Canaccord Genuity Group Issues Positive Forecast for Gildan Activewear (NYSE:GIL) Stock Price

Gildan Activewear (NYSE:GIL) (TSE:GIL) had its price target hoisted by Canaccord Genuity Group from $52.00 to $53.00 in a research note released on Friday morning, BayStreet.CA reports. The firm currently has a buy rating on the textile maker’s stock.

GIL has been the subject of several other research reports. BMO Capital Markets increased their target price on shares of Gildan Activewear from $47.00 to $58.00 and gave the company an “outperform” rating in a research note on Friday. Royal Bank of Canada increased 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. TD Securities increased their target price on shares of Gildan Activewear from $50.00 to $56.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Finally, Stifel Nicolaus increased their target price on shares of Gildan Activewear from $51.00 to $54.00 and gave the company a “buy” rating in a research note on Thursday, October 3rd. Four equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, Gildan Activewear currently has an average rating of “Moderate Buy” and an average price target of $51.05.

Gildan Activewear Stock Performance

GIL stock traded up $0.76 during mid-day trading on Friday, reaching $49.66. 531,424 shares of the stock traded hands, compared to its average volume of 709,643. The company has a quick ratio of 0.97, a current ratio of 2.35 and a debt-to-equity ratio of 0.55. Gildan Activewear has a 52 week low of $28.95 and a 52 week high of $49.92. The business has a 50-day moving average of $46.45 and a two-hundred day moving average of $40.87. The firm has a market capitalization of $7.80 billion, a PE ratio of 20.35, a P/E/G ratio of 1.83 and a beta of 1.43.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last released its quarterly earnings results on Thursday, October 31st. The textile maker reported $0.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.84 by $0.01. Gildan Activewear had a net margin of 13.01% and a return on equity of 24.96%. The company had revenue of $891.10 million during the quarter, compared to analysts’ expectations of $882.85 million. During the same period in the prior year, the company earned $0.74 earnings per share. The business’s quarterly revenue was up 2.4% compared to the same quarter last year. As a group, equities analysts predict that Gildan Activewear will post 2.93 EPS for the current fiscal year.

Gildan Activewear Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Thursday, November 21st will be issued a dividend of $0.152 per share. This represents a $0.61 annualized dividend and a dividend yield of 1.22%. The ex-dividend date is Thursday, November 21st. Gildan Activewear’s payout ratio is 33.61%.

Institutional Trading of Gildan Activewear

Several hedge funds have recently modified their holdings of GIL. Riverview Trust Co acquired a new stake in shares of Gildan Activewear during the third quarter worth approximately $29,000. Blue Trust Inc. increased its holdings in shares of Gildan Activewear by 96.1% in the third quarter. Blue Trust Inc. now owns 810 shares of the textile maker’s stock valued at $38,000 after purchasing an additional 397 shares in the last quarter. Natixis acquired a new stake in shares of Gildan Activewear in the first quarter valued at approximately $51,000. Cullen Frost Bankers Inc. acquired a new stake in shares of Gildan Activewear in the second quarter valued at approximately $51,000. Finally, Tobam acquired a new stake in shares of Gildan Activewear in the second quarter valued at approximately $53,000. 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.