Gildan Activewear, Inc. (GIL) Downgraded to “Hold” at Zacks Investment Research
Zacks Investment Research lowered shares of Gildan Activewear, Inc. (NYSE:GIL) (TSE:GIL) from a buy rating to a hold rating in a research report report published on Wednesday morning.
According to Zacks, “Gildan Activewear Inc. is a manufacturer and marketer of premium quality branded basic activewear for sale principally into the wholesale imprinted activewear segment of the North American apparel market. The company sells premium quality 100% cotton T-shirts and premium quality sweatshirts, in a variety of weights, sizes, colors and styles, as blanks, which are ultimately decorated with designs and logos for sale to consumers. “
Several other analysts also recently issued reports on GIL. TD Securities downgraded Gildan Activewear from a buy rating to a hold rating and raised their price target for the stock from $32.00 to $33.00 in a report on Friday, August 4th. BMO Capital Markets reissued a buy rating and issued a $34.00 price target (up previously from $32.00) on shares of Gildan Activewear in a report on Friday, August 4th. National Bank Financial downgraded Gildan Activewear from an outperform rating to a sector perform rating in a report on Friday, August 4th. Canaccord Genuity downgraded Gildan Activewear from a buy rating to a hold rating and set a $32.00 price target on the stock. in a report on Wednesday, July 12th. Finally, CIBC raised Gildan Activewear from a sector perform rating to a sector outperform rating in a report on Wednesday, June 28th. Seven equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Gildan Activewear presently has an average rating of Hold and an average price target of $35.29.
Gildan Activewear (GIL) traded down 1.48% on Wednesday, hitting $30.53. The stock had a trading volume of 51,416 shares. The company has a market cap of $6.85 billion, a price-to-earnings ratio of 18.48 and a beta of 0.70. The company’s 50 day moving average price is $30.61 and its 200-day moving average price is $28.90. Gildan Activewear has a 12-month low of $23.55 and a 12-month high of $31.87.
Gildan Activewear (NYSE:GIL) (TSE:GIL) last announced its quarterly earnings results on Thursday, August 3rd. The textile maker reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.01. The business had revenue of $715.40 million for the quarter, compared to the consensus estimate of $753.85 million. Gildan Activewear had a return on equity of 18.65% and a net margin of 14.16%. The business’s revenue was up 3.8% on a year-over-year basis. During the same quarter last year, the business posted $0.41 EPS. Equities research analysts anticipate that Gildan Activewear will post $1.70 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Monday, September 11th. Investors of record on Thursday, August 17th were given a $0.094 dividend. This represents a $0.38 annualized dividend and a yield of 1.21%. The ex-dividend date was Tuesday, August 15th. Gildan Activewear’s dividend payout ratio is currently 22.42%.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Jarislowsky Fraser Ltd increased its position in Gildan Activewear by 2.4% in the 1st quarter. Jarislowsky Fraser Ltd now owns 14,878,696 shares of the textile maker’s stock valued at $400,850,000 after acquiring an additional 342,337 shares during the period. FMR LLC increased its position in Gildan Activewear by 18.2% in the 2nd quarter. FMR LLC now owns 12,177,081 shares of the textile maker’s stock valued at $374,195,000 after acquiring an additional 1,875,214 shares during the period. Causeway Capital Management LLC increased its position in Gildan Activewear by 392.6% in the 1st quarter. Causeway Capital Management LLC now owns 11,941,097 shares of the textile maker’s stock valued at $322,887,000 after acquiring an additional 9,517,241 shares during the period. Janus Henderson Group PLC acquired a new stake in Gildan Activewear in the 2nd quarter valued at approximately $266,358,000. Finally, Turtle Creek Asset Management Inc. increased its position in Gildan Activewear by 74.5% in the 1st quarter. Turtle Creek Asset Management Inc. now owns 7,259,863 shares of the textile maker’s stock valued at $196,307,000 after acquiring an additional 3,099,700 shares during the period. Hedge funds and other institutional investors own 72.57% of the company’s stock.
About Gildan Activewear
Gildan Activewear Inc is a manufacturer and marketer of branded basic family apparel, including T-shirts, fleece, sport shirts, underwear, socks, hosiery and shapewear. The Company operates through two segments: Printwear and Branded Apparel. The Printwear segment designs, manufactures, sources, markets, and distributes undecorated activewear products.
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