Gildan Activewear, Inc. (GIL) Upgraded to “Buy” by 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 note issued to investors on Friday. The firm currently has a $34.00 target price on the textile maker’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 10.57% from the company’s previous close.
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. “
GIL has been the subject of a number of other reports. Royal Bank Of Canada lowered Gildan Activewear from an “outperform” rating to a “sector perform” rating and set a $31.00 price target for the company. in a research note on Tuesday, July 11th. TD Securities lowered Gildan Activewear from a “buy” rating to a “hold” rating and increased their price target for the company from $32.00 to $33.00 in a research note on Friday, August 4th. National Bank Financial lowered Gildan Activewear from an “outperform” rating to a “sector perform” rating in a research note on Friday, August 4th. BMO Capital Markets reissued a “buy” rating and set a $34.00 price target (up from $32.00) on shares of Gildan Activewear in a research note on Friday, August 4th. Finally, Canaccord Genuity lowered Gildan Activewear from a “buy” rating to a “hold” rating and set a $32.00 price target for the company. in a research note on Wednesday, July 12th. Six investment analysts have rated the stock with a hold rating and five have issued 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 (GIL) traded up 1.18% during mid-day trading on Friday, hitting $30.75. The stock had a trading volume of 357,886 shares. The company has a market cap of $6.90 billion, a PE ratio of 18.61 and a beta of 0.70. The stock’s 50-day moving average is $30.64 and its 200 day moving average is $28.97. 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 released its quarterly earnings data on Thursday, August 3rd. The textile maker reported $0.49 earnings per share for the quarter, topping 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 business’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.41 earnings per share. On average, equities research analysts forecast that Gildan Activewear will post $1.70 earnings per share for the current fiscal year.
A number of hedge funds have recently modified their holdings of the business. Jarislowsky Fraser Ltd raised its position in Gildan Activewear by 2.4% during the first quarter. Jarislowsky Fraser Ltd now owns 14,878,696 shares of the textile maker’s stock valued at $400,850,000 after purchasing an additional 342,337 shares during the period. FMR LLC raised its position in Gildan Activewear by 18.2% during the second quarter. FMR LLC now owns 12,177,081 shares of the textile maker’s stock valued at $374,195,000 after purchasing an additional 1,875,214 shares during the period. Causeway Capital Management LLC raised its position in Gildan Activewear by 392.6% during the first quarter. Causeway Capital Management LLC now owns 11,941,097 shares of the textile maker’s stock valued at $322,887,000 after purchasing an additional 9,517,241 shares during the period. Janus Henderson Group PLC purchased a new stake in Gildan Activewear during the second quarter valued at approximately $266,358,000. Finally, Turtle Creek Asset Management Inc. raised its position in Gildan Activewear by 74.5% during the first quarter. Turtle Creek Asset Management Inc. now owns 7,259,863 shares of the textile maker’s stock valued at $196,307,000 after purchasing an additional 3,099,700 shares during the period. Institutional investors and hedge funds 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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