Gildan Activewear (NYSE:GIL) Releases FY 2024 Earnings Guidance

Gildan Activewear (NYSE:GIL) (TSE:GIL) issued an update on its FY 2024 earnings guidance on Monday morning. The company provided earnings per share guidance of 2.920-3.070 for the period, compared to the consensus earnings per share estimate of 2.950. The company issued revenue guidance of -. Gildan Activewear also updated its FY24 guidance to $2.92-3.07 EPS.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Scotiabank upped their price target on shares of Gildan Activewear from $39.50 to $40.50 and gave the company a sector outperform rating in a research report on Friday, February 9th. CIBC upped their price target on shares of Gildan Activewear from $38.00 to $41.00 and gave the company an outperform rating in a research report on Thursday, February 22nd. TD Securities upped their price objective on shares of Gildan Activewear from $42.00 to $46.00 and gave the company a buy rating in a research note on Wednesday, March 20th. Stifel Nicolaus upped their price objective on shares of Gildan Activewear from $34.00 to $36.00 and gave the company a hold rating in a research note on Thursday, February 22nd. Finally, UBS Group downgraded shares of Gildan Activewear from a buy rating to a neutral rating and lowered their price objective for the company from $40.00 to $37.00 in a research note on Friday, January 5th. Five research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, Gildan Activewear presently has a consensus rating of Moderate Buy and an average target price of $41.25.

Gildan Activewear Price Performance

GIL stock opened at $35.23 on Thursday. Gildan Activewear has a 1 year low of $26.98 and a 1 year high of $38.87. The company has a market cap of $5.94 billion, a P/E ratio of 11.63, a PEG ratio of 1.36 and a beta of 1.38. The firm has a 50-day moving average of $35.44 and a 200 day moving average of $33.50. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.33 and a quick ratio of 0.83.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last released its quarterly earnings results 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 company had revenue of $782.70 million during the quarter, compared to the consensus estimate of $753.35 million. Gildan Activewear had a net margin of 16.70% and a return on equity of 23.19%. Gildan Activewear’s revenue was up 8.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.65 earnings per share. On average, sell-side analysts forecast that Gildan Activewear will post 2.94 EPS for the current year.

Gildan Activewear Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 8th. Shareholders of record on Wednesday, March 13th were issued a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date was Tuesday, March 12th. This is a boost from Gildan Activewear’s previous quarterly dividend of $0.19. Gildan Activewear’s dividend payout ratio is 27.06%.

Institutional Investors Weigh In On Gildan Activewear

A number of hedge funds and other institutional investors have recently bought and sold shares of GIL. Norges Bank purchased a new stake in Gildan Activewear in the fourth quarter worth about $55,337,000. BlackRock Inc. grew its holdings in Gildan Activewear by 115.5% in the first quarter. BlackRock Inc. now owns 2,602,095 shares of the textile maker’s stock worth $86,364,000 after purchasing an additional 1,394,775 shares during the period. The Manufacturers Life Insurance Company grew its holdings in Gildan Activewear by 85.0% in the first quarter. The Manufacturers Life Insurance Company now owns 2,191,716 shares of the textile maker’s stock worth $82,339,000 after purchasing an additional 1,007,107 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in shares of Gildan Activewear by 6,659.8% during the first quarter. Arrowstreet Capital Limited Partnership now owns 872,624 shares of the textile maker’s stock valued at $28,980,000 after buying an additional 859,715 shares during the last quarter. Finally, Mackenzie Financial Corp grew its holdings in shares of Gildan Activewear by 25.0% during the first quarter. Mackenzie Financial Corp now owns 2,457,477 shares of the textile maker’s stock valued at $92,318,000 after buying an additional 490,913 shares during the last quarter. 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.