Desjardins Weighs in on Gildan Activewear Inc.’s FY2024 Earnings (NYSE:GIL)

Gildan Activewear Inc. (NYSE:GIL) (TSE:GIL) – Analysts at Desjardins raised their FY2024 EPS estimates for shares of Gildan Activewear in a research note issued to investors on Thursday, August 1st. Desjardins analyst C. Li now anticipates that the textile maker will earn $2.95 per share for the year, up from their prior forecast of $2.93. The consensus estimate for Gildan Activewear’s current full-year earnings is $2.95 per share.

GIL has been the topic of a number of other research reports. Stifel Nicolaus upgraded shares of Gildan Activewear from a “hold” rating to a “buy” rating and upped their target price for the company from $39.00 to $51.00 in a research note on Friday, August 2nd. Canaccord Genuity Group upped their target price on shares of Gildan Activewear from $42.00 to $43.00 and gave the company a “buy” rating in a research note on Thursday, May 2nd. Canaccord Genuity Group upped their target price on shares of Gildan Activewear from $42.00 to $43.00 and gave the company a “buy” rating in a research note on Thursday, May 2nd. BMO Capital Markets upped their target price on shares of Gildan Activewear from $43.00 to $47.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Finally, Royal Bank of Canada upped their target price on shares of Gildan Activewear from $41.00 to $44.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Four analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, Gildan Activewear has an average rating of “Moderate Buy” and an average price target of $44.50.

Gildan Activewear Stock Performance

NYSE:GIL opened at $40.14 on Monday. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.38 and a quick ratio of 0.92. The firm has a 50-day moving average of $38.61 and a two-hundred day moving average of $36.21. The stock has a market cap of $6.65 billion, a P/E ratio of 13.56, a PEG ratio of 1.56 and a beta of 1.43. Gildan Activewear has a 1-year low of $26.99 and a 1-year high of $42.00.

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

Gildan Activewear Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Thursday, August 22nd will be paid a dividend of $0.205 per share. The ex-dividend date of this dividend is Thursday, August 22nd. This represents a $0.82 annualized dividend and a yield of 2.04%. Gildan Activewear’s dividend payout ratio (DPR) is 27.70%.

Institutional Investors Weigh In On Gildan Activewear

Several institutional investors and hedge funds have recently bought and sold shares of the business. Norges Bank acquired a new stake in shares of Gildan Activewear in the fourth quarter valued at approximately $70,917,000. Browning West LP increased its stake in shares of 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. acquired a new stake in shares of Gildan Activewear in the fourth quarter valued at approximately $34,456,000. Intact Investment Management Inc. increased its stake in shares of 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 increased its stake in shares of 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. Institutional investors and hedge funds own 82.83% of the company’s stock.

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.