Zacks Investment Research upgraded shares of Gildan Activewear (NYSE:GIL) (TSE:GIL) from a hold rating to a buy rating in a research report sent to investors on Monday, Zacks.com reports. Zacks Investment Research currently has $41.00 price target on the textile maker’s stock.
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 commented on the company. ValuEngine lowered Gildan Activewear from a buy rating to a hold rating in a report on Tuesday, August 6th. TD Securities upgraded Gildan Activewear from a hold rating to a buy rating in a report on Friday, August 2nd. Royal Bank of Canada upped their price target on Gildan Activewear from $34.00 to $35.00 and gave the stock a hold rating in a report on Thursday, May 2nd. Citigroup upped their target price on Gildan Activewear from $37.00 to $40.00 and gave the company a neutral rating in a research note on Friday, August 2nd. Finally, Raymond James restated a strong-buy rating and issued a $14.00 target price on shares of Gildan Activewear in a research note on Thursday, May 2nd. Five research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of Buy and an average price target of $34.00.
Gildan Activewear (NYSE:GIL) (TSE:GIL) last issued its quarterly earnings results on Thursday, August 1st. The textile maker reported $0.57 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.55 by $0.02. The firm had revenue of $801.60 million during the quarter, compared to analysts’ expectations of $793.91 million. Gildan Activewear had a net margin of 10.14% and a return on equity of 18.48%. Gildan Activewear’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.52 EPS. Equities analysts expect that Gildan Activewear will post 1.98 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, September 9th. Investors of record on Thursday, August 15th will be paid a $0.236 dividend. The ex-dividend date of this dividend is Wednesday, August 14th. This represents a $0.94 dividend on an annualized basis and a dividend yield of 2.59%. Gildan Activewear’s payout ratio is 29.03%.
Hedge funds and other institutional investors have recently modified their holdings of the stock. FMR LLC increased its position in shares of Gildan Activewear by 19.3% during the first quarter. FMR LLC now owns 9,830,993 shares of the textile maker’s stock valued at $353,485,000 after acquiring an additional 1,589,389 shares during the last quarter. Janus Henderson Group PLC raised its position in shares of Gildan Activewear by 0.4% during the 2nd quarter. Janus Henderson Group PLC now owns 9,713,799 shares of the textile maker’s stock valued at $375,748,000 after buying an additional 36,796 shares in the last quarter. Vanguard Group Inc. raised its position in Gildan Activewear by 2.9% in the 2nd quarter. Vanguard Group Inc. now owns 5,745,356 shares of the textile maker’s stock worth $222,230,000 after purchasing an additional 159,519 shares during the period. Royal Bank of Canada raised its position in Gildan Activewear by 9.6% in the 2nd quarter. Royal Bank of Canada now owns 5,569,834 shares of the textile maker’s stock worth $215,443,000 after purchasing an additional 489,075 shares during the period. Finally, Pzena Investment Management LLC raised its position in Gildan Activewear by 87.2% in the 1st quarter. Pzena Investment Management LLC now owns 3,718,142 shares of the textile maker’s stock worth $133,742,000 after purchasing an additional 1,732,215 shares during the period. Institutional investors and hedge funds own 68.73% of the company’s stock.
About Gildan Activewear
Gildan Activewear Inc manufactures and sells a range of apparel products in North America, Europe, the Asia-Pacific, and Latin America. The company manufactures and markets active wear products, including T-shirts, fleece tops and bottoms, and sport shirts under Gildan, Gildan Performance, Gildan Platinum, Gildan Hammer, Comfort Colors, American Apparel, Anvil, Alstyle, and Gold Toe brands.
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