Gildan Activewear (NYSE:GIL) Reaches New 12-Month High on Analyst Upgrade

Shares of Gildan Activewear, Inc. (NYSE:GIL) (TSE:GIL) hit a new 52-week high during mid-day trading on Wednesday after Scotiabank raised their price target on the stock from $66.00 to $72.00. Scotiabank currently has a sector outperform rating on the stock. Gildan Activewear traded as high as $68.70 and last traded at $67.9860, with a volume of 50521 shares trading hands. The stock had previously closed at $67.12.

GIL has been the topic of several other reports. National Bankshares lifted their target price on Gildan Activewear from $92.00 to $97.00 and gave the company an “outperform” rating in a research report on Monday. Desjardins upped their price target on Gildan Activewear from $80.00 to $95.00 and gave the stock a “buy” rating in a research report on Monday, October 27th. TD Securities reaffirmed a “buy” rating and set a $77.00 price objective on shares of Gildan Activewear in a research report on Tuesday, January 27th. TD Cowen boosted their price objective on Gildan Activewear from $67.00 to $73.00 and gave the company a “buy” rating in a research note on Monday, October 6th. Finally, Citigroup lowered shares of Gildan Activewear from a “buy” rating to a “neutral” rating and increased their target price for the stock from $60.00 to $63.00 in a report on Monday, October 20th. Twelve equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, Gildan Activewear currently has a consensus rating of “Moderate Buy” and a consensus target price of $77.54.

Institutional Investors Weigh In On Gildan Activewear

Institutional investors have recently added to or reduced their stakes in the stock. Webster Bank N. A. purchased a new position in shares of Gildan Activewear in the fourth quarter worth $25,000. Smartleaf Asset Management LLC increased its holdings in Gildan Activewear by 161.8% in the 2nd quarter. Smartleaf Asset Management LLC now owns 555 shares of the textile maker’s stock valued at $27,000 after acquiring an additional 343 shares during the last quarter. Brown Brothers Harriman & Co. lifted its stake in Gildan Activewear by 867.9% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 513 shares of the textile maker’s stock worth $30,000 after purchasing an additional 460 shares in the last quarter. CIBC Private Wealth Group LLC boosted its holdings in shares of Gildan Activewear by 169.0% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 538 shares of the textile maker’s stock valued at $31,000 after purchasing an additional 338 shares during the last quarter. Finally, Nisa Investment Advisors LLC purchased a new position in shares of Gildan Activewear during the fourth quarter valued at about $32,000. 82.83% of the stock is owned by hedge funds and other institutional investors.

Gildan Activewear Stock Up 2.8%

The company has a quick ratio of 0.88, a current ratio of 2.01 and a debt-to-equity ratio of 0.94. The stock has a market capitalization of $12.77 billion, a P/E ratio of 22.04 and a beta of 1.08. The company has a fifty day moving average price of $62.69 and a 200-day moving average price of $58.49.

Gildan Activewear Company Profile

Gildan Activewear Inc (NYSE:GIL) is a vertically integrated manufacturer and wholesaler of branded basic apparel, including activewear, socks, hosiery and underwear. Headquartered in Montreal, Quebec, the company produces a wide range of products such as T-shirts, fleece garments, sport shirts, performance wear, and shapewear under its Gildan, Anvil, Comfort Colors, Gold Toe, Peds and Silks brands. Leveraging its in-house knitting, dyeing, cut-and-sew and finishing operations, Gildan supplies blank apparel to screen printers, promotional product distributors and major retailers around the world.

Since its founding in 1984 by Glenn J.