Gildan Activewear (NYSE:GIL) Issues FY24 Earnings Guidance

Gildan Activewear (NYSE:GIL) (TSE:GIL) updated its FY24 earnings guidance on Monday. The company provided EPS guidance of $2.92-3.07 for the period, compared to the consensus EPS estimate of $2.95. The company issued revenue guidance of ~$3.196-3.291 billion, compared to the consensus revenue estimate of $3.26 billion.

Gildan Activewear Price Performance

Gildan Activewear stock traded down $0.26 during trading on Monday, reaching $35.33. The company had a trading volume of 579,596 shares, compared to its average volume of 839,593. The firm’s 50-day simple moving average is $35.32 and its 200 day simple moving average is $33.38. Gildan Activewear has a 1-year low of $26.98 and a 1-year high of $38.87. The firm has a market capitalization of $5.96 billion, a PE ratio of 11.83, a price-to-earnings-growth ratio of 1.35 and a beta of 1.38. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.83 and a current ratio of 2.33.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last released its earnings results on Wednesday, February 21st. The textile maker reported $0.75 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.03. The company had revenue of $782.70 million during the quarter, compared to the consensus estimate of $753.35 million. Gildan Activewear had a return on equity of 23.19% and a net margin of 16.70%. Gildan Activewear’s revenue was up 8.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.65 EPS. As a group, equities research analysts anticipate that Gildan Activewear will post 2.94 earnings per share for the current fiscal year.

Gildan Activewear Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 8th. Investors of record on Wednesday, March 13th were given a dividend of $0.205 per share. The ex-dividend date of this dividend was Tuesday, March 12th. This is an increase from Gildan Activewear’s previous quarterly dividend of $0.19. This represents a $0.82 annualized dividend and a yield of 2.32%. Gildan Activewear’s dividend payout ratio is 27.06%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on GIL shares. Scotiabank lifted their target price on Gildan Activewear from $39.50 to $40.50 and gave the stock a sector outperform rating in a report on Friday, February 9th. TD Securities upped their price objective on Gildan Activewear from $42.00 to $46.00 and gave the company a buy rating in a research note on Wednesday, March 20th. CIBC increased their price objective on Gildan Activewear from $38.00 to $41.00 and gave the company an outperform rating in a research report on Thursday, February 22nd. Royal Bank of Canada reiterated an outperform rating and set a $41.00 target price on shares of Gildan Activewear in a report on Monday, April 8th. Finally, Stifel Nicolaus lifted their price target on Gildan Activewear from $34.00 to $36.00 and gave the company a hold rating in a research note on Thursday, February 22nd. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Gildan Activewear has a consensus rating of Moderate Buy and a consensus price target of $41.25.

Hedge Funds Weigh In On Gildan Activewear

Hedge funds have recently made changes to their positions in the company. Tower Research Capital LLC TRC purchased a new position in Gildan Activewear in the 3rd quarter worth approximately $106,000. PNC Financial Services Group Inc. lifted its position in shares of Gildan Activewear by 36.1% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,381 shares of the textile maker’s stock worth $127,000 after purchasing an additional 896 shares during the last quarter. Lazard Asset Management LLC lifted its position in shares of Gildan Activewear by 225.9% during the 4th quarter. Lazard Asset Management LLC now owns 5,339 shares of the textile maker’s stock worth $146,000 after purchasing an additional 3,701 shares during the last quarter. Captrust Financial Advisors purchased a new stake in Gildan Activewear in the second quarter valued at $202,000. Finally, Stifel Financial Corp purchased a new stake in Gildan Activewear in the first quarter valued at $208,000. 82.83% of the stock is owned by institutional investors and hedge funds.

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.