Gildan Activewear (NYSE:GIL) Releases FY24 Earnings Guidance

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

Gildan Activewear Stock Up 1.8 %

GIL stock opened at $35.97 on Wednesday. The company has a fifty day moving average price of $35.41 and a 200 day moving average price of $33.49. Gildan Activewear has a 12 month low of $26.98 and a 12 month high of $38.87. The company has a market cap of $6.06 billion, a price-to-earnings ratio of 11.87, a price-to-earnings-growth ratio of 1.34 and a beta of 1.38. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.33 and a quick ratio of 0.83.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last released its quarterly earnings results on Wednesday, February 21st. The textile maker reported $0.75 EPS for the quarter, beating the consensus estimate of $0.72 by $0.03. Gildan Activewear had a net margin of 16.70% and a return on equity of 23.19%. The firm had revenue of $782.70 million during the quarter, compared to the consensus estimate of $753.35 million. During the same quarter in the prior year, the firm earned $0.65 EPS. Gildan Activewear’s revenue for the quarter was up 8.7% on a year-over-year basis. Sell-side analysts expect that Gildan Activewear will post 2.94 earnings per share for the current year.

Gildan Activewear Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 8th. Investors of record on Wednesday, March 13th were given a $0.205 dividend. This is an increase from Gildan Activewear’s previous quarterly dividend of $0.19. The ex-dividend date was Tuesday, March 12th. This represents a $0.82 annualized dividend and a yield of 2.28%. Gildan Activewear’s dividend payout ratio is 27.06%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Citigroup upped their price objective on shares of Gildan Activewear from $40.00 to $44.00 and gave the stock a buy rating in a research report on Friday, February 23rd. CIBC upped their price objective on shares of Gildan Activewear from $38.00 to $41.00 and gave the stock an outperform rating in a research report on Thursday, February 22nd. Scotiabank upped 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. TD Securities upped their price objective on shares of Gildan Activewear from $42.00 to $46.00 and gave the stock a buy rating in a research report on Wednesday, March 20th. Finally, UBS Group downgraded 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. Five investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus price target of $41.25.

Institutional Investors Weigh In On Gildan Activewear

A number of large investors have recently added to or reduced their stakes in the business. Browning West LP grew its stake in Gildan Activewear by 7.1% in the 1st quarter. Browning West LP now owns 6,395,548 shares of the textile maker’s stock valued at $212,268,000 after acquiring an additional 425,000 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Gildan Activewear by 0.4% during the 3rd quarter. Vanguard Group Inc. now owns 6,349,722 shares of the textile maker’s stock worth $179,507,000 after purchasing an additional 22,957 shares during the last quarter. BlackRock Inc. boosted its stake in shares of Gildan Activewear by 3.3% during the 2nd quarter. BlackRock Inc. now owns 2,687,514 shares of the textile maker’s stock worth $86,645,000 after purchasing an additional 85,419 shares during the last quarter. Mackenzie Financial Corp boosted its stake in shares of Gildan Activewear by 25.0% during the 1st quarter. Mackenzie Financial Corp now owns 2,457,477 shares of the textile maker’s stock worth $92,318,000 after purchasing an additional 490,913 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of Gildan Activewear by 85.0% during the 1st quarter. The Manufacturers Life Insurance Company now owns 2,191,716 shares of the textile maker’s stock worth $82,339,000 after purchasing an additional 1,007,107 shares during the last quarter. 82.83% of the stock is owned by institutional investors and hedge funds.

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.