Gildan Activewear (NYSE:GIL) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Gildan Activewear (NYSE:GIL) (TSE:GIL) had its price objective raised by Canaccord Genuity Group from $52.00 to $53.00 in a report published on Friday, BayStreet.CA reports. Canaccord Genuity Group currently has a buy rating on the textile maker’s stock.

Other equities analysts have also recently issued reports about the stock. Stifel Nicolaus raised their price objective on shares of Gildan Activewear from $51.00 to $54.00 and gave the company a “buy” rating in a research note on Thursday, October 3rd. BMO Capital Markets raised their price objective on shares of Gildan Activewear from $47.00 to $58.00 and gave the company an “outperform” rating in a research note on Friday. Royal Bank of Canada raised their price objective on shares of Gildan Activewear from $41.00 to $44.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Finally, TD Securities lifted their price target on shares of Gildan Activewear from $50.00 to $56.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Four investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $51.05.

Gildan Activewear Price Performance

Shares of Gildan Activewear stock traded up $0.76 during midday trading on Friday, reaching $49.66. The company had a trading volume of 531,424 shares, compared to its average volume of 709,643. The company has a current ratio of 2.35, a quick ratio of 0.97 and a debt-to-equity ratio of 0.55. The company has a market capitalization of $7.80 billion, a price-to-earnings ratio of 20.35, a price-to-earnings-growth ratio of 1.83 and a beta of 1.43. The stock has a fifty day simple moving average of $46.45 and a 200 day simple moving average of $40.87. Gildan Activewear has a 1-year low of $28.95 and a 1-year high of $49.92.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last announced its quarterly earnings data on Thursday, October 31st. The textile maker reported $0.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.84 by $0.01. Gildan Activewear had a net margin of 13.01% and a return on equity of 24.96%. The firm had revenue of $891.10 million for the quarter, compared to analysts’ expectations of $882.85 million. During the same period last year, the firm earned $0.74 earnings per share. The business’s revenue for the quarter was up 2.4% on a year-over-year basis. As a group, equities research analysts forecast that Gildan Activewear will post 2.93 earnings per share for the current year.

Gildan Activewear Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Thursday, November 21st will be issued a dividend of $0.152 per share. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $0.61 dividend on an annualized basis and a dividend yield of 1.22%. Gildan Activewear’s payout ratio is 33.61%.

Institutional Investors Weigh In On Gildan Activewear

A number of hedge funds and other institutional investors have recently made changes to their positions in GIL. Fortis Group Advisors LLC increased its stake in Gildan Activewear by 3.9% in the 3rd quarter. Fortis Group Advisors LLC now owns 6,601 shares of the textile maker’s stock valued at $311,000 after buying an additional 246 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in Gildan Activewear by 16.9% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,893 shares of the textile maker’s stock valued at $66,000 after buying an additional 274 shares during the last quarter. Aristides Capital LLC increased its stake in Gildan Activewear by 4.3% in the 2nd quarter. Aristides Capital LLC now owns 7,617 shares of the textile maker’s stock valued at $289,000 after buying an additional 314 shares during the last quarter. CWM LLC increased its stake in Gildan Activewear by 23.0% in the 3rd quarter. CWM LLC now owns 1,698 shares of the textile maker’s stock valued at $80,000 after buying an additional 318 shares during the last quarter. Finally, Blue Trust Inc. increased its stake in Gildan Activewear by 96.1% in the 3rd quarter. Blue Trust Inc. now owns 810 shares of the textile maker’s stock valued at $38,000 after buying an additional 397 shares during 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.