Gildan Activewear (NYSE:GIL) Price Target Raised to $59.00 at Citigroup

Gildan Activewear (NYSE:GIL) (TSE:GIL) had its price objective boosted by Citigroup from $54.00 to $59.00 in a report published on Friday morning, BayStreet.CA reports. The firm currently has a buy rating on the textile maker’s stock.

A number of other brokerages also recently issued reports on GIL. TD Securities raised their price target on shares of Gildan Activewear from $56.00 to $58.00 and gave the stock a “buy” rating in a report on Friday. CIBC lifted their price target on shares of Gildan Activewear from $48.00 to $56.00 and gave the company an “outperform” rating in a research report on Friday. Stifel Nicolaus lifted their price target on shares of Gildan Activewear from $51.00 to $54.00 and gave the company a “buy” rating in a research report on Thursday, October 3rd. Royal Bank of Canada lifted their price target on shares of Gildan Activewear from $41.00 to $44.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Finally, Canaccord Genuity Group lifted their price target on shares of Gildan Activewear from $52.00 to $53.00 and gave the company a “buy” rating in a research report on Friday. Four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $50.85.

Gildan Activewear Stock Performance

NYSE GIL opened at $49.12 on Friday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.97 and a current ratio of 2.35. The stock’s fifty day moving average is $46.56 and its two-hundred day moving average is $41.04. The firm has a market capitalization of $7.71 billion, a P/E ratio of 19.42, a price-to-earnings-growth ratio of 1.85 and a beta of 1.44. Gildan Activewear has a fifty-two week low of $30.68 and a fifty-two week high of $50.12.

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, meeting analysts’ consensus estimates of $0.85. Gildan Activewear had a net margin of 13.06% and a return on equity of 25.66%. The firm had revenue of $891.10 million during the quarter, compared to analyst estimates of $882.85 million. During the same quarter in the prior year, the firm posted $0.74 earnings per share. Gildan Activewear’s quarterly revenue was up 2.4% on a year-over-year basis. On average, research analysts anticipate that Gildan Activewear will post 2.93 earnings per share for the current year.

Gildan Activewear Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders 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 1.24%. The ex-dividend date of this dividend is Thursday, November 21st. Gildan Activewear’s payout ratio is 32.41%.

Institutional Trading of Gildan Activewear

A number of large investors have recently modified their holdings of GIL. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Gildan Activewear during the first quarter worth $692,000. BW Gestao de Investimentos Ltda. purchased a new stake in shares of Gildan Activewear during the first quarter worth $5,570,000. Envestnet Portfolio Solutions Inc. increased its position in shares of Gildan Activewear by 25.2% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 25,345 shares of the textile maker’s stock worth $941,000 after acquiring an additional 5,101 shares during the period. Sciencast Management LP purchased a new stake in shares of Gildan Activewear during the first quarter worth $301,000. Finally, Equity Investment Corp purchased a new stake in shares of Gildan Activewear during the first quarter worth $202,000. Hedge funds and other institutional investors own 82.83% of the company’s stock.

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.