Desjardins Raises Earnings Estimates for Gildan Activewear

Gildan Activewear Inc. (NYSE:GIL) (TSE:GIL) – Desjardins increased their FY2024 earnings per share estimates for shares of Gildan Activewear in a research report issued on Thursday, October 31st. Desjardins analyst C. Li now forecasts that the textile maker will post earnings per share of $2.98 for the year, up from their previous estimate of $2.97. The consensus estimate for Gildan Activewear’s current full-year earnings is $2.97 per share. Desjardins also issued estimates for Gildan Activewear’s FY2025 earnings at $3.41 EPS.

A number of other equities research analysts have also recently commented on the stock. Citigroup raised their price target on shares of Gildan Activewear from $54.00 to $59.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Stifel Nicolaus raised their target price on Gildan Activewear from $54.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, November 1st. CIBC upped their price target on Gildan Activewear from $48.00 to $56.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Canaccord Genuity Group raised their price objective on Gildan Activewear from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Finally, Royal Bank of Canada boosted their price objective on Gildan Activewear from $41.00 to $44.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $50.85.

Gildan Activewear Stock Performance

NYSE:GIL opened at $50.24 on Monday. The company has a quick ratio of 0.98, a current ratio of 2.31 and a debt-to-equity ratio of 0.81. Gildan Activewear has a twelve month low of $30.68 and a twelve month high of $50.37. The company has a fifty day moving average of $46.66 and a 200-day moving average of $41.15. The firm has a market capitalization of $7.89 billion, a P/E ratio of 19.86, a P/E/G ratio of 1.86 and a beta of 1.44.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last issued its earnings results on Thursday, October 31st. The textile maker reported $0.85 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.85. The business had revenue of $891.10 million during the quarter, compared to the consensus estimate of $882.85 million. Gildan Activewear had a return on equity of 26.88% and a net margin of 13.06%. The firm’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.74 earnings per share.

Gildan Activewear Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Thursday, November 21st will be given a $0.152 dividend. This represents a $0.61 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date of this dividend is Thursday, November 21st. Gildan Activewear’s payout ratio is currently 32.41%.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Riverview Trust Co bought a new stake in Gildan Activewear in the 3rd quarter worth about $29,000. Blue Trust Inc. boosted its stake in shares of 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 buying an additional 397 shares during the last quarter. Cullen Frost Bankers Inc. bought a new position in shares of Gildan Activewear in the second quarter valued at approximately $51,000. Natixis purchased a new stake in shares of Gildan Activewear during the first quarter valued at approximately $51,000. Finally, Tobam bought a new stake in Gildan Activewear during the second quarter worth $53,000. 82.83% of the stock is owned by institutional investors.

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.