Gildan Activewear, Inc. (NYSE:GIL) (TSE:GIL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday, October 4th.
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. “
A number of other analysts have also issued reports on GIL. CIBC upgraded Gildan Activewear from a “sector perform” rating to a “sector outperform” rating in a report on Wednesday, June 28th. Canaccord Genuity set a $32.00 price objective on Gildan Activewear and gave the stock a “buy” rating in a report on Friday, July 7th. Royal Bank Of Canada downgraded shares of Gildan Activewear from an “outperform” rating to a “sector perform” rating and set a $31.00 target price on the stock. in a research report on Tuesday, July 11th. BMO Capital Markets reissued a “buy” rating and set a $34.00 target price (up from $32.00) on shares of Gildan Activewear in a research report on Friday, August 4th. Finally, National Bank Financial downgraded Gildan Activewear from an “outperform” rating to a “sector perform” rating in a research report on Friday, August 4th. Seven investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $35.14.
Shares of Gildan Activewear (NYSE:GIL) traded up 0.16% during midday trading on Wednesday, hitting $31.02. The stock had a trading volume of 107,825 shares. Gildan Activewear has a one year low of $23.55 and a one year high of $31.87. The stock has a market cap of $6.96 billion, a PE ratio of 18.78 and a beta of 0.69. The firm has a 50 day moving average price of $31.09 and a 200 day moving average price of $29.75.
Gildan Activewear (NYSE:GIL) (TSE:GIL) last issued its quarterly earnings results on Thursday, August 3rd. The textile maker reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.01. The firm had revenue of $715.40 million during the quarter, compared to analyst estimates of $753.85 million. Gildan Activewear had a return on equity of 18.65% and a net margin of 14.16%. The firm’s quarterly revenue was up 3.8% on a year-over-year basis. During the same period last year, the company posted $0.41 EPS. On average, equities analysts forecast that Gildan Activewear will post $1.70 earnings per share for the current fiscal year.
Several institutional investors have recently added to or reduced their stakes in GIL. Causeway Capital Management LLC increased its stake in shares of Gildan Activewear by 392.6% during the 1st quarter. Causeway Capital Management LLC now owns 11,941,097 shares of the textile maker’s stock worth $322,887,000 after purchasing an additional 9,517,241 shares during the last quarter. Janus Henderson Group PLC acquired a new position in Gildan Activewear in the 2nd quarter valued at about $266,358,000. FMR LLC grew its stake in Gildan Activewear by 18.2% in the 2nd quarter. FMR LLC now owns 12,177,081 shares of the textile maker’s stock valued at $374,195,000 after buying an additional 1,875,214 shares during the last quarter. Mackenzie Financial Corp grew its stake in Gildan Activewear by 260.1% in the 1st quarter. Mackenzie Financial Corp now owns 1,502,762 shares of the textile maker’s stock valued at $40,635,000 after buying an additional 1,085,451 shares during the last quarter. Finally, Bank of America Corp DE grew its position in shares of Gildan Activewear by 55.3% during the 1st quarter. Bank of America Corp DE now owns 2,857,485 shares of the textile maker’s stock worth $77,267,000 after purchasing an additional 1,017,948 shares in the last quarter. Institutional investors own 72.55% of the company’s stock.
About Gildan Activewear
Gildan Activewear Inc is a manufacturer and marketer of branded basic family apparel, including T-shirts, fleece, sport shirts, underwear, socks, hosiery and shapewear. The Company operates through two segments: Printwear and Branded Apparel. The Printwear segment designs, manufactures, sources, markets, and distributes undecorated activewear products.
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