Gildan Activewear, Inc. (GIL) Lifted to “Buy” at Zacks Investment Research
Gildan Activewear, Inc. (NYSE:GIL) (TSE:GIL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Thursday. The firm currently has a $35.00 target price on the textile maker’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 11.22% from the stock’s current price.
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 research analysts have also recently issued reports on the stock. Royal Bank Of Canada cut shares of Gildan Activewear from an “outperform” rating to a “sector perform” rating and set a $31.00 target price for the company. in a report on Tuesday, July 11th. CIBC raised shares of Gildan Activewear from a “sector perform” rating to a “sector outperform” rating in a research note on Wednesday, June 28th. Canaccord Genuity set a $32.00 price objective on shares of Gildan Activewear and gave the stock a “buy” rating in a research note on Friday, July 7th. National Bank Financial cut shares of Gildan Activewear from an “outperform” rating to a “sector perform” rating in a research note on Friday, August 4th. Finally, BMO Capital Markets reissued a “buy” rating and set a $34.00 price objective (up from $32.00) on shares of Gildan Activewear in a research note on Friday, August 4th. Six analysts have rated the stock with a hold rating and five have given a buy rating to the company. Gildan Activewear presently has an average rating of “Hold” and a consensus target price of $35.29.
Shares of Gildan Activewear (GIL) traded down 0.16% during trading on Thursday, hitting $31.47. The company had a trading volume of 261,946 shares. The firm has a market capitalization of $7.06 billion, a P/E ratio of 19.05 and a beta of 0.70. Gildan Activewear has a 52-week low of $23.55 and a 52-week high of $31.83. The stock’s 50-day moving average is $30.52 and its 200 day moving average is $28.74.
Gildan Activewear (NYSE:GIL) (TSE:GIL) last issued its earnings results on Thursday, August 3rd. The textile maker reported $0.49 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.48 by $0.01. Gildan Activewear had a net margin of 14.16% and a return on equity of 18.65%. The company had revenue of $715.40 million during the quarter, compared to analysts’ expectations of $753.85 million. During the same period last year, the company posted $0.41 earnings per share. The firm’s quarterly revenue was up 3.8% compared to the same quarter last year. Equities research analysts predict that Gildan Activewear will post $1.70 earnings per share for the current fiscal year.
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A number of hedge funds have recently added to or reduced their stakes in GIL. Nationwide Fund Advisors purchased a new stake in Gildan Activewear in the 1st quarter worth approximately $1,801,000. Korea Investment CORP purchased a new stake in Gildan Activewear in the 1st quarter worth approximately $367,000. Janney Montgomery Scott LLC purchased a new stake in Gildan Activewear in the 1st quarter worth approximately $405,000. Russell Investments Group Ltd. grew its stake in Gildan Activewear by 8.9% in the 1st quarter. Russell Investments Group Ltd. now owns 719,795 shares of the textile maker’s stock worth $19,392,000 after acquiring an additional 58,852 shares during the period. Finally, BB&T Corp purchased a new stake in Gildan Activewear in the 1st quarter worth approximately $270,000. 72.57% of the stock is owned by hedge funds and other institutional investors.
Gildan Activewear Company Profile
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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