Zacks Investment Research Lowers Gildan Activewear (NYSE:GIL) to Hold

Gildan Activewear (NYSE:GIL) (TSE:GIL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Thursday, Zacks.com reports.

According to Zacks, “Gildan Activewear Inc. is a manufacturer and marketer of premium quality branded basic activewear for sale principally into the wholesale imprinted activewear segment of the North American apparel market. The company sells premium quality 100% cotton T-shirts and premium quality sweatshirts, in a variety of weights, sizes, colors and styles, as blanks, which are ultimately decorated with designs and logos for sale to consumers. “

GIL has been the topic of several other research reports. Royal Bank of Canada raised their price objective on Gildan Activewear from $34.00 to $35.00 and gave the company a “hold” rating in a report on Thursday, May 2nd. TD Securities raised Gildan Activewear from a “hold” rating to a “buy” rating in a report on Friday, August 2nd. Raymond James reissued a “strong-buy” rating and set a $14.00 price objective on shares of Gildan Activewear in a report on Thursday, May 2nd. ValuEngine downgraded Gildan Activewear from a “buy” rating to a “hold” rating in a report on Tuesday, August 6th. Finally, Desjardins raised Gildan Activewear from a “hold” rating to a “buy” rating in a report on Friday, August 2nd. Five analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Gildan Activewear has a consensus rating of “Buy” and an average price target of $34.00.

Shares of GIL stock traded down $0.13 during trading hours on Thursday, reaching $36.43. The company’s stock had a trading volume of 518,500 shares, compared to its average volume of 487,641. The firm’s 50 day simple moving average is $38.44 and its 200-day simple moving average is $37.08. The company has a market capitalization of $7.43 billion, a price-to-earnings ratio of 19.59, a PEG ratio of 1.29 and a beta of 0.83. Gildan Activewear has a fifty-two week low of $28.11 and a fifty-two week high of $40.40. The company has a quick ratio of 1.68, a current ratio of 4.33 and a debt-to-equity ratio of 0.55.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last released its quarterly earnings data on Thursday, August 1st. The textile maker reported $0.57 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.02. Gildan Activewear had a return on equity of 18.48% and a net margin of 10.14%. The company had revenue of $801.60 million for the quarter, compared to the consensus estimate of $793.91 million. During the same quarter last year, the business posted $0.52 EPS. Gildan Activewear’s revenue for the quarter was up 4.9% on a year-over-year basis. Sell-side analysts predict that Gildan Activewear will post 1.98 earnings per share for the current year.

Institutional investors and hedge funds have recently made changes to their positions in the business. Overbrook Management Corp lifted its holdings in Gildan Activewear by 25.1% during the 1st quarter. Overbrook Management Corp now owns 725,104 shares of the textile maker’s stock worth $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 worth about $56,000. MML Investors Services LLC lifted its holdings in Gildan Activewear by 5.3% during the 1st quarter. MML Investors Services LLC now owns 19,242 shares of the textile maker’s stock worth $692,000 after buying an additional 976 shares during the period. W.G. Shaheen & Associates DBA Whitney & Co lifted its holdings in Gildan Activewear by 7.1% during 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 buying an additional 12,338 shares during the period. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp acquired a new position in Gildan Activewear during the 1st quarter worth about $12,376,000. 68.73% of the stock is currently owned by hedge funds and other institutional investors.

Gildan Activewear Company Profile

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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