Desjardins Weighs in on Gildan Activewear Inc.’s Q2 2024 Earnings (NYSE:GIL)

Gildan Activewear Inc. (NYSE:GIL) (TSE:GIL) – Desjardins reduced their Q2 2024 earnings per share (EPS) estimates for Gildan Activewear in a note issued to investors on Thursday, May 2nd. Desjardins analyst C. Li now expects that the textile maker will post earnings of $0.70 per share for the quarter, down from their prior forecast of $0.76. The consensus estimate for Gildan Activewear’s current full-year earnings is $2.94 per share. Desjardins also issued estimates for Gildan Activewear’s Q3 2024 earnings at $0.82 EPS and Q4 2024 earnings at $0.79 EPS.

Several other equities analysts have also commented on GIL. Royal Bank of Canada reissued an “outperform” rating and issued a $41.00 target price on shares of Gildan Activewear in a report on Monday, April 8th. Citigroup increased their target price on Gildan Activewear from $40.00 to $44.00 and gave the company a “buy” rating in a report on Friday, February 23rd. CIBC increased their target price on Gildan Activewear from $38.00 to $41.00 and gave the company an “outperform” rating in a report on Thursday, February 22nd. Canaccord Genuity Group increased their target price on Gildan Activewear from $42.00 to $43.00 and gave the company a “buy” rating in a report on Thursday, May 2nd. Finally, TD Securities increased their target price on Gildan Activewear from $42.00 to $46.00 and gave the company a “buy” rating in a report on Wednesday, March 20th. Five investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $41.95.

Gildan Activewear Stock Down 1.3 %

Gildan Activewear stock opened at $32.64 on Monday. The firm has a market capitalization of $5.50 billion, a P/E ratio of 11.03, a P/E/G ratio of 1.25 and a beta of 1.38. The stock’s fifty day simple moving average is $35.43 and its 200-day simple moving average is $34.11. The company has a current ratio of 2.38, a quick ratio of 0.92 and a debt-to-equity ratio of 0.48. Gildan Activewear has a twelve month low of $26.98 and a twelve month high of $38.87.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last posted 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 return on equity of 24.00% and a net margin of 16.14%. The business had revenue of $695.80 million for the quarter, compared to analyst estimates of $692.94 million. During the same quarter in the prior year, the company earned $0.45 earnings per share. The company’s revenue was down 1.0% on a year-over-year basis.

Gildan Activewear Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Thursday, May 23rd will be paid a dividend of $0.205 per share. The ex-dividend date is Wednesday, May 22nd. This represents a $0.82 annualized dividend and a dividend yield of 2.51%. Gildan Activewear’s dividend payout ratio (DPR) is 27.70%.

Institutional Investors Weigh In On Gildan Activewear

Several hedge funds have recently made changes to their positions in GIL. Byrne Asset Management LLC acquired a new stake in shares of Gildan Activewear during the third quarter worth about $34,000. CWM LLC boosted its stake in shares of Gildan Activewear by 86.5% during the fourth quarter. CWM LLC now owns 1,074 shares of the textile maker’s stock worth $35,000 after buying an additional 498 shares during the period. EverSource Wealth Advisors LLC raised its holdings 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 purchasing an additional 900 shares in the last quarter. Tower Research Capital LLC TRC raised its holdings in Gildan Activewear by 529.3% during the fourth quarter. Tower Research Capital LLC TRC now owns 2,215 shares of the textile maker’s stock worth $73,000 after purchasing an additional 1,863 shares in the last quarter. Finally, Dixon Mitchell Investment Counsel Inc. purchased a new position in Gildan Activewear during the first quarter worth about $84,000. Institutional investors and hedge funds 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.