Desjardins Weighs in on Gildan Activewear Inc.’s Q2 2024 Earnings (NYSE:GIL)

Gildan Activewear Inc. (NYSE:GIL) (TSE:GIL) – Research analysts at Desjardins cut their Q2 2024 EPS estimates for Gildan Activewear in a note issued to investors on Thursday, May 2nd. Desjardins analyst C. Li now anticipates that the textile maker will earn $0.70 per share for the quarter, down from their prior forecast of $0.76. The consensus estimate for Gildan Activewear’s current full-year earnings is $2.94 per share. Desjardins also issued estimates for Gildan Activewear’s Q3 2024 earnings at $0.82 EPS and Q4 2024 earnings at $0.79 EPS.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last posted its quarterly earnings data on Wednesday, May 1st. The textile maker reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.07. Gildan Activewear had a return on equity of 24.00% and a net margin of 16.14%. The company had revenue of $695.80 million during the quarter, compared to analyst estimates of $692.94 million. During the same quarter last year, the company earned $0.45 EPS. The firm’s revenue for the quarter was down 1.0% on a year-over-year basis.

A number of other research analysts have also weighed in on GIL. Royal Bank of Canada reaffirmed an “outperform” rating and set a $41.00 price objective on shares of Gildan Activewear in a research report on Monday, April 8th. CIBC lifted their price objective on Gildan Activewear from $38.00 to $41.00 and gave the stock an “outperform” rating in a report on Thursday, February 22nd. Canaccord Genuity Group lifted their price objective on Gildan Activewear from $42.00 to $43.00 and gave the stock a “buy” rating in a report on Thursday, May 2nd. Stifel Nicolaus lifted their target price on Gildan Activewear from $34.00 to $36.00 and gave the company a “hold” rating in a research report on Thursday, February 22nd. Finally, Citigroup lifted their target price on Gildan Activewear from $40.00 to $44.00 and gave the company a “buy” rating in a research report on Friday, February 23rd. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $41.95.

Gildan Activewear Stock Down 1.3 %

GIL stock opened at $32.64 on Monday. Gildan Activewear has a twelve month low of $26.98 and a twelve month high of $38.87. The company has a quick ratio of 0.92, a current ratio of 2.38 and a debt-to-equity ratio of 0.48. The firm has a market cap of $5.50 billion, a PE ratio of 11.03, a price-to-earnings-growth ratio of 1.25 and a beta of 1.38. The business has a 50 day moving average of $35.43 and a 200 day moving average of $34.11.

Hedge Funds Weigh In On Gildan Activewear

Large investors have recently made changes to their positions in the business. Byrne Asset Management LLC purchased a new position in shares of Gildan Activewear in the third quarter valued at about $34,000. CWM LLC lifted its position in shares of Gildan Activewear by 86.5% in the fourth quarter. CWM LLC now owns 1,074 shares of the textile maker’s stock worth $35,000 after buying an additional 498 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Gildan Activewear by 120.6% in the third quarter. EverSource Wealth Advisors LLC now owns 1,646 shares of the textile maker’s stock worth $46,000 after buying an additional 900 shares in the last quarter. Tower Research Capital LLC TRC lifted its position in shares of Gildan Activewear by 529.3% in the fourth quarter. Tower Research Capital LLC TRC now owns 2,215 shares of the textile maker’s stock worth $73,000 after buying an additional 1,863 shares in the last quarter. Finally, Dixon Mitchell Investment Counsel Inc. purchased a new stake in shares of Gildan Activewear in the first quarter worth about $84,000. 82.83% of the stock is currently owned by hedge funds and other institutional investors.

Gildan Activewear Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Thursday, May 23rd will be given a $0.205 dividend. The ex-dividend date of this dividend is Wednesday, May 22nd. This represents a $0.82 annualized dividend and a dividend yield of 2.51%. Gildan Activewear’s payout ratio is 27.70%.

Gildan Activewear Company Profile

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.