Gildan Activewear (NYSE:GIL) Price Target Raised to $59.00 at Citigroup

Gildan Activewear (NYSE:GIL) (TSE:GIL) had its price objective upped by Citigroup from $54.00 to $59.00 in a research report released on Friday morning, BayStreet.CA reports. Citigroup currently has a buy rating on the textile maker’s stock.

A number of other equities research analysts have also recently commented on GIL. TD Securities raised their target price on Gildan Activewear from $56.00 to $58.00 and gave the company a “buy” rating in a research report on Friday. Canaccord Genuity Group raised their target price on Gildan Activewear from $52.00 to $53.00 and gave the company a “buy” rating in a research report on Friday. BMO Capital Markets raised their target price on Gildan Activewear from $47.00 to $58.00 and gave the company an “outperform” rating in a research report on Friday. Royal Bank of Canada raised their target price on Gildan Activewear from $41.00 to $44.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Finally, Stifel Nicolaus lifted their price objective on Gildan Activewear from $51.00 to $54.00 and gave the stock a “buy” rating in a report on Thursday, October 3rd. Four research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $50.85.

Gildan Activewear Stock Performance

NYSE GIL opened at $49.66 on Friday. The stock has a 50-day simple moving average of $46.45 and a two-hundred day simple moving average of $40.94. The firm has a market capitalization of $7.80 billion, a P/E ratio of 19.63, a PEG ratio of 1.85 and a beta of 1.44. Gildan Activewear has a fifty-two week low of $28.95 and a fifty-two 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.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last posted its earnings results on Thursday, October 31st. The textile maker reported $0.85 EPS for the quarter, meeting 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 for the quarter, compared to analysts’ expectations of $882.85 million. During the same period last year, the firm earned $0.74 EPS. The company’s quarterly revenue was up 2.4% on a year-over-year basis. On average, equities analysts forecast that Gildan Activewear will post 2.93 earnings per share for the current year.

Gildan Activewear Cuts Dividend

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

Institutional Trading of Gildan Activewear

Several institutional investors have recently made changes to their positions in GIL. Riverview Trust Co purchased a new stake in shares of Gildan Activewear during the 3rd quarter valued at approximately $29,000. Blue Trust Inc. raised its position in shares of Gildan Activewear by 96.1% during the 3rd quarter. Blue Trust Inc. now owns 810 shares of the textile maker’s stock valued at $38,000 after buying an additional 397 shares during the period. Natixis purchased a new stake in shares of Gildan Activewear during the 1st quarter valued at approximately $51,000. Cullen Frost Bankers Inc. purchased a new stake in shares of Gildan Activewear during the 2nd quarter valued at approximately $51,000. Finally, Tobam purchased a new stake in shares of Gildan Activewear during the 2nd quarter valued at approximately $53,000. Hedge funds and other 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.