Gildan Activewear, Inc. (GIL) Rating Lowered to Hold at Zacks Investment Research
Gildan Activewear, Inc. (NYSE:GIL) (TSE:GIL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday.
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 equities research analysts have also recently commented on the stock. TD Securities cut shares of Gildan Activewear from a “buy” rating to a “hold” rating and increased their target price for the company from $32.00 to $33.00 in a research report on Friday, August 4th. National Bank Financial lowered shares of Gildan Activewear from an “outperform” rating to a “sector perform” rating in a research note on Friday, August 4th. BMO Capital Markets restated a “buy” rating and set a $34.00 price target (up previously from $32.00) on shares of Gildan Activewear in a research note on Friday, August 4th. Canaccord Genuity lowered shares of Gildan Activewear from a “buy” rating to a “hold” rating and set a $32.00 price target on the stock. in a research note on Wednesday, July 12th. Finally, Royal Bank Of Canada lowered shares of Gildan Activewear from an “outperform” rating to a “sector perform” rating and set a $31.00 price target on the stock. in a research note on Tuesday, July 11th. Seven research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $35.29.
Gildan Activewear (NYSE:GIL) traded down 1.15% during midday trading on Wednesday, reaching $30.99. 344,191 shares of the company’s stock were exchanged. The stock has a market capitalization of $6.96 billion, a price-to-earnings ratio of 18.76 and a beta of 0.70. The stock’s 50-day moving average is $30.61 and its 200-day moving average is $28.90. Gildan Activewear has a 12-month low of $23.55 and a 12-month high of $31.87.
Gildan Activewear (NYSE:GIL) (TSE:GIL) last posted its earnings results on Thursday, August 3rd. The textile maker reported $0.49 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 quarter in the prior year, the company posted $0.41 earnings per share. Gildan Activewear’s revenue for the quarter was up 3.8% compared to the same quarter last year. On average, equities analysts forecast that Gildan Activewear will post $1.70 earnings per share for the current year.
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Several large investors have recently added to or reduced their stakes in GIL. Nationwide Fund Advisors acquired a new stake in shares of Gildan Activewear in the first quarter worth $1,801,000. Janney Montgomery Scott LLC acquired a new stake in shares of Gildan Activewear in the first quarter worth $405,000. BB&T Corp acquired a new stake in shares of Gildan Activewear in the first quarter worth $270,000. Wells Fargo & Company MN increased its stake in shares of Gildan Activewear by 73.7% in the first quarter. Wells Fargo & Company MN now owns 105,479 shares of the textile maker’s stock worth $2,853,000 after acquiring an additional 44,747 shares during the period. Finally, US Bancorp DE increased its stake in shares of Gildan Activewear by 24.2% in the first quarter. US Bancorp DE now owns 3,718 shares of the textile maker’s stock worth $101,000 after acquiring an additional 725 shares during the period. Hedge funds and other institutional investors own 72.57% 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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