Gildan Activewear (NYSE:GIL) Updates FY24 Earnings Guidance

Gildan Activewear (NYSE:GIL) (TSE:GIL) updated its FY24 earnings guidance on Monday. The company provided earnings per share guidance of $2.92-3.07 for the period, compared to the consensus earnings per share estimate of $2.95. The company issued revenue guidance of ~$3.196-3.291 billion, compared to the consensus revenue estimate of $3.26 billion. Gildan Activewear also updated its FY 2024 guidance to 2.920-3.070 EPS.

Analyst Ratings Changes

Several brokerages recently issued reports on GIL. TD Securities upped their price target on Gildan Activewear from $42.00 to $46.00 and gave the stock a buy rating in a report on Wednesday, March 20th. Citigroup boosted their price objective on Gildan Activewear from $40.00 to $44.00 and gave the stock a buy rating in a research report on Friday, February 23rd. UBS Group cut Gildan Activewear from a buy rating to a neutral rating and cut their price objective for the stock from $40.00 to $37.00 in a research report on Friday, January 5th. Scotiabank boosted their price objective on Gildan Activewear from $39.50 to $40.50 and gave the stock a sector outperform rating in a research report on Friday, February 9th. Finally, Royal Bank of Canada reissued an outperform rating and issued a $41.00 price objective on shares of Gildan Activewear in a research report on Monday, April 8th. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus price target of $41.25.

Gildan Activewear Stock Up 1.8 %

Shares of NYSE GIL opened at $35.97 on Wednesday. Gildan Activewear has a one year low of $26.98 and a one year high of $38.87. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.33 and a quick ratio of 0.83. The business’s fifty day moving average price is $35.41 and its 200-day moving average price is $33.49. The stock has a market capitalization of $6.06 billion, a PE ratio of 11.87, a P/E/G ratio of 1.34 and a beta of 1.38.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last issued its quarterly earnings data on Wednesday, February 21st. The textile maker reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.72 by $0.03. The business had revenue of $782.70 million for the quarter, compared to analysts’ expectations of $753.35 million. Gildan Activewear had a return on equity of 23.19% and a net margin of 16.70%. The firm’s quarterly revenue was up 8.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.65 EPS. On average, equities research analysts anticipate that Gildan Activewear will post 2.94 EPS for the current year.

Gildan Activewear Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 8th. Investors of record on Wednesday, March 13th were issued a dividend of $0.205 per share. This is a boost from Gildan Activewear’s previous quarterly dividend of $0.19. The ex-dividend date was Tuesday, March 12th. This represents a $0.82 dividend on an annualized basis and a yield of 2.28%. Gildan Activewear’s dividend payout ratio is 27.06%.

Institutional Trading of Gildan Activewear

A number of institutional investors have recently added to or reduced their stakes in the stock. Legal & General Group Plc lifted its holdings in Gildan Activewear by 34.2% during the 4th quarter. Legal & General Group Plc now owns 1,103,826 shares of the textile maker’s stock worth $36,681,000 after purchasing an additional 281,095 shares in the last quarter. Barclays PLC increased its stake in Gildan Activewear by 7,589.4% in the 4th quarter. Barclays PLC now owns 13,072 shares of the textile maker’s stock worth $432,000 after acquiring an additional 12,902 shares during the last quarter. Weiss Multi Strategy Advisers LLC bought a new position in Gildan Activewear in the 4th quarter worth about $4,893,000. Nuveen Asset Management LLC bought a new position in Gildan Activewear in the 4th quarter worth about $4,446,000. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new position in Gildan Activewear in the 4th quarter worth about $6,618,000. Hedge funds and other institutional investors own 82.83% of the company’s stock.

About Gildan Activewear

Gildan Activewear Inc manufactures and sells various apparel products in the United States, North America, Europe, Asia-Pacific, and Latin America. It provides various activewear products, including T-shirts, fleece tops and bottoms, and sports shirts under the Gildan, Gildan Performance, Gildan Hammer, Glidan Softstyle, Gildan Heavy Cotton, Gildan Ultra Cotton, Gildan DryBlend, Gildan HeavyBlend, Comfort Colors, and American Apparel brands.