CIBC Issues Positive Forecast for Gildan Activewear (NYSE:GIL) Stock Price

Gildan Activewear (NYSE:GIL) (TSE:GIL) had its target price increased by CIBC from $56.00 to $60.00 in a research note published on Thursday,BayStreet.CA reports. CIBC currently has an outperform rating on the textile maker’s stock.

GIL has been the topic of a number of other reports. BMO Capital Markets raised their target price on Gildan Activewear from $58.00 to $64.00 and gave the company an “outperform” rating in a research note on Thursday. UBS Group raised their price target on Gildan Activewear from $60.00 to $69.00 and gave the company a “buy” rating in a report on Thursday. Citigroup raised their price target on Gildan Activewear from $54.00 to $59.00 and gave the company a “buy” rating in a report on Friday, November 1st. TD Securities raised their price target on Gildan Activewear from $58.00 to $60.00 and gave the company a “buy” rating in a report on Monday, December 2nd. Finally, Stifel Nicolaus raised their price target on Gildan Activewear from $54.00 to $60.00 and gave the company a “buy” rating in a report on Friday, November 1st. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Gildan Activewear presently has an average rating of “Buy” and a consensus target price of $60.00.

Gildan Activewear Stock Performance

Shares of GIL opened at $54.18 on Thursday. The business’s fifty day moving average price is $49.57 and its 200 day moving average price is $47.63. Gildan Activewear has a 12-month low of $32.23 and a 12-month high of $55.39. The stock has a market capitalization of $8.24 billion, a PE ratio of 21.67, a price-to-earnings-growth ratio of 1.76 and a beta of 1.41. The company has a debt-to-equity ratio of 0.92, a current ratio of 2.22 and a quick ratio of 0.98.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last announced its quarterly earnings data on Wednesday, February 19th. The textile maker reported $0.83 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.13 by ($0.30). Gildan Activewear had a return on equity of 28.80% and a net margin of 12.26%. The firm had revenue of $822.00 million for the quarter, compared to the consensus estimate of $805.75 million. During the same quarter last year, the business earned $0.75 earnings per share. The business’s revenue for the quarter was up 5.0% compared to the same quarter last year. Equities research analysts forecast that Gildan Activewear will post 3.48 EPS for the current year.

Gildan Activewear Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 7th. Investors of record on Wednesday, March 12th will be issued a dividend of $0.226 per share. This is a positive change from Gildan Activewear’s previous quarterly dividend of $0.15. This represents a $0.90 dividend on an annualized basis and a yield of 1.67%. The ex-dividend date of this dividend is Wednesday, March 12th. Gildan Activewear’s payout ratio is presently 36.00%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. CWM LLC increased its stake in Gildan Activewear by 23.0% in the 3rd quarter. CWM LLC now owns 1,698 shares of the textile maker’s stock worth $80,000 after purchasing an additional 318 shares in the last quarter. Creative Planning increased its stake in Gildan Activewear by 12.8% in the 3rd quarter. Creative Planning now owns 13,248 shares of the textile maker’s stock worth $624,000 after purchasing an additional 1,505 shares in the last quarter. Blue Trust Inc. increased its stake in Gildan Activewear by 96.1% in the 3rd quarter. Blue Trust Inc. now owns 810 shares of the textile maker’s stock worth $38,000 after purchasing an additional 397 shares in the last quarter. Raymond James & Associates increased its stake in Gildan Activewear by 191.3% in the 3rd quarter. Raymond James & Associates now owns 57,538 shares of the textile maker’s stock worth $2,711,000 after purchasing an additional 37,785 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its stake in Gildan Activewear by 7,709.2% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 125,181 shares of the textile maker’s stock worth $5,899,000 after purchasing an additional 123,578 shares in the last quarter. 82.83% of the stock is owned by institutional investors and hedge funds.

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.