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

Gildan Activewear (NYSE:GIL) (TSE:GIL) had its price objective increased by equities research analysts at Citigroup from $59.00 to $62.00 in a research report issued to clients and investors on Thursday,BayStreet.CA reports. The firm presently has a “buy” rating on the textile maker’s stock. Citigroup’s price objective indicates a potential upside of 14.44% from the company’s current price.

A number of other equities research analysts have also recently commented on the stock. CIBC increased their price objective on shares of Gildan Activewear from $56.00 to $60.00 and gave the company an “outperform” rating in a research note on Thursday. Stifel Nicolaus increased their price objective on shares of Gildan Activewear from $54.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Canaccord Genuity Group increased their price objective on shares of Gildan Activewear from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, November 1st. BMO Capital Markets raised their price target on shares of Gildan Activewear from $58.00 to $64.00 and gave the stock an “outperform” rating in a research note on Thursday. Finally, TD Securities raised their price target on shares of Gildan Activewear from $58.00 to $60.00 and gave the stock a “buy” rating in a research note on Monday, December 2nd. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Gildan Activewear currently has a consensus rating of “Buy” and a consensus target price of $60.00.

Gildan Activewear Stock Performance

NYSE:GIL opened at $54.18 on Thursday. The company has a quick ratio of 0.98, a current ratio of 2.31 and a debt-to-equity ratio of 0.81. Gildan Activewear has a fifty-two week low of $32.23 and a fifty-two week high of $55.39. The stock has a market cap of $8.24 billion, a PE ratio of 21.67, a price-to-earnings-growth ratio of 1.74 and a beta of 1.41. The firm’s fifty day simple moving average is $49.47 and its 200-day simple moving average is $47.54.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last issued its quarterly earnings data on Wednesday, February 19th. The textile maker reported $0.83 EPS for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.30). The business had revenue of $822.00 million during the quarter, compared to analyst estimates of $805.75 million. Gildan Activewear had a net margin of 12.26% and a return on equity of 27.49%. Gildan Activewear’s revenue was up 5.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.75 earnings per share. Analysts expect that Gildan Activewear will post 3.44 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Janus Henderson Group PLC lifted its holdings in shares of Gildan Activewear by 1.9% during the 4th quarter. Janus Henderson Group PLC now owns 6,970,246 shares of the textile maker’s stock worth $327,950,000 after acquiring an additional 128,674 shares during the period. Simcoe Capital Management LLC lifted its holdings in shares of Gildan Activewear by 10.5% during the 3rd quarter. Simcoe Capital Management LLC now owns 2,387,865 shares of the textile maker’s stock worth $112,492,000 after acquiring an additional 226,695 shares during the period. Norges Bank purchased a new position in shares of Gildan Activewear during the 4th quarter worth about $97,275,000. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Gildan Activewear by 604.1% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,850,971 shares of the textile maker’s stock worth $86,999,000 after acquiring an additional 1,588,071 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Gildan Activewear by 276.9% during the 4th quarter. The Manufacturers Life Insurance Company now owns 1,769,634 shares of the textile maker’s stock worth $83,394,000 after acquiring an additional 1,300,121 shares during the period. 82.83% of the stock is currently owned by hedge funds and other institutional investors.

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.