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.

COPYRIGHT VIOLATION NOTICE: This piece of content was posted by American Banking News and is the sole property of of American Banking News. If you are viewing this piece of content on another website, it was copied illegally and reposted in violation of U.S. and international trademark & copyright law. The correct version of this piece of content can be accessed at https://www.americanbankingnews.com/2017/10/04/gildan-activewear-inc-gil-downgraded-to-hold-at-zacks-investment-research.html.

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.

Get a free copy of the Zacks research report on Gildan Activewear (GIL)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Gildan Activewear (NYSE:GIL)

Receive News & Ratings for Gildan Activewear Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Gildan Activewear Inc. and related companies with MarketBeat.com's FREE daily email newsletter.