Gildan Activewear (NYSE:GIL) Issues Quarterly Earnings Results

Gildan Activewear (NYSE:GIL) (TSE:GIL) announced its quarterly earnings data on Wednesday. The textile maker reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.07, Briefing.com reports. The firm had revenue of $695.80 million during the quarter, compared to analysts’ expectations of $692.94 million. Gildan Activewear had a return on equity of 23.19% and a net margin of 16.70%. The company’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.45 EPS. Gildan Activewear updated its FY24 guidance to $2.92-3.07 EPS.

Gildan Activewear Stock Down 1.9 %

GIL stock traded down $0.64 during trading on Thursday, reaching $33.95. 868,934 shares of the stock were exchanged, compared to its average volume of 805,104. The firm’s 50 day moving average is $35.59 and its 200 day moving average is $33.97. Gildan Activewear has a twelve month low of $26.98 and a twelve month high of $38.87. The company has a current ratio of 2.33, a quick ratio of 0.83 and a debt-to-equity ratio of 0.39. The firm has a market cap of $5.72 billion, a P/E ratio of 11.20, a price-to-earnings-growth ratio of 1.31 and a beta of 1.38.

Gildan Activewear Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 8th. Investors of record on Wednesday, March 13th were given a dividend of $0.205 per share. This is a positive change from Gildan Activewear’s previous quarterly dividend of $0.19. The ex-dividend date was Tuesday, March 12th. This represents a $0.82 annualized dividend and a dividend yield of 2.42%. Gildan Activewear’s dividend payout ratio is presently 27.06%.

Analyst Ratings Changes

GIL has been the subject of a number of research analyst reports. Royal Bank of Canada reissued an “outperform” rating and set a $41.00 price target on shares of Gildan Activewear in a report on Monday, April 8th. CIBC boosted their price target on Gildan Activewear from $38.00 to $41.00 and gave the stock an “outperform” rating in a report on Thursday, February 22nd. UBS Group cut Gildan Activewear from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $40.00 to $37.00 in a report on Friday, January 5th. Citigroup boosted their price target on Gildan Activewear from $40.00 to $44.00 and gave the stock a “buy” rating in a report on Friday, February 23rd. Finally, Scotiabank boosted their price target on Gildan Activewear from $39.50 to $40.50 and gave the stock a “sector outperform” rating in a report on Friday, February 9th. Five research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $41.25.

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.