Gildan Activewear (NYSE:GIL) Upgraded by UBS Group to Buy Rating

Gildan Activewear (NYSE:GIL) (TSE:GIL) was upgraded by UBS Group from a “neutral” rating to a “buy” rating in a research note issued to investors on Friday, Marketbeat Ratings reports. The firm currently has a $60.00 price target on the textile maker’s stock, up from their previous price target of $50.00. UBS Group’s price target points to a potential upside of 24.38% from the company’s current price.

Several other equities research analysts also recently issued reports on GIL. Stifel Nicolaus raised their price objective on shares of Gildan Activewear from $54.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. BMO Capital Markets raised their target price on Gildan Activewear from $47.00 to $58.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Citigroup raised their target price on Gildan Activewear from $54.00 to $59.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. CIBC raised their target price on Gildan Activewear from $48.00 to $56.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Finally, Canaccord Genuity Group raised their target price on Gildan Activewear from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Ten analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of $53.35.

Gildan Activewear Trading Up 2.7 %

Shares of Gildan Activewear stock opened at $48.24 on Friday. The company’s fifty day simple moving average is $48.30 and its 200-day simple moving average is $45.17. The company has a market cap of $7.38 billion, a price-to-earnings ratio of 19.07, a PEG ratio of 1.82 and a beta of 1.41. The company has a current ratio of 2.31, a quick ratio of 0.98 and a debt-to-equity ratio of 0.81. Gildan Activewear has a 1 year low of $30.68 and a 1 year high of $50.60.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last announced its quarterly earnings data on Thursday, October 31st. The textile maker reported $0.85 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.85. The business had revenue of $891.10 million for the quarter, compared to the consensus estimate of $882.85 million. Gildan Activewear had a net margin of 13.06% and a return on equity of 26.88%. Gildan Activewear’s quarterly revenue was up 2.4% on a year-over-year basis. During the same quarter last year, the company posted $0.74 earnings per share. As a group, sell-side analysts expect that Gildan Activewear will post 2.97 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Lord Abbett & CO. LLC bought a new position in shares of Gildan Activewear in the third quarter valued at about $24,262,000. EdgePoint Investment Group Inc. raised its holdings in shares of Gildan Activewear by 28.0% in the second quarter. EdgePoint Investment Group Inc. now owns 1,863,618 shares of the textile maker’s stock valued at $70,696,000 after buying an additional 407,113 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in Gildan Activewear by 14.4% in the second quarter. The Manufacturers Life Insurance Company now owns 2,568,733 shares of the textile maker’s stock worth $97,290,000 after purchasing an additional 324,304 shares during the period. Toronto Dominion Bank increased its position in Gildan Activewear by 332.7% in the second quarter. Toronto Dominion Bank now owns 344,666 shares of the textile maker’s stock worth $13,070,000 after purchasing an additional 265,020 shares during the period. Finally, Janus Henderson Group PLC increased its position in Gildan Activewear by 3.6% in the third quarter. Janus Henderson Group PLC now owns 6,841,572 shares of the textile maker’s stock worth $322,298,000 after purchasing an additional 240,375 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.