Gildan Activewear (NYSE:GIL) Price Target Cut to $56.00 by Analysts at CIBC

Gildan Activewear (NYSE:GIL) (TSE:GIL) had its target price cut by CIBC from $60.00 to $56.00 in a report released on Wednesday morning,BayStreet.CA reports. They currently have an outperform rating on the textile maker’s stock.

Other equities analysts have also issued reports about the company. Stifel Nicolaus upped their target price on Gildan Activewear from $60.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, February 20th. TD Securities raised their target price on Gildan Activewear from $56.00 to $60.00 and gave the company a “buy” rating in a research report on Wednesday. Citigroup boosted their price target on shares of Gildan Activewear from $59.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, February 20th. UBS Group raised their price objective on shares of Gildan Activewear from $60.00 to $69.00 and gave the stock a “buy” rating in a report on Thursday, February 20th. Finally, BMO Capital Markets boosted their target price on shares of Gildan Activewear from $58.00 to $64.00 and gave the company an “outperform” rating in a research note on Thursday, February 20th. Nine research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Gildan Activewear has a consensus rating of “Buy” and an average target price of $58.20.

Gildan Activewear Stock Up 3.0 %

Shares of NYSE:GIL opened at $47.41 on Wednesday. The business’s 50 day moving average is $44.93 and its 200 day moving average is $47.80. Gildan Activewear has a 12-month low of $32.32 and a 12-month high of $55.39. The stock has a market cap of $7.19 billion, a price-to-earnings ratio of 18.96, a PEG ratio of 1.76 and a beta of 1.16. The company has a quick ratio of 0.98, a current ratio of 2.22 and a debt-to-equity ratio of 0.92.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last posted its earnings results on Tuesday, April 29th. The textile maker reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.02. Gildan Activewear had a net margin of 12.26% and a return on equity of 28.80%. The firm had revenue of $711.70 million during the quarter, compared to analyst estimates of $715.29 million. During the same quarter in the prior year, the business posted $0.59 EPS. The business’s revenue was up 2.3% compared to the same quarter last year. On average, sell-side analysts forecast that Gildan Activewear will post 3.48 earnings per share for the current fiscal year.

Gildan Activewear Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Tuesday, May 20th will be paid a $0.226 dividend. The ex-dividend date of this dividend is Tuesday, May 20th. This represents a $0.90 dividend on an annualized basis and a yield of 1.91%. Gildan Activewear’s dividend payout ratio is 34.75%.

Hedge Funds Weigh In On Gildan Activewear

Large investors have recently made changes to their positions in the stock. Forge First Asset Management Inc. lifted its holdings in Gildan Activewear by 108.0% during the 4th quarter. Forge First Asset Management Inc. now owns 46,600 shares of the textile maker’s stock worth $2,191,000 after purchasing an additional 24,200 shares in the last quarter. CIBC Asset Management Inc lifted its holdings in shares of Gildan Activewear by 545.1% in the fourth quarter. CIBC Asset Management Inc now owns 1,210,314 shares of the textile maker’s stock worth $57,403,000 after buying an additional 1,022,695 shares in the last quarter. Truist Financial Corp boosted its position in shares of Gildan Activewear by 76.8% in the fourth quarter. Truist Financial Corp now owns 19,401 shares of the textile maker’s stock valued at $913,000 after acquiring an additional 8,430 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Gildan Activewear by 80.9% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 245,926 shares of the textile maker’s stock valued at $11,568,000 after acquiring an additional 109,993 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its holdings in Gildan Activewear by 776.4% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 817,204 shares of the textile maker’s stock worth $38,414,000 after acquiring an additional 723,962 shares during the period. 82.83% of the stock is owned by institutional investors.

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.