Citigroup Reiterates “$60.00” Price Target for Gildan Activewear (NYSE:GIL)

Citigroup set a $60.00 price target on Gildan Activewear (NYSE:GIL) (TSE:GIL) in a report published on Thursday,BayStreet.CA reports. The brokerage currently has a buy rating on the textile maker’s stock.

GIL has been the subject of a number of other reports. Scotiabank reaffirmed an “outperform” rating on shares of Gildan Activewear in a research note on Thursday. Cfra Research raised shares of Gildan Activewear to a “hold” rating in a research note on Monday, August 4th. Wall Street Zen raised shares of Gildan Activewear from a “hold” rating to a “buy” rating in a research note on Saturday, August 9th. CIBC upped their price objective on shares of Gildan Activewear from $56.00 to $60.00 and gave the company an “outperformer” rating in a research note on Friday, August 1st. Finally, TD Securities upped their price objective on shares of Gildan Activewear from $56.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, April 30th. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, Gildan Activewear presently has a consensus rating of “Moderate Buy” and an average price target of $64.58.

Gildan Activewear Price Performance

Shares of NYSE GIL opened at $56.44 on Thursday. Gildan Activewear has a twelve month low of $37.16 and a twelve month high of $57.76. The company has a current ratio of 3.87, a quick ratio of 1.67 and a debt-to-equity ratio of 1.37. The company has a market capitalization of $8.42 billion, a price-to-earnings ratio of 17.92, a PEG ratio of 1.81 and a beta of 1.17. The firm has a 50-day moving average of $50.47 and a two-hundred day moving average of $48.40.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last issued its quarterly earnings results on Thursday, July 31st. The textile maker reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.01. Gildan Activewear had a net margin of 14.55% and a return on equity of 34.31%. The company had revenue of $918.50 million during the quarter, compared to the consensus estimate of $908.41 million. During the same period in the prior year, the company earned $0.74 EPS. Gildan Activewear’s revenue was up 6.5% on a year-over-year basis. As a group, analysts expect that Gildan Activewear will post 3.48 earnings per share for the current fiscal year.

Gildan Activewear Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Thursday, August 21st will be issued a $0.226 dividend. The ex-dividend date is Thursday, August 21st. This represents a $0.90 dividend on an annualized basis and a dividend yield of 1.6%. Gildan Activewear’s dividend payout ratio is currently 28.57%.

Hedge Funds Weigh In On Gildan Activewear

Large investors have recently made changes to their positions in the business. Tower Research Capital LLC TRC increased its holdings in Gildan Activewear by 15.7% in the second quarter. Tower Research Capital LLC TRC now owns 13,124 shares of the textile maker’s stock worth $646,000 after buying an additional 1,776 shares during the last quarter. Smartleaf Asset Management LLC increased its holdings in Gildan Activewear by 161.8% in the second quarter. Smartleaf Asset Management LLC now owns 555 shares of the textile maker’s stock worth $27,000 after buying an additional 343 shares during the last quarter. Onex Canada Asset Management Inc. increased its holdings in Gildan Activewear by 12.4% in the second quarter. Onex Canada Asset Management Inc. now owns 320,216 shares of the textile maker’s stock worth $15,767,000 after buying an additional 35,392 shares during the last quarter. Engineers Gate Manager LP increased its holdings in Gildan Activewear by 144.7% in the second quarter. Engineers Gate Manager LP now owns 25,347 shares of the textile maker’s stock worth $1,248,000 after buying an additional 14,990 shares during the last quarter. Finally, Balyasny Asset Management L.P. increased its holdings in Gildan Activewear by 72.8% in the second quarter. Balyasny Asset Management L.P. now owns 38,224 shares of the textile maker’s stock worth $1,882,000 after buying an additional 16,099 shares during the last quarter. Institutional investors and hedge funds own 82.83% of the company’s stock.

Gildan Activewear Company Profile

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.