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

Gildan Activewear (NYSE:GIL) (TSE:GIL) had its price objective upped by CIBC from $48.00 to $56.00 in a research report sent to investors on Friday, BayStreet.CA reports. The brokerage currently has an outperform rating on the textile maker’s stock.

A number of other research firms also recently weighed in on GIL. TD Securities upped their price target on Gildan Activewear from $50.00 to $56.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Royal Bank of Canada increased their price objective on Gildan Activewear from $41.00 to $44.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Canaccord Genuity Group increased their price objective on Gildan Activewear from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday. Stifel Nicolaus increased their price objective on Gildan Activewear from $51.00 to $54.00 and gave the company a “buy” rating in a report on Thursday, October 3rd. Finally, BMO Capital Markets increased their price objective on Gildan Activewear from $47.00 to $58.00 and gave the company an “outperform” rating in a report on Friday. Four 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.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $50.85.

Gildan Activewear Price Performance

NYSE GIL opened at $49.66 on Friday. The business has a 50 day simple moving average of $46.45 and a 200 day simple moving average of $40.94. Gildan Activewear has a 52-week low of $28.95 and a 52-week high of $49.92. 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 has a market cap of $7.80 billion, a price-to-earnings ratio of 19.63, a PEG ratio of 1.85 and a beta of 1.44.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last released its quarterly earnings results on Thursday, October 31st. The textile maker reported $0.85 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.85. Gildan Activewear had a return on equity of 25.66% and a net margin of 13.06%. The firm had revenue of $891.10 million during the quarter, compared to the consensus estimate of $882.85 million. During the same quarter in the prior year, the firm posted $0.74 EPS. The business’s revenue was up 2.4% on a year-over-year basis. Analysts anticipate that Gildan Activewear will post 2.93 earnings per share for the current fiscal year.

Gildan Activewear Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Thursday, November 21st will be given a dividend of $0.152 per share. This represents a $0.61 annualized dividend and a yield of 1.22%. The ex-dividend date is Thursday, November 21st. Gildan Activewear’s payout ratio is 32.41%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Riverview Trust Co bought a new position in Gildan Activewear during the 3rd quarter worth $29,000. Blue Trust Inc. increased its position in Gildan Activewear by 96.1% during the 3rd quarter. Blue Trust Inc. now owns 810 shares of the textile maker’s stock worth $38,000 after buying an additional 397 shares during the period. Natixis bought a new position in Gildan Activewear during the 1st quarter worth $51,000. Cullen Frost Bankers Inc. bought a new position in Gildan Activewear during the 2nd quarter worth $51,000. Finally, Tobam bought a new position in Gildan Activewear during the 2nd quarter worth $53,000. Institutional investors own 82.83% of the company’s stock.

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.