CIBC Forecasts Strong Price Appreciation for Gildan Activewear (NYSE:GIL) Stock

Gildan Activewear (NYSE:GIL) (TSE:GIL) had its price target hoisted by investment analysts at CIBC from $48.00 to $56.00 in a report released on Friday, BayStreet.CA reports. The firm currently has an “outperform” rating on the textile maker’s stock. CIBC’s target price points to a potential upside of 12.86% from the company’s previous close.

Several other research analysts have also commented on the stock. BMO Capital Markets raised their price target on shares of Gildan Activewear from $47.00 to $58.00 and gave the company an “outperform” rating in a report on Friday. Stifel Nicolaus raised their price target on shares of Gildan Activewear from $51.00 to $54.00 and gave the stock a “buy” rating in a research report on Thursday, October 3rd. Canaccord Genuity Group raised their price objective on Gildan Activewear from $52.00 to $53.00 and gave the stock a “buy” rating in a research note on Friday. TD Securities raised their target price on Gildan Activewear from $50.00 to $56.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Finally, Royal Bank of Canada lifted their price objective on shares of Gildan Activewear from $41.00 to $44.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Four research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.05.

Gildan Activewear Price Performance

NYSE GIL traded up $0.72 during trading hours on Friday, reaching $49.62. The company’s stock had a trading volume of 236,536 shares, compared to its average volume of 708,253. The stock has a market cap of $7.79 billion, a PE ratio of 20.37, a PEG ratio of 1.83 and a beta of 1.43. Gildan Activewear has a fifty-two week low of $28.95 and a fifty-two week high of $49.85. The company’s 50-day moving average is $46.31 and its two-hundred day moving average is $40.77. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.97 and a current ratio of 2.35.

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 for the quarter, topping the consensus estimate of $0.84 by $0.01. The business had revenue of $891.10 million for the quarter, compared to analyst estimates of $882.85 million. Gildan Activewear had a net margin of 13.01% and a return on equity of 24.96%. The company’s revenue was up 2.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.74 EPS. Analysts forecast that Gildan Activewear will post 2.93 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Riverview Trust Co bought a new stake in shares of Gildan Activewear during the third quarter valued at approximately $29,000. Blue Trust Inc. increased its position in shares of Gildan Activewear by 96.1% during the third quarter. Blue Trust Inc. now owns 810 shares of the textile maker’s stock valued at $38,000 after purchasing an additional 397 shares during the period. Natixis bought a new stake in shares of Gildan Activewear during the first quarter valued at approximately $51,000. Cullen Frost Bankers Inc. bought a new stake in Gildan Activewear in the second quarter valued at $51,000. Finally, Tobam bought a new stake in Gildan Activewear in the second quarter valued at $53,000. 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.