Canaccord Genuity Group Raises Gildan Activewear (NYSE:GIL) Price Target to $43.00

Gildan Activewear (NYSE:GIL) (TSE:GIL) had its target price lifted by Canaccord Genuity Group from $42.00 to $43.00 in a research note published on Thursday morning, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the textile maker’s stock.

A number of other research firms have also recently issued reports on GIL. Stifel Nicolaus upped their price target on shares of Gildan Activewear from $34.00 to $36.00 and gave the company a hold rating in a report on Thursday, February 22nd. Citigroup lifted their price target on shares of Gildan Activewear from $40.00 to $44.00 and gave the company a buy rating in a research note on Friday, February 23rd. Scotiabank increased their price target on Gildan Activewear from $39.50 to $40.50 and gave the company a sector outperform rating in a research report on Friday, February 9th. Royal Bank of Canada restated an outperform rating and set a $41.00 price objective on shares of Gildan Activewear in a research report on Monday, April 8th. Finally, CIBC lifted their price target 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. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the company has an average rating of Moderate Buy and a consensus target price of $41.95.

Gildan Activewear Price Performance

Shares of NYSE GIL remained flat at $33.10 during midday trading on Thursday. The stock had a trading volume of 114,120 shares, compared to its average volume of 802,456. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.92 and a current ratio of 2.38. The company has a market cap of $5.58 billion, a P/E ratio of 11.18, a PEG ratio of 1.25 and a beta of 1.38. The firm has a fifty day simple moving average of $35.51 and a two-hundred day simple moving average of $34.05. Gildan Activewear has a 1-year low of $26.98 and a 1-year high of $38.87.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last issued its quarterly earnings data on Wednesday, May 1st. The textile maker reported $0.59 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.07. Gildan Activewear had a net margin of 16.14% and a return on equity of 24.00%. The business had revenue of $695.80 million during the quarter, compared to analysts’ expectations of $692.94 million. During the same period last year, the company posted $0.45 EPS. The company’s revenue was down 1.0% on a year-over-year basis. Equities analysts anticipate that Gildan Activewear will post 2.94 EPS for the current fiscal year.

Gildan Activewear Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Thursday, May 23rd will be issued a dividend of $0.205 per share. The ex-dividend date of this dividend is Wednesday, May 22nd. This represents a $0.82 annualized dividend and a dividend yield of 2.48%. Gildan Activewear’s payout ratio is 27.70%.

Institutional Investors Weigh In On Gildan Activewear

Large investors have recently modified their holdings of the business. Natixis Advisors L.P. lifted its stake in Gildan Activewear by 2.5% in the 3rd quarter. Natixis Advisors L.P. now owns 13,204 shares of the textile maker’s stock valued at $370,000 after buying an additional 324 shares in the last quarter. CWM LLC lifted its holdings in shares of Gildan Activewear by 86.5% in the 4th quarter. CWM LLC now owns 1,074 shares of the textile maker’s stock valued at $35,000 after buying an additional 498 shares during the period. Addenda Capital Inc. grew its position in Gildan Activewear by 0.4% during the first quarter. Addenda Capital Inc. now owns 212,701 shares of the textile maker’s stock worth $7,898,000 after buying an additional 800 shares during the period. EverSource Wealth Advisors LLC raised its position in Gildan Activewear by 120.6% during the third quarter. EverSource Wealth Advisors LLC now owns 1,646 shares of the textile maker’s stock worth $46,000 after acquiring an additional 900 shares during the last quarter. Finally, Verdence Capital Advisors LLC lifted its stake in shares of Gildan Activewear by 9.1% during the first quarter. Verdence Capital Advisors LLC now owns 12,543 shares of the textile maker’s stock valued at $466,000 after buying an additional 1,049 shares during the period. Institutional investors own 82.83% of the company’s stock.

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.