Gildan Activewear (NYSE:GIL) Price Target Raised to $58.00

Gildan Activewear (NYSE:GIL) (TSE:GIL) had its price objective upped by analysts at BMO Capital Markets from $47.00 to $58.00 in a report issued on Friday, Benzinga reports. The firm presently has an “outperform” rating on the textile maker’s stock. BMO Capital Markets’ price objective points to a potential upside of 16.68% from the company’s current price.

Several other research firms also recently commented on GIL. Stifel Nicolaus upped their price objective on shares of Gildan Activewear from $51.00 to $54.00 and gave the company a “buy” rating in a report on Thursday, October 3rd. TD Securities increased their price target on shares of Gildan Activewear from $50.00 to $56.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Finally, Royal Bank of Canada boosted their price objective on Gildan Activewear from $41.00 to $44.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Four equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $46.68.

Gildan Activewear Stock Up 1.7 %

Shares of NYSE:GIL traded up $0.81 during mid-day trading on Friday, reaching $49.71. 133,431 shares of the stock were exchanged, compared to its average volume of 707,766. The stock’s 50 day simple moving average is $46.31 and its 200-day simple moving average is $40.77. Gildan Activewear has a one year low of $28.95 and a one year high of $49.72. The company has a market cap of $7.80 billion, a P/E ratio of 20.36, a P/E/G ratio of 1.83 and a beta of 1.43. The company has a quick ratio of 0.97, a current ratio of 2.35 and a debt-to-equity ratio of 0.55.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last issued its earnings results on Thursday, October 31st. The textile maker reported $0.85 earnings per share for the quarter, topping analysts’ consensus estimates of $0.84 by $0.01. The business had revenue of $891.10 million for the quarter, compared to the consensus estimate of $882.85 million. Gildan Activewear had a net margin of 13.01% and a return on equity of 24.96%. The firm’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.74 earnings per share. As a group, equities research analysts predict that Gildan Activewear will post 2.93 EPS for the current year.

Institutional Investors Weigh In On Gildan Activewear

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Riverview Trust Co bought a new stake in Gildan Activewear during the 3rd quarter valued at $29,000. Blue Trust Inc. increased its position in shares of Gildan Activewear by 96.1% in the third quarter. Blue Trust Inc. now owns 810 shares of the textile maker’s stock valued at $38,000 after acquiring an additional 397 shares during the period. Natixis bought a new position in shares of Gildan Activewear during the first quarter valued at about $51,000. Cullen Frost Bankers Inc. bought a new position in shares of Gildan Activewear during the second quarter valued at about $51,000. Finally, Tobam purchased a new stake in shares of Gildan Activewear during the second quarter worth about $53,000. 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.