Gildan Activewear (NYSE:GIL) Issues Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Gildan Activewear (NYSE:GILGet Rating) (TSE:GIL) posted its earnings results on Thursday. The textile maker reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.06, Briefing.com reports. Gildan Activewear had a return on equity of 31.46% and a net margin of 21.07%. The firm had revenue of $895.60 million during the quarter, compared to analysts’ expectations of $820.62 million. During the same quarter in the previous year, the business earned $0.68 earnings per share. The firm’s revenue was up 19.9% compared to the same quarter last year.

Gildan Activewear Price Performance

Gildan Activewear stock traded up $0.10 during trading hours on Friday, hitting $31.07. The stock had a trading volume of 1,104,736 shares, compared to its average volume of 717,134. The company has a debt-to-equity ratio of 0.50, a current ratio of 3.33 and a quick ratio of 1.54. The stock has a market capitalization of $5.71 billion, a price-to-earnings ratio of 9.27, a PEG ratio of 1.08 and a beta of 1.36. Gildan Activewear has a 1-year low of $25.67 and a 1-year high of $43.63. The stock’s fifty day moving average is $28.85 and its two-hundred day moving average is $33.79.

Gildan Activewear Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 19th. Investors of record on Thursday, August 25th will be issued a dividend of $0.169 per share. This represents a $0.68 dividend on an annualized basis and a yield of 2.18%. The ex-dividend date is Wednesday, August 24th. Gildan Activewear’s dividend payout ratio is presently 20.30%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Canaccord Genuity Group boosted their price objective on Gildan Activewear from $37.00 to $42.50 and gave the company a “buy” rating in a research note on Friday. Desjardins reduced their price objective on Gildan Activewear from C$63.00 to C$55.00 in a research note on Friday, May 6th. UBS Group dropped their target price on Gildan Activewear from $54.00 to $42.00 in a report on Friday, July 15th. TD Securities boosted their target price on Gildan Activewear from $43.00 to $44.00 and gave the company a “buy” rating in a report on Friday. Finally, Stifel Nicolaus dropped their target price on Gildan Activewear from $43.00 to $29.00 in a report on Wednesday, July 20th. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $45.13.

Institutional Trading of Gildan Activewear

Large investors have recently bought and sold shares of the company. PNC Financial Services Group Inc. lifted its position in shares of Gildan Activewear by 36.1% in the first quarter. PNC Financial Services Group Inc. now owns 3,381 shares of the textile maker’s stock valued at $127,000 after acquiring an additional 896 shares in the last quarter. Vontobel Holding Ltd. purchased a new stake in shares of Gildan Activewear in the first quarter valued at $292,000. Prudential Financial Inc. purchased a new stake in shares of Gildan Activewear in the first quarter valued at $330,000. Maverick Capital Ltd. lifted its position in shares of Gildan Activewear by 1,141.2% in the first quarter. Maverick Capital Ltd. now owns 9,756 shares of the textile maker’s stock valued at $366,000 after acquiring an additional 8,970 shares in the last quarter. Finally, Quantbot Technologies LP purchased a new stake in shares of Gildan Activewear in the first quarter valued at $451,000. Institutional investors and hedge funds own 75.31% of the company’s stock.

Gildan Activewear Company Profile

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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, Comfort Colors, American Apparel, Alstyle, and GoldToe brands.

Further Reading

Earnings History for Gildan Activewear (NYSE:GIL)

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