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

Gildan Activewear (NYSE:GIL) (TSE:GIL) had its price objective hoisted by Canaccord Genuity Group from $53.00 to $58.00 in a research note released on Thursday morning,BayStreet.CA reports. Canaccord Genuity Group currently has a buy rating on the textile maker’s stock.

GIL has been the topic of a number of other reports. CIBC raised their price objective on shares of Gildan Activewear from $56.00 to $60.00 and gave the company an “outperform” rating in a research note on Thursday. Stifel Nicolaus raised their price objective on shares of Gildan Activewear from $54.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Citigroup raised their price target on shares of Gildan Activewear from $59.00 to $62.00 and gave the company a “buy” rating in a research report on Thursday. TD Securities raised their price target on shares of Gildan Activewear from $58.00 to $60.00 and gave the company a “buy” rating in a research report on Monday, December 2nd. Finally, UBS Group raised their price target on shares of Gildan Activewear from $60.00 to $69.00 and gave the company a “buy” rating in a research report on Thursday. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and an average price target of $60.00.

Gildan Activewear Stock Down 1.7 %

Gildan Activewear stock opened at $54.18 on Thursday. Gildan Activewear has a 1-year low of $32.23 and a 1-year high of $55.39. The firm has a market capitalization of $8.24 billion, a price-to-earnings ratio of 21.67, a price-to-earnings-growth ratio of 1.76 and a beta of 1.41. The firm’s fifty day moving average price is $49.57 and its two-hundred day moving average price is $47.63. The company has a current ratio of 2.22, a quick ratio of 0.98 and a debt-to-equity ratio of 0.92.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last released its quarterly earnings data on Wednesday, February 19th. The textile maker reported $0.83 earnings per share for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.30). Gildan Activewear had a net margin of 12.26% and a return on equity of 28.80%. The business had revenue of $822.00 million during the quarter, compared to the consensus estimate of $805.75 million. During the same period last year, the business posted $0.75 earnings per share. The firm’s quarterly revenue was up 5.0% on a year-over-year basis. On average, equities research analysts predict that Gildan Activewear will post 3.48 earnings per share for the current fiscal year.

Gildan Activewear Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, April 7th. Shareholders of record on Wednesday, March 12th will be paid a $0.226 dividend. This represents a $0.90 dividend on an annualized basis and a yield of 1.67%. This is a boost from Gildan Activewear’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Wednesday, March 12th. Gildan Activewear’s payout ratio is presently 36.00%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Simcoe Capital Management LLC boosted its stake in Gildan Activewear by 10.5% in the third quarter. Simcoe Capital Management LLC now owns 2,387,865 shares of the textile maker’s stock valued at $112,492,000 after acquiring an additional 226,695 shares during the last quarter. Intech Investment Management LLC purchased a new position in Gildan Activewear in the third quarter valued at about $544,000. Tacita Capital Inc boosted its stake in Gildan Activewear by 1,025.5% in the third quarter. Tacita Capital Inc now owns 13,056 shares of the textile maker’s stock valued at $615,000 after acquiring an additional 11,896 shares during the last quarter. CIBC Asset Management Inc boosted its stake in Gildan Activewear by 545.1% in the fourth quarter. CIBC Asset Management Inc now owns 1,210,314 shares of the textile maker’s stock valued at $57,403,000 after acquiring an additional 1,022,695 shares during the last quarter. Finally, Meritage Portfolio Management purchased a new stake in shares of Gildan Activewear during the 4th quarter valued at approximately $462,000. 82.83% of the stock is currently owned by hedge funds and other institutional investors.

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.