Gildan Activewear (NYSE:GIL) Rating Lowered to Hold at Zacks Investment Research
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 analysts have also issued reports about the company. Desjardins raised Gildan Activewear from a “hold” rating to a “buy” rating in a research note on Friday, August 2nd. ValuEngine lowered Gildan Activewear from a “buy” rating to a “hold” rating in a research note on Tuesday, August 6th. Citigroup lifted their price target on Gildan Activewear from $37.00 to $40.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Finally, TD Securities raised Gildan Activewear from a “hold” rating to a “buy” rating in a research note on Friday, August 2nd. Five equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. Gildan Activewear currently has an average rating of “Buy” and an average target price of $34.16.
Gildan Activewear (NYSE:GIL) (TSE:GIL) last released its quarterly earnings data on Thursday, August 1st. The textile maker reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.02. The business had revenue of $801.60 million for the quarter, compared to analyst estimates of $793.91 million. Gildan Activewear had a return on equity of 18.48% and a net margin of 10.14%. Gildan Activewear’s revenue was up 4.9% compared to the same quarter last year. During the same period last year, the firm posted $0.52 earnings per share. On average, equities analysts predict that Gildan Activewear will post 1.98 EPS for the current fiscal year.
Several institutional investors and hedge funds have recently modified their holdings of GIL. Nissay Asset Management Corp Japan ADV raised its position in shares of Gildan Activewear by 70.0% during the first quarter. Nissay Asset Management Corp Japan ADV now owns 59,683 shares of the textile maker’s stock worth $2,147,000 after acquiring an additional 24,566 shares during the last quarter. Raymond James & Associates raised its position in shares of Gildan Activewear by 21.1% during the first quarter. Raymond James & Associates now owns 110,194 shares of the textile maker’s stock worth $3,966,000 after acquiring an additional 19,168 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in Gildan Activewear by 3.4% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 815,638 shares of the textile maker’s stock worth $29,320,000 after purchasing an additional 26,747 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp bought a new stake in Gildan Activewear in the first quarter worth approximately $12,376,000. Finally, Dean Investment Associates LLC increased its holdings in Gildan Activewear by 4.2% in the first quarter. Dean Investment Associates LLC now owns 24,315 shares of the textile maker’s stock worth $875,000 after purchasing an additional 973 shares in the last quarter. Institutional investors own 67.05% 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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