Gildan Activewear (NYSE:GIL) Updates FY 2024 Earnings Guidance

Gildan Activewear (NYSE:GIL) (TSE:GIL) issued an update on its FY 2024 earnings guidance on Monday morning. The company provided earnings per share guidance of 2.920-3.070 for the period, compared to the consensus earnings per share estimate of 2.950. The company issued revenue guidance of -. Gildan Activewear also updated its FY24 guidance to $2.92-3.07 EPS.

Gildan Activewear Stock Performance

NYSE:GIL opened at $35.23 on Thursday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.83 and a current ratio of 2.33. The company has a fifty day moving average of $35.44 and a two-hundred day moving average of $33.50. The stock has a market capitalization of $5.94 billion, a PE ratio of 11.63, a P/E/G ratio of 1.36 and a beta of 1.38. Gildan Activewear has a fifty-two week low of $26.98 and a fifty-two week high of $38.87.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last posted its quarterly earnings data on Wednesday, February 21st. The textile maker reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.72 by $0.03. The company had revenue of $782.70 million during the quarter, compared to analysts’ expectations of $753.35 million. Gildan Activewear had a net margin of 16.70% and a return on equity of 23.19%. The firm’s revenue for the quarter was up 8.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.65 earnings per share. As a group, research analysts forecast 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. Stockholders of record on Wednesday, March 13th were given a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a dividend yield of 2.33%. This is a boost from Gildan Activewear’s previous quarterly dividend of $0.19. The ex-dividend date was Tuesday, March 12th. Gildan Activewear’s dividend payout ratio is 27.06%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on GIL shares. CIBC increased their target price on shares of Gildan Activewear from $38.00 to $41.00 and gave the company an outperform rating in a research report on Thursday, February 22nd. Citigroup increased their target price on shares of Gildan Activewear from $40.00 to $44.00 and gave the company a buy rating in a research report on Friday, February 23rd. Royal Bank of Canada reiterated an outperform rating and issued a $41.00 target price on shares of Gildan Activewear in a research report on Monday, April 8th. UBS Group cut shares of Gildan Activewear from a buy rating to a neutral rating and cut their price objective for the stock from $40.00 to $37.00 in a research report on Friday, January 5th. Finally, Scotiabank raised their price objective on shares of Gildan Activewear from $39.50 to $40.50 and gave the stock a sector outperform rating in a research report on Friday, February 9th. 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, the company presently has a consensus rating of Moderate Buy and an average target price of $41.25.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Alliancebernstein L.P. boosted its stake in Gildan Activewear by 2.5% during the second quarter. Alliancebernstein L.P. now owns 18,148 shares of the textile maker’s stock worth $585,000 after buying an additional 435 shares during the period. Sei Investments Co. boosted its stake in Gildan Activewear by 2.2% during the second quarter. Sei Investments Co. now owns 29,049 shares of the textile maker’s stock worth $937,000 after buying an additional 637 shares during the period. Deutsche Bank AG boosted its stake in Gildan Activewear by 0.5% during the fourth quarter. Deutsche Bank AG now owns 165,453 shares of the textile maker’s stock worth $4,533,000 after buying an additional 889 shares during the period. PNC Financial Services Group Inc. boosted its stake in Gildan Activewear by 36.1% during the first quarter. PNC Financial Services Group Inc. now owns 3,381 shares of the textile maker’s stock worth $127,000 after buying an additional 896 shares during the period. Finally, American Century Companies Inc. boosted its stake in Gildan Activewear by 2.2% during the fourth quarter. American Century Companies Inc. now owns 43,857 shares of the textile maker’s stock worth $1,201,000 after buying an additional 936 shares during the period. Hedge funds and other institutional investors own 82.83% of the company’s stock.

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.