Zacks Investment Research upgraded shares of Gildan Activewear (NYSE:GIL) (TSE:GIL) from a sell rating to a hold rating in a research note issued to investors on Wednesday.
According to Zacks, “Gildan Activewear Inc. is a manufacturer and marketer of premium quality branded basic activewear for sale principally into the wholesale imprinted activewear segment of the North American apparel market. The company sells premium quality 100% cotton T-shirts and premium quality sweatshirts, in a variety of weights, sizes, colors and styles, as blanks, which are ultimately decorated with designs and logos for sale to consumers. “
Other analysts also recently issued research reports about the stock. ValuEngine raised shares of Gildan Activewear from a hold rating to a buy rating in a report on Monday, February 5th. Stifel Nicolaus set a $37.00 price target on shares of Gildan Activewear and gave the company a buy rating in a report on Friday, December 15th. Goldman Sachs reaffirmed a buy rating and issued a $37.00 price target on shares of Gildan Activewear in a report on Friday, December 8th. Bank of America reaffirmed a buy rating and issued a $37.00 price target on shares of Gildan Activewear in a report on Friday, December 8th. Finally, Royal Bank of Canada set a $32.00 price target on shares of Gildan Activewear and gave the company a hold rating in a report on Wednesday, February 14th. Nine investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus target price of $33.89.
Gildan Activewear (NYSE:GIL) (TSE:GIL) last issued its earnings results on Thursday, February 22nd. The textile maker reported $0.31 earnings per share for the quarter, hitting the consensus estimate of $0.31. Gildan Activewear had a net margin of 13.17% and a return on equity of 18.63%. The company had revenue of $653.70 million for the quarter, compared to analyst estimates of $636.62 million. During the same period in the prior year, the business posted $0.32 earnings per share. The firm’s revenue for the quarter was up 11.2% compared to the same quarter last year. equities analysts anticipate that Gildan Activewear will post 1.87 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 2nd. Investors of record on Thursday, March 8th will be paid a dividend of $0.112 per share. This is an increase from Gildan Activewear’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Wednesday, March 7th. This represents a $0.45 annualized dividend and a dividend yield of 1.55%. Gildan Activewear’s dividend payout ratio is presently 27.95%.
Gildan Activewear declared that its Board of Directors has initiated a stock repurchase plan on Thursday, February 22nd that permits the company to buyback 10,960,000 outstanding shares. This buyback authorization permits the textile maker to reacquire shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.
Several institutional investors and hedge funds have recently made changes to their positions in GIL. The Manufacturers Life Insurance Company lifted its stake in shares of Gildan Activewear by 44.5% during the fourth quarter. The Manufacturers Life Insurance Company now owns 4,340,079 shares of the textile maker’s stock valued at $140,185,000 after buying an additional 1,337,248 shares during the period. Arrowstreet Capital Limited Partnership lifted its stake in shares of Gildan Activewear by 1,291.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 578,805 shares of the textile maker’s stock valued at $18,689,000 after buying an additional 537,205 shares during the period. Mackenzie Financial Corp lifted its stake in shares of Gildan Activewear by 20.6% during the fourth quarter. Mackenzie Financial Corp now owns 2,228,837 shares of the textile maker’s stock valued at $71,991,000 after buying an additional 380,627 shares during the period. Deutsche Bank AG lifted its stake in shares of Gildan Activewear by 30.8% during the fourth quarter. Deutsche Bank AG now owns 1,558,870 shares of the textile maker’s stock valued at $50,350,000 after buying an additional 366,895 shares during the period. Finally, JPMorgan Chase & Co. lifted its stake in shares of Gildan Activewear by 7.7% during the third quarter. JPMorgan Chase & Co. now owns 3,913,265 shares of the textile maker’s stock valued at $121,819,000 after buying an additional 278,852 shares during the period. 73.03% of the stock is currently owned by institutional investors and hedge funds.
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Gildan Activewear Company Profile
Gildan Activewear Inc is a manufacturer and marketer of branded basic family apparel, including T-shirts, fleece, sport shirts, underwear, socks, hosiery and shapewear. The Company operates through two segments: Printwear and Branded Apparel. The Printwear segment designs, manufactures, sources, markets, and distributes undecorated activewear products.
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