Gildan Activewear (NYSE:GIL) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Gildan Activewear (NYSE:GIL) (TSE:GIL) had its price objective increased by equities researchers at Canaccord Genuity Group from $53.00 to $58.00 in a research report issued on Thursday,BayStreet.CA reports. The firm currently has a “buy” rating on the textile maker’s stock. Canaccord Genuity Group’s price target would indicate a potential upside of 5.80% from the company’s current price.

A number of other equities analysts have also recently weighed in on the stock. BMO Capital Markets upped 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. Citigroup raised their price objective on Gildan Activewear from $59.00 to $62.00 and gave the company a “buy” rating in a research note on Thursday. CIBC boosted their target price on Gildan Activewear from $56.00 to $60.00 and gave the stock an “outperform” rating in a research report on Thursday. TD Securities lifted their price target on Gildan Activewear from $58.00 to $60.00 and gave the stock a “buy” rating in a research note on Monday, December 2nd. Finally, UBS Group upped their price target on shares of Gildan Activewear from $60.00 to $69.00 and gave the company a “buy” rating in a report on Thursday. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Gildan Activewear has an average rating of “Buy” and an average price target of $60.00.

Gildan Activewear Stock Performance

GIL traded up $0.92 on Thursday, reaching $54.82. The company had a trading volume of 372,915 shares, compared to its average volume of 519,160. The stock has a 50-day moving average price of $49.34 and a 200-day moving average price of $47.48. The stock has a market capitalization of $8.34 billion, a PE ratio of 21.68, a P/E/G ratio of 1.71 and a beta of 1.41. Gildan Activewear has a 1 year low of $32.23 and a 1 year high of $54.81. 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 (NYSE:GIL) (TSE:GIL) last announced its earnings results on Wednesday, February 19th. The textile maker reported $0.83 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.30). Gildan Activewear had a net margin of 13.06% and a return on equity of 26.88%. The firm had revenue of $822.00 million during the quarter, compared to analyst estimates of $805.75 million. During the same period last year, the company earned $0.75 earnings per share. The firm’s revenue for the quarter was up 5.0% compared to the same quarter last year. As a group, research analysts forecast that Gildan Activewear will post 2.97 EPS for the current fiscal year.

Institutional Investors Weigh In On Gildan Activewear

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Janus Henderson Group PLC lifted its stake in Gildan Activewear by 1.9% during the fourth quarter. Janus Henderson Group PLC now owns 6,970,246 shares of the textile maker’s stock worth $327,950,000 after purchasing an additional 128,674 shares during the last quarter. Simcoe Capital Management LLC grew its stake in shares of Gildan Activewear by 10.5% in the 3rd quarter. Simcoe Capital Management LLC now owns 2,387,865 shares of the textile maker’s stock worth $112,492,000 after purchasing an additional 226,695 shares during the last quarter. Norges Bank acquired a new stake in Gildan Activewear during the 4th quarter worth about $97,275,000. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Gildan Activewear by 604.1% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,850,971 shares of the textile maker’s stock valued at $86,999,000 after buying an additional 1,588,071 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in shares of Gildan Activewear by 276.9% in the fourth quarter. The Manufacturers Life Insurance Company now owns 1,769,634 shares of the textile maker’s stock worth $83,394,000 after buying an additional 1,300,121 shares during the period. 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.