Gildan Activewear (NYSE:GIL) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Gildan Activewear (NYSE:GIL) (TSE:GIL) from a hold rating to a buy rating in a report published on Monday, Zacks.com reports. They currently have $41.00 price objective on the textile maker’s stock.

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. “

Other equities analysts also recently issued reports about the company. Raymond James restated a strong-buy rating and issued a $14.00 price objective on shares of Gildan Activewear in a research report on Thursday, May 2nd. Royal Bank of Canada boosted their price objective on Gildan Activewear from $34.00 to $35.00 and gave the company a hold rating in a research report on Thursday, May 2nd. ValuEngine downgraded Gildan Activewear from a buy rating to a hold rating in a research report on Tuesday, August 6th. Desjardins upgraded Gildan Activewear from a hold rating to a buy rating in a research report on Friday, August 2nd. Finally, TD Securities upgraded Gildan Activewear from a hold rating to a buy rating in a research report on Friday, August 2nd. Four equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average price target of $34.00.

NYSE:GIL opened at $36.56 on Monday. The stock has a 50-day simple moving average of $38.50 and a two-hundred day simple moving average of $37.07. Gildan Activewear has a 52-week low of $28.11 and a 52-week high of $40.40. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.68 and a current ratio of 4.33. The firm has a market capitalization of $7.47 billion, a PE ratio of 19.66, a P/E/G ratio of 1.28 and a beta of 0.83.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last released its quarterly earnings results on Thursday, August 1st. The textile maker reported $0.57 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.02. Gildan Activewear had a return on equity of 18.48% and a net margin of 10.14%. The business had revenue of $801.60 million during the quarter, compared to analyst estimates of $793.91 million. During the same quarter in the previous year, the company posted $0.52 earnings per share. Gildan Activewear’s revenue for the quarter was up 4.9% on a year-over-year basis. Equities analysts forecast that Gildan Activewear will post 1.98 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 9th. Stockholders of record on Thursday, August 15th will be given a $0.236 dividend. The ex-dividend date of this dividend is Wednesday, August 14th. This represents a $0.94 annualized dividend and a dividend yield of 2.58%. Gildan Activewear’s payout ratio is 29.03%.

Several institutional investors have recently made changes to their positions in GIL. Zions Bancorporation N.A. purchased a new stake in shares of Gildan Activewear in the first quarter worth about $26,000. Beutel Goodman & Co Ltd. purchased a new stake in shares of Gildan Activewear in the first quarter worth about $56,000. Commonwealth Bank of Australia lifted its position in shares of Gildan Activewear by 28.1% in the second quarter. Commonwealth Bank of Australia now owns 2,595 shares of the textile maker’s stock worth $99,000 after buying an additional 569 shares in the last quarter. Neuburgh Advisers LLC lifted its position in shares of Gildan Activewear by 11.4% in the second quarter. Neuburgh Advisers LLC now owns 3,744 shares of the textile maker’s stock worth $139,000 after buying an additional 384 shares in the last quarter. Finally, Tower Research Capital LLC TRC lifted its position in shares of Gildan Activewear by 997.0% in the second quarter. Tower Research Capital LLC TRC now owns 3,598 shares of the textile maker’s stock worth $140,000 after buying an additional 3,270 shares in the last quarter. Institutional investors and hedge funds own 68.73% of the company’s stock.

Gildan Activewear Company Profile

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.

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