Gildan Activewear (NYSE:GIL) Price Target Raised to $56.00

Gildan Activewear (NYSE:GIL) (TSE:GIL) had its target price upped by CIBC from $48.00 to $56.00 in a report released on Friday morning, BayStreet.CA reports. CIBC currently has an outperform rating on the textile maker’s stock.

Several other equities analysts also recently commented on GIL. TD Securities upped their price objective on Gildan Activewear from $50.00 to $56.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. BMO Capital Markets upped their price objective on Gildan Activewear from $47.00 to $58.00 and gave the company an “outperform” rating in a research note on Friday. Stifel Nicolaus upped their price objective on Gildan Activewear from $51.00 to $54.00 and gave the company a “buy” rating in a research note on Thursday, October 3rd. Royal Bank of Canada boosted their target price on shares of Gildan Activewear from $41.00 to $44.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Finally, Canaccord Genuity Group boosted their target price on shares of Gildan Activewear from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday. Four investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $51.05.

Gildan Activewear Stock Performance

Shares of NYSE GIL traded up $0.76 during midday trading on Friday, reaching $49.66. The company’s stock had a trading volume of 531,424 shares, compared to its average volume of 709,643. The stock has a market capitalization of $7.80 billion, a P/E ratio of 20.35, a PEG ratio of 1.83 and a beta of 1.43. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.35 and a quick ratio of 0.97. The firm has a 50 day moving average price of $46.45 and a 200-day moving average price of $40.87. Gildan Activewear has a 12-month low of $28.95 and a 12-month high of $49.92.

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

Gildan Activewear Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Thursday, November 21st will be issued a $0.152 dividend. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $0.61 annualized dividend and a dividend yield of 1.22%. Gildan Activewear’s payout ratio is currently 33.61%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Riverview Trust Co purchased a new position in Gildan Activewear in the third quarter worth $29,000. Blue Trust Inc. grew its position in Gildan Activewear by 96.1% in the third quarter. Blue Trust Inc. now owns 810 shares of the textile maker’s stock worth $38,000 after acquiring an additional 397 shares in the last quarter. Natixis purchased a new position in Gildan Activewear in the first quarter worth $51,000. Cullen Frost Bankers Inc. purchased a new position in Gildan Activewear in the second quarter worth $51,000. Finally, Tobam purchased a new position in Gildan Activewear in the second quarter worth $53,000. 82.83% of the stock is currently owned by hedge funds and other institutional investors.

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.