Gildan Activewear Inc. Forecasted to Earn Q2 2023 Earnings of $0.72 Per Share (NYSE:GIL)

Gildan Activewear Inc. (NYSE:GIL – Get Rating) (TSE:GIL) – Stock analysts at Desjardins dropped their Q2 2023 earnings per share (EPS) estimates for shares of Gildan Activewear in a research report issued to clients and investors on Tuesday, March 7th. Desjardins analyst C. Li now expects that the textile maker will post earnings of $0.72 per share for the quarter, down from their previous forecast of $0.76. The consensus estimate for Gildan Activewear’s current full-year earnings is $3.09 per share. Desjardins also issued estimates for Gildan Activewear’s Q3 2023 earnings at $0.92 EPS and Q4 2023 earnings at $0.86 EPS.

GIL has been the subject of several other reports. TD Securities downgraded Gildan Activewear from a “buy” rating to a “hold” rating and reduced their target price for the company from $43.00 to $36.00 in a report on Monday, January 23rd. National Bank Financial raised their price objective on Gildan Activewear from C$45.00 to C$46.00 in a research report on Thursday, February 23rd. Royal Bank of Canada reiterated an “outperform” rating and issued a $39.00 price objective on shares of Gildan Activewear in a research report on Thursday, February 23rd. Finally, TheStreet downgraded Gildan Activewear from a “b” rating to a “c+” rating in a research report on Wednesday, February 22nd. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $41.50.

Gildan Activewear Trading Down 0.6 %

Shares of NYSE GIL opened at $32.29 on Wednesday. Gildan Activewear has a 12 month low of $25.67 and a 12 month high of $39.91. The company has a market cap of $5.80 billion, a price-to-earnings ratio of 11.02, a P/E/G ratio of 1.18 and a beta of 1.23. The company has a quick ratio of 0.78, a current ratio of 2.69 and a debt-to-equity ratio of 0.46. The business has a fifty day simple moving average of $30.30 and a 200-day simple moving average of $29.78.

Gildan Activewear (NYSE:GIL – Get Rating) (TSE:GIL) last issued its quarterly earnings data on Wednesday, February 22nd. The textile maker reported $0.65 EPS for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.01). Gildan Activewear had a return on equity of 30.81% and a net margin of 16.71%. The company had revenue of $720.00 million for the quarter, compared to the consensus estimate of $761.15 million. During the same quarter in the previous year, the company earned $0.76 earnings per share. Gildan Activewear’s quarterly revenue was down 8.2% compared to the same quarter last year.

Institutional Investors Weigh In On Gildan Activewear

A number of institutional investors have recently made changes to their positions in GIL. American Century Companies Inc. grew its stake in shares of Gildan Activewear by 38.6% during the first quarter. American Century Companies Inc. now owns 41,005 shares of the textile maker’s stock worth $1,538,000 after purchasing an additional 11,413 shares during the period. Citigroup Inc. grew its stake in shares of Gildan Activewear by 41.5% during the first quarter. Citigroup Inc. now owns 32,700 shares of the textile maker’s stock worth $1,227,000 after purchasing an additional 9,597 shares during the period. PNC Financial Services Group Inc. lifted its holdings in Gildan Activewear by 36.1% during the first quarter. PNC Financial Services Group Inc. now owns 3,381 shares of the textile maker’s stock worth $127,000 after acquiring an additional 896 shares in the last quarter. Natixis Advisors L.P. lifted its holdings in Gildan Activewear by 35.8% during the first quarter. Natixis Advisors L.P. now owns 19,786 shares of the textile maker’s stock worth $742,000 after acquiring an additional 5,212 shares in the last quarter. Finally, Synovus Financial Corp lifted its holdings in Gildan Activewear by 29.4% during the first quarter. Synovus Financial Corp now owns 33,700 shares of the textile maker’s stock worth $1,268,000 after acquiring an additional 7,662 shares in the last quarter. 75.07% of the stock is owned by institutional investors and hedge funds.

Gildan Activewear Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 10th. Investors of record on Tuesday, March 14th will be paid a dividend of $0.14 per share. The ex-dividend date is Monday, March 13th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.73%. Gildan Activewear’s dividend payout ratio (DPR) is presently 23.21%.

Gildan Activewear Company Profile

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Gildan Activewear, Inc is engaged in the manufacturing and sale of printwear and branded apparel. Its products include activewear, underwear, socks, hosiery, and legwear. The firm operates under the brand name Gildan, Alstyle, American Apparel, Comfort Colors, GOLD TOE, Anvil, Secret, Silks, and Peds.