Desjardins Weighs in on Gildan Activewear Inc.’s FY2024 Earnings (NYSE:GIL)

Gildan Activewear Inc. (NYSE:GIL) (TSE:GIL) – Analysts at Desjardins upped their FY2024 EPS estimates for Gildan Activewear in a report issued on Thursday, August 1st. Desjardins analyst C. Li now forecasts that the textile maker will post earnings per share of $2.95 for the year, up from their prior estimate of $2.93. The consensus estimate for Gildan Activewear’s current full-year earnings is $2.95 per share.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last posted its earnings results on Thursday, August 1st. The textile maker reported $0.74 EPS for the quarter, beating analysts’ consensus estimates of $0.71 by $0.03. Gildan Activewear had a net margin of 13.01% and a return on equity of 24.62%. The company had revenue of $862.20 million during the quarter, compared to analysts’ expectations of $851.10 million. During the same quarter in the prior year, the company posted $0.63 earnings per share. Gildan Activewear’s revenue for the quarter was up 2.6% compared to the same quarter last year.

A number of other research firms have also recently issued reports on GIL. Canaccord Genuity Group raised their price target on shares of Gildan Activewear from $42.00 to $43.00 and gave the stock a “buy” rating in a report on Thursday, May 2nd. Canaccord Genuity Group raised their price target on shares of Gildan Activewear from $42.00 to $43.00 and gave the stock a “buy” rating in a report on Thursday, May 2nd. BMO Capital Markets raised their price target on shares of Gildan Activewear from $43.00 to $47.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Stifel Nicolaus raised shares of Gildan Activewear from a “hold” rating to a “buy” rating and raised their price target for the stock from $39.00 to $51.00 in a report on Friday, August 2nd. Finally, Royal Bank of Canada raised their price target on shares of Gildan Activewear from $41.00 to $44.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Four investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Gildan Activewear has an average rating of “Moderate Buy” and an average target price of $44.50.

Gildan Activewear Trading Down 1.2 %

NYSE:GIL opened at $40.14 on Monday. The firm has a 50 day moving average of $38.61 and a 200 day moving average of $36.21. The stock has a market capitalization of $6.65 billion, a price-to-earnings ratio of 13.56, a PEG ratio of 1.56 and a beta of 1.43. Gildan Activewear has a 52 week low of $26.99 and a 52 week high of $42.00. The company has a quick ratio of 0.92, a current ratio of 2.38 and a debt-to-equity ratio of 0.48.

Institutional Trading of Gildan Activewear

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GIL. Norges Bank acquired a new stake in Gildan Activewear during the fourth quarter valued at $70,917,000. Browning West LP grew its position in shares of Gildan Activewear by 30.0% in the fourth quarter. Browning West LP now owns 8,640,448 shares of the textile maker’s stock valued at $285,653,000 after purchasing an additional 1,994,900 shares during the period. Vaughan Nelson Investment Management L.P. acquired a new stake in shares of Gildan Activewear in the fourth quarter valued at about $34,456,000. Intact Investment Management Inc. grew its position in shares of Gildan Activewear by 204.8% in the second quarter. Intact Investment Management Inc. now owns 881,100 shares of the textile maker’s stock valued at $33,416,000 after purchasing an additional 591,980 shares during the period. Finally, National Bank of Canada FI grew its position in shares of Gildan Activewear by 43.8% in the first quarter. National Bank of Canada FI now owns 1,762,761 shares of the textile maker’s stock valued at $65,451,000 after purchasing an additional 537,215 shares during the period. Institutional investors and hedge funds own 82.83% of the company’s stock.

Gildan Activewear Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Thursday, August 22nd will be given a dividend of $0.205 per share. The ex-dividend date is Thursday, August 22nd. This represents a $0.82 annualized dividend and a yield of 2.04%. Gildan Activewear’s dividend payout ratio is presently 27.70%.

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.