Brokers Set Expectations for Gildan Activewear Inc.’s FY2024 Earnings (NYSE:GIL)

Gildan Activewear Inc. (NYSE:GIL) (TSE:GIL) – Research analysts at National Bank Financial dropped their FY2024 earnings per share estimates for shares of Gildan Activewear in a research note issued on Thursday, August 1st. National Bank Financial analyst V. Shreedhar now forecasts that the textile maker will post earnings of $2.92 per share for the year, down from their previous estimate of $2.96. The consensus estimate for Gildan Activewear’s current full-year earnings is $2.95 per share. National Bank Financial also issued estimates for Gildan Activewear’s Q1 2025 earnings at $0.60 EPS.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last announced its earnings results on Thursday, August 1st. The textile maker reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.03. Gildan Activewear had a return on equity of 24.62% and a net margin of 13.01%. The company had revenue of $862.20 million for the quarter, compared to analyst estimates of $851.10 million. During the same period in the prior year, the company posted $0.63 EPS. Gildan Activewear’s quarterly revenue was up 2.6% on a year-over-year basis.

A number of other equities analysts have also issued reports on the company. Canaccord Genuity Group upped their target price on Gildan Activewear from $42.00 to $43.00 and gave the company a “buy” rating in a research report on Thursday, May 2nd. BMO Capital Markets boosted their price target on Gildan Activewear from $43.00 to $47.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Stifel Nicolaus upgraded Gildan Activewear from a “hold” rating to a “buy” rating and boosted their price target for the company from $39.00 to $51.00 in a report on Friday, August 2nd. Canaccord Genuity Group boosted their price target on Gildan Activewear from $42.00 to $43.00 and gave the company a “buy” rating in a report on Thursday, May 2nd. Finally, Royal Bank of Canada boosted their price target on Gildan Activewear from $41.00 to $44.00 and gave the company an “outperform” rating in a report 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’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $44.50.

Gildan Activewear Stock Performance

Shares of GIL opened at $40.14 on Monday. The business’s 50 day moving average is $38.61 and its two-hundred day moving average is $36.21. Gildan Activewear has a 52-week low of $26.99 and a 52-week high of $42.00. The firm has a market cap of $6.65 billion, a price-to-earnings ratio of 13.56, a PEG ratio of 1.56 and a beta of 1.43. The company has a quick ratio of 0.92, a current ratio of 2.38 and a debt-to-equity ratio of 0.48.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Cooke & Bieler LP grew its stake in shares of Gildan Activewear by 2.7% in the second quarter. Cooke & Bieler LP now owns 10,252,785 shares of the textile maker’s stock worth $388,786,000 after purchasing an additional 271,273 shares in the last quarter. Browning West LP grew its stake in shares of Gildan Activewear by 30.0% in the fourth quarter. Browning West LP now owns 8,640,448 shares of the textile maker’s stock worth $285,653,000 after purchasing an additional 1,994,900 shares in the last quarter. Cardinal Capital Management Inc. grew its stake in shares of Gildan Activewear by 1.5% in the second quarter. Cardinal Capital Management Inc. now owns 2,907,144 shares of the textile maker’s stock worth $110,197,000 after purchasing an additional 42,094 shares in the last quarter. Mackenzie Financial Corp grew its stake in shares of Gildan Activewear by 1.1% in the fourth quarter. Mackenzie Financial Corp now owns 2,712,021 shares of the textile maker’s stock worth $89,732,000 after purchasing an additional 29,193 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Gildan Activewear in the fourth quarter worth $70,917,000. Institutional investors own 82.83% of the company’s stock.

Gildan Activewear Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Thursday, August 22nd will be paid a dividend of $0.205 per share. The ex-dividend date is Thursday, August 22nd. This represents a $0.82 dividend on an annualized basis and a yield of 2.04%. Gildan Activewear’s payout ratio is currently 27.70%.

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.