3.070 for the period, compared to the consensus earnings per share estimate of 2.950. The company issued revenue guidance of -. Gildan Activewear also updated its FY24 guidance to $2.92-3.07 EPS.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on GIL. UBS Group lowered shares of Gildan Activewear from a buy rating to a neutral rating and reduced their target price for the stock from $40.00 to $37.00 in a research note on Friday, January 5th. Royal Bank of Canada reaffirmed an outperform rating and issued a $41.00 target price on shares of Gildan Activewear in a research report on Monday, April 8th. CIBC upped their target price on Gildan Activewear from $38.00 to $41.00 and gave the stock an outperform rating in a report on Thursday, February 22nd. Citigroup raised their price target on Gildan Activewear from $40.00 to $44.00 and gave the company a buy rating in a research note on Friday, February 23rd. Finally, TD Securities raised their target price on shares of Gildan Activewear from $42.00 to $46.00 and gave the company a buy rating in a research note on Wednesday, March 20th. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average price target of $41.25.

Gildan Activewear Stock Performance

NYSE GIL opened at $35.97 on Wednesday. The stock has a market cap of $6.06 billion, a PE ratio of 11.87, a P/E/G ratio of 1.34 and a beta of 1.38. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.83 and a current ratio of 2.33. The firm has a 50-day moving average of $35.41 and a 200-day moving average of $33.49. Gildan Activewear has a 52-week low of $26.98 and a 52-week high of $38.87.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last issued its quarterly earnings data on Wednesday, February 21st. The textile maker reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.03. Gildan Activewear had a net margin of 16.70% and a return on equity of 23.19%. The firm had revenue of $782.70 million during the quarter, compared to the consensus estimate of $753.35 million. The business’s revenue for the quarter was up 8.7% compared to the same quarter last year. During the same period last year, the business posted $0.65 earnings per share. On average, sell-side analysts anticipate that Gildan Activewear will post 2.94 EPS for the current year.

Gildan Activewear Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 8th. Shareholders of record on Wednesday, March 13th were given a dividend of $0.205 per share. This is a boost from Gildan Activewear’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $0.82 annualized dividend and a yield of 2.28%. Gildan Activewear’s dividend payout ratio (DPR) is presently 27.06%.

Hedge Funds Weigh In On Gildan Activewear

Several institutional investors and hedge funds have recently modified their holdings of GIL. Browning West LP lifted its position in shares of Gildan Activewear by 7.1% during the 1st quarter. Browning West LP now owns 6,395,548 shares of the textile maker’s stock valued at $212,268,000 after acquiring an additional 425,000 shares during the period. Vanguard Group Inc. lifted its position in Gildan Activewear by 0.4% during the third quarter. Vanguard Group Inc. now owns 6,349,722 shares of the textile maker’s stock worth $179,507,000 after purchasing an additional 22,957 shares during the period. BlackRock Inc. grew its stake in Gildan Activewear by 3.3% during the second quarter. BlackRock Inc. now owns 2,687,514 shares of the textile maker’s stock worth $86,645,000 after buying an additional 85,419 shares in the last quarter. Mackenzie Financial Corp increased its holdings in Gildan Activewear by 25.0% in the 1st quarter. Mackenzie Financial Corp now owns 2,457,477 shares of the textile maker’s stock valued at $92,318,000 after buying an additional 490,913 shares during the period. Finally, The Manufacturers Life Insurance Company raised its position in shares of Gildan Activewear by 85.0% in the 1st quarter. The Manufacturers Life Insurance Company now owns 2,191,716 shares of the textile maker’s stock valued at $82,339,000 after buying an additional 1,007,107 shares in the last quarter. 82.83% of the stock is currently owned by institutional investors and hedge funds.

Gildan Activewear Company Profile

Gildan Activewear Inc manufactures and sells various apparel products in the United States, North America, Europe, Asia-Pacific, and Latin America. It provides various activewear products, including T-shirts, fleece tops and bottoms, and sports shirts under the Gildan, Gildan Performance, Gildan Hammer, Glidan Softstyle, Gildan Heavy Cotton, Gildan Ultra Cotton, Gildan DryBlend, Gildan HeavyBlend, Comfort Colors, and American Apparel brands.