Gildan Activewear (NYSE:GIL) Upgraded to “Buy” at Desjardins

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Desjardins upgraded shares of Gildan Activewear (NYSE:GIL) (TSE:GIL) from a hold rating to a buy rating in a research note issued to investors on Friday, BenzingaRatingsTable reports.

Other research analysts also recently issued research reports about the company. Zacks Investment Research raised Gildan Activewear from a hold rating to a buy rating and set a $45.00 target price on the stock in a report on Wednesday, July 31st. Raymond James reissued a strong-buy rating and issued a $14.00 target price on shares of Gildan Activewear in a report on Thursday, May 2nd. Royal Bank of Canada increased their target price on Gildan Activewear from $34.00 to $35.00 and gave the company a hold rating in a report on Thursday, May 2nd. Finally, TD Securities increased their target price on Gildan Activewear from $38.00 to $40.00 and gave the company a hold rating in a report on Thursday, May 2nd. Three investment analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. Gildan Activewear presently has an average rating of Buy and an average price target of $34.66.

GIL stock opened at $38.27 on Friday. Gildan Activewear has a fifty-two week low of $28.11 and a fifty-two week high of $40.40. The firm has a 50-day moving average price of $39.15. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.74 and a current ratio of 4.92. The company has a market capitalization of $7.87 billion, a P/E ratio of 20.58, a price-to-earnings-growth ratio of 1.40 and a beta of 0.83.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last posted its earnings results on Thursday, August 1st. The textile maker reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.55 by $0.02. Gildan Activewear had a return on equity of 18.35% and a net margin of 10.14%. The company had revenue of $801.60 million for the quarter, compared to the consensus estimate of $793.91 million. During the same quarter in the prior year, the company earned $0.52 earnings per share. Gildan Activewear’s revenue was up 4.9% on a year-over-year basis. On average, sell-side analysts anticipate that Gildan Activewear will post 1.99 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Monday, September 9th. Shareholders of record on Thursday, August 15th will be given a $0.236 dividend. This represents a $0.94 dividend on an annualized basis and a yield of 2.47%. The ex-dividend date is Wednesday, August 14th. Gildan Activewear’s payout ratio is 29.03%.

Institutional investors and hedge funds have recently modified their holdings of the business. CIBC Asset Management Inc lifted its stake in shares of Gildan Activewear by 10.0% during the 2nd quarter. CIBC Asset Management Inc now owns 143,217 shares of the textile maker’s stock worth $5,542,000 after acquiring an additional 13,058 shares during the last quarter. Lester Murray Antman dba SimplyRich bought a new stake in shares of Gildan Activewear during the 2nd quarter worth approximately $262,000. Freestone Capital Holdings LLC lifted its stake in shares of Gildan Activewear by 9.9% during the 2nd quarter. Freestone Capital Holdings LLC now owns 22,929 shares of the textile maker’s stock worth $887,000 after acquiring an additional 2,071 shares during the last quarter. Swiss National Bank lifted its stake in shares of Gildan Activewear by 5.2% during the 2nd quarter. Swiss National Bank now owns 762,700 shares of the textile maker’s stock worth $29,514,000 after acquiring an additional 37,600 shares during the last quarter. Finally, Comerica Bank lifted its stake in shares of Gildan Activewear by 127.0% during the 2nd quarter. Comerica Bank now owns 28,212 shares of the textile maker’s stock worth $1,133,000 after acquiring an additional 15,786 shares during the last quarter. Institutional investors and hedge funds own 68.91% of the company’s stock.

Gildan Activewear Company Profile

Gildan Activewear Inc manufactures and sells a range of apparel products in North America, Europe, the Asia-Pacific, and Latin America. The company manufactures and markets active wear products, including T-shirts, fleece tops and bottoms, and sport shirts under Gildan, Gildan Performance, Gildan Platinum, Gildan Hammer, Comfort Colors, American Apparel, Anvil, Alstyle, and Gold Toe brands.

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Analyst Recommendations for Gildan Activewear (NYSE:GIL)

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