Zacks Investment Research Lowers Gildan Activewear, Inc. (GIL) to Hold

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.

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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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