Gildan Activewear, Inc. (GIL) Downgraded 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 note issued to investors 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. “
Several other research firms have also recently weighed in on GIL. TD Securities cut Gildan Activewear from a “buy” rating to a “hold” rating and boosted their target price for the stock from $32.00 to $33.00 in a research note on Friday, August 4th. BMO Capital Markets restated a “buy” rating and set a $34.00 target price (up previously from $32.00) on shares of Gildan Activewear in a research note on Friday, August 4th. National Bank Financial cut Gildan Activewear from an “outperform” rating to a “sector perform” rating in a research note on Friday, August 4th. Royal Bank Of Canada cut Gildan Activewear from an “outperform” rating to a “sector perform” rating and set a $31.00 target price for the company. in a research note on Tuesday, July 11th. Finally, CIBC upgraded Gildan Activewear from a “sector perform” rating to a “sector outperform” rating in a research note on Wednesday, June 28th. Seven investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $35.14.
Shares of Gildan Activewear (NYSE:GIL) traded up 0.54% during trading on Wednesday, hitting $31.71. 326,133 shares of the company traded hands. The stock has a market capitalization of $7.12 billion, a PE ratio of 19.19 and a beta of 0.69. Gildan Activewear has a 52-week low of $23.55 and a 52-week high of $31.87. The company has a 50-day moving average of $30.92 and a 200-day moving average of $29.48.
Gildan Activewear (NYSE:GIL) (TSE:GIL) last posted its earnings results on Thursday, August 3rd. The textile maker reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.01. The firm had revenue of $715.40 million during the quarter, compared to analysts’ expectations of $753.85 million. Gildan Activewear had a return on equity of 18.65% and a net margin of 14.16%. The firm’s revenue was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.41 earnings per share. Equities analysts expect that Gildan Activewear will post $1.70 EPS for the current year.
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A number of hedge funds and other institutional investors have recently modified their holdings of GIL. US Bancorp DE lifted its stake in Gildan Activewear by 24.2% in the first quarter. US Bancorp DE now owns 3,718 shares of the textile maker’s stock valued at $101,000 after buying an additional 725 shares during the last quarter. Commonwealth Bank of Australia lifted its stake in Gildan Activewear by 9.7% in the second quarter. Commonwealth Bank of Australia now owns 3,414 shares of the textile maker’s stock valued at $103,000 after buying an additional 303 shares during the last quarter. DekaBank Deutsche Girozentrale lifted its stake in Gildan Activewear by 133.7% in the second quarter. DekaBank Deutsche Girozentrale now owns 3,475 shares of the textile maker’s stock valued at $106,000 after buying an additional 1,988 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in Gildan Activewear by 43.2% in the first quarter. PNC Financial Services Group Inc. now owns 3,968 shares of the textile maker’s stock valued at $107,000 after buying an additional 1,198 shares during the last quarter. Finally, Global X Management Co. LLC lifted its stake in Gildan Activewear by 33.1% in the second quarter. Global X Management Co. LLC now owns 3,591 shares of the textile maker’s stock valued at $110,000 after buying an additional 893 shares during the last quarter. Institutional investors own 72.59% 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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