Gildan Activewear (NYSE:GIL) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research downgraded shares of Gildan Activewear (NYSE:GIL) (TSE:GIL) from a buy rating to a hold rating in a report released on Friday morning, Zacks.com reports.

According to Zacks, “Gildan Activewear Inc. is a manufacturer and marketer of premium quality branded basic activewear for sale principally into the wholesale imprinted activewear segment of the North American apparel market. The company sells premium quality 100% cotton T-shirts and premium quality sweatshirts, in a variety of weights, sizes, colors and styles, as blanks, which are ultimately decorated with designs and logos for sale to consumers. “

A number of other equities analysts have also recently commented on GIL. Royal Bank of Canada lifted their price target on shares of Gildan Activewear from $34.00 to $35.00 and gave the stock a hold rating in a research note on Thursday, May 2nd. Desjardins raised shares of Gildan Activewear from a hold rating to a buy rating in a research note on Friday, August 2nd. Citigroup lifted their price target on shares of Gildan Activewear from $37.00 to $40.00 and gave the stock a neutral rating in a research note on Friday, August 2nd. TD Securities raised shares of Gildan Activewear from a hold rating to a buy rating in a research note on Friday, August 2nd. Finally, ValuEngine cut shares of Gildan Activewear from a buy rating to a hold rating in a research note on Tuesday, August 6th. Five research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus target price of $34.16.

Shares of NYSE:GIL traded up $0.23 on Friday, reaching $36.17. The company’s stock had a trading volume of 259,400 shares, compared to its average volume of 436,611. Gildan Activewear has a 52-week low of $28.11 and a 52-week high of $40.40. The company has a market cap of $7.29 billion, a P/E ratio of 19.45, a PEG ratio of 1.27 and a beta of 0.83. The company has a 50-day simple moving average of $38.73 and a 200 day simple moving average of $37.05. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.68 and a current ratio of 4.33.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last released its quarterly earnings results on Thursday, August 1st. The textile maker reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.02. Gildan Activewear had a net margin of 10.14% and a return on equity of 18.48%. The firm had revenue of $801.60 million during the quarter, compared to analysts’ expectations of $793.91 million. During the same period in the previous year, the company earned $0.52 EPS. The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year. On average, equities research analysts forecast that Gildan Activewear will post 1.98 EPS for the current fiscal year.

The business also recently disclosed 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. The ex-dividend date is Wednesday, August 14th. This represents a $0.94 annualized dividend and a yield of 2.61%. Gildan Activewear’s dividend payout ratio (DPR) is 29.03%.

Institutional investors have recently added to or reduced their stakes in the business. Zions Bancorporation N.A. purchased a new stake in Gildan Activewear in the 1st quarter valued at about $26,000. Beutel Goodman & Co Ltd. purchased a new stake in Gildan Activewear in the 1st quarter valued at about $56,000. Commonwealth Bank of Australia boosted its position in Gildan Activewear by 28.1% in the 2nd quarter. Commonwealth Bank of Australia now owns 2,595 shares of the textile maker’s stock valued at $99,000 after buying an additional 569 shares during the period. Neuburgh Advisers LLC boosted its position in Gildan Activewear by 11.4% in the 2nd quarter. Neuburgh Advisers LLC now owns 3,744 shares of the textile maker’s stock valued at $139,000 after buying an additional 384 shares during the period. Finally, Tower Research Capital LLC TRC boosted its position in Gildan Activewear by 997.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,598 shares of the textile maker’s stock valued at $140,000 after buying an additional 3,270 shares during the period. 68.62% of the stock is owned by institutional investors.

About Gildan Activewear

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.

Read More: Buy-Side Analysts

Get a free copy of the Zacks research report on Gildan Activewear (GIL)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Gildan Activewear (NYSE:GIL)

Receive News & Ratings for Gildan Activewear Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Gildan Activewear and related companies with MarketBeat.com's FREE daily email newsletter.