Gildan Activewear (NYSE:GIL) Issues Earnings Results

Gildan Activewear (NYSE:GIL) (TSE:GIL) posted its quarterly earnings data on Thursday. The textile maker reported $0.57 EPS for the quarter, beating the Zacks’ consensus estimate of $0.55 by $0.02, Morningstar.com reports. Gildan Activewear had a net margin of 10.59% and a return on equity of 18.24%. The firm had revenue of $801.60 million for the quarter, compared to the consensus estimate of $793.91 million. During the same period in the prior year, the firm posted $0.52 EPS. The firm’s revenue was up 4.9% compared to the same quarter last year. Gildan Activewear updated its Q3 guidance to $0.57 EPS and its FY19 guidance to $1.95-2.00 EPS.

Shares of GIL stock traded down $0.54 during trading hours on Friday, reaching $38.65. The stock had a trading volume of 674,284 shares, compared to its average volume of 362,458. The company has a quick ratio of 1.74, a current ratio of 4.92 and a debt-to-equity ratio of 0.50. Gildan Activewear has a twelve month low of $28.11 and a twelve month high of $40.40. The company’s 50-day simple moving average is $39.16. The company has a market cap of $8.02 billion, a price-to-earnings ratio of 20.78, a PEG ratio of 1.43 and a beta of 0.83.

Several hedge funds have recently added to or reduced their stakes in the stock. Overbrook Management Corp increased its stake in Gildan Activewear by 25.1% during the 1st quarter. Overbrook Management Corp now owns 725,104 shares of the textile maker’s stock valued at $26,082,000 after buying an additional 145,395 shares during the period. Beutel Goodman & Co Ltd. acquired a new position in Gildan Activewear during the 1st quarter valued at about $56,000. MML Investors Services LLC grew its stake in shares of Gildan Activewear by 5.3% in the 1st quarter. MML Investors Services LLC now owns 19,242 shares of the textile maker’s stock worth $692,000 after purchasing an additional 976 shares during the last quarter. Millennium Management LLC grew its stake in shares of Gildan Activewear by 173.9% in the 4th quarter. Millennium Management LLC now owns 553,907 shares of the textile maker’s stock worth $16,817,000 after purchasing an additional 351,668 shares during the last quarter. Finally, W.G. Shaheen & Associates DBA Whitney & Co grew its stake in shares of Gildan Activewear by 7.1% in the 1st quarter. W.G. Shaheen & Associates DBA Whitney & Co now owns 186,484 shares of the textile maker’s stock worth $6,876,000 after purchasing an additional 12,338 shares during the last quarter. 68.90% of the stock is currently owned by institutional investors and hedge funds.

GIL has been the topic of a number of research analyst reports. Citigroup increased their price objective on shares of Gildan Activewear from $37.00 to $40.00 and gave the company a “neutral” rating in a research note on Friday. Desjardins upgraded shares of Gildan Activewear from a “hold” rating to a “buy” rating in a research note on Friday. Raymond James reiterated a “strong-buy” rating and set a $14.00 price objective on shares of Gildan Activewear in a research note on Thursday, May 2nd. Zacks Investment Research upgraded shares of Gildan Activewear from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a research report on Wednesday. Finally, Royal Bank of Canada raised their price target on shares of Gildan Activewear from $34.00 to $35.00 and gave the stock a “hold” rating in a research report on Thursday, May 2nd. Three research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $34.66.

About Gildan Activewear

Gildan Activewear Inc manufactures and sells a range of apparel products in North America, Europe, the Asia-Pacific, and Latin America. The company manufactures and markets active wear products, including T-shirts, fleece tops and bottoms, and sport shirts under Gildan, Gildan Performance, Gildan Platinum, Gildan Hammer, Comfort Colors, American Apparel, Anvil, Alstyle, and Gold Toe brands.

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Earnings History for Gildan Activewear (NYSE:GIL)

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