Gildan Activewear Inc. to Post Q2 2024 Earnings of $0.71 Per Share, Desjardins Forecasts (NYSE:GIL)

Gildan Activewear Inc. (NYSE:GIL) (TSE:GIL) – Desjardins boosted their Q2 2024 earnings per share (EPS) estimates for Gildan Activewear in a research report issued to clients and investors on Tuesday, July 30th. Desjardins analyst C. Li now expects that the textile maker will post earnings per share of $0.71 for the quarter, up from their previous forecast of $0.70. The consensus estimate for Gildan Activewear’s current full-year earnings is $2.95 per share. Desjardins also issued estimates for Gildan Activewear’s Q3 2024 earnings at $0.83 EPS.

Other analysts have also issued reports about the company. Canaccord Genuity Group raised their price objective on Gildan Activewear from $42.00 to $43.00 and gave the company a “buy” rating in a report on Thursday, May 2nd. Royal Bank of Canada raised their price objective on Gildan Activewear from $41.00 to $44.00 and gave the company an “outperform” rating in a report on Friday. BMO Capital Markets raised their price objective on Gildan Activewear from $43.00 to $47.00 and gave the company an “outperform” rating in a report on Friday. Stifel Nicolaus raised Gildan Activewear from a “hold” rating to a “buy” rating and lifted their price target for the stock from $39.00 to $51.00 in a research note on Friday. Finally, Canaccord Genuity Group lifted their price target on Gildan Activewear from $42.00 to $43.00 and gave the stock a “buy” rating in a research note on Thursday, May 2nd. Four analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $44.50.

Gildan Activewear Stock Up 0.1 %

Shares of GIL opened at $41.34 on Friday. 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 12 month low of $26.99 and a 12 month high of $42.00. The stock’s 50 day moving average is $38.55 and its two-hundred day moving average is $36.12. The firm has a market cap of $6.85 billion, a P/E ratio of 13.97, a PEG ratio of 1.56 and a beta of 1.43.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last issued its quarterly earnings data on Thursday, August 1st. The textile maker reported $0.74 EPS for the quarter, beating the consensus estimate of $0.71 by $0.03. Gildan Activewear had a return on equity of 24.62% and a net margin of 13.01%. The company had revenue of $862.20 million for the quarter, compared to analyst estimates of $851.10 million. During the same period last year, the company earned $0.63 earnings per share. Gildan Activewear’s quarterly revenue was up 2.6% compared to the same quarter last year.

Hedge Funds Weigh In On Gildan Activewear

A number of institutional investors have recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in Gildan Activewear in the fourth quarter valued at $70,917,000. Browning West LP raised its position in Gildan Activewear by 30.0% in the fourth quarter. Browning West LP now owns 8,640,448 shares of the textile maker’s stock valued at $285,653,000 after purchasing an additional 1,994,900 shares during the period. Vaughan Nelson Investment Management L.P. purchased a new stake in Gildan Activewear in the fourth quarter valued at $34,456,000. Intact Investment Management Inc. raised its position in Gildan Activewear by 204.8% in the second quarter. Intact Investment Management Inc. now owns 881,100 shares of the textile maker’s stock valued at $33,416,000 after purchasing an additional 591,980 shares during the period. Finally, National Bank of Canada FI raised its position in Gildan Activewear by 43.8% in the first quarter. National Bank of Canada FI now owns 1,762,761 shares of the textile maker’s stock valued at $65,451,000 after purchasing an additional 537,215 shares during the period. Hedge funds and other institutional investors own 82.83% of the company’s stock.

Gildan Activewear Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Thursday, August 22nd will be given a dividend of $0.205 per share. The ex-dividend date is Thursday, August 22nd. This represents a $0.82 dividend on an annualized basis and a yield of 1.98%. Gildan Activewear’s payout ratio is 27.70%.

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.