TD Lowers Gildan Activewear (NYSE:GIL) Price Target to $54.00

Gildan Activewear (NYSE:GIL) (TSE:GIL) had its price target reduced by TD from $80.00 to $54.00 in a research note issued to investors on Thursday, BayStreet reports. The brokerage currently has a “buy” rating on the textile maker’s stock. TD’s price target points to a potential upside of 31.76% from the company’s previous close.

GIL has been the topic of several other reports. Weiss Ratings restated a “hold (c)” rating on shares of Gildan Activewear in a research report on Thursday, August 13th. Stifel Nicolaus set a $83.00 price target on Gildan Activewear and gave the stock a “buy” rating in a report on Friday, July 31st. Royal Bank Of Canada restated an “outperform” rating and issued a $82.00 price target (up from $78.00) on shares of Gildan Activewear in a research note on Friday, July 31st. TD Securities cut their price objective on shares of Gildan Activewear from $80.00 to $54.00 and set a “buy” rating for the company in a report on Thursday. Finally, Citigroup reissued a “neutral” rating on shares of Gildan Activewear in a report on Tuesday, August 4th. Thirteen investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $76.50.

Gildan Activewear Stock Performance

Gildan Activewear stock traded down $5.21 during midday trading on Thursday, hitting $40.98. The stock had a trading volume of 4,916,800 shares, compared to its average volume of 1,395,246. Gildan Activewear has a 52-week low of $40.13 and a 52-week high of $73.69. The company has a market capitalization of $7.59 billion, a PE ratio of 78.94 and a beta of 1.08. The firm’s fifty day moving average is $52.78 and its two-hundred day moving average is $55.34. The company has a current ratio of 1.93, a quick ratio of 1.01 and a debt-to-equity ratio of 1.15.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last posted its quarterly earnings results on Thursday, July 30th. The textile maker reported $1.28 earnings per share for the quarter, topping analysts’ consensus estimates of $1.11 by $0.17. Gildan Activewear had a net margin of 1.28% and a return on equity of 21.03%. The business had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.61 billion. During the same period in the prior year, the business posted $0.97 earnings per share. The company’s revenue was up 72.3% on a year-over-year basis. On average, research analysts forecast that Gildan Activewear will post 4.67 EPS for the current year.

Hedge Funds Weigh In On Gildan Activewear

A number of institutional investors and hedge funds have recently made changes to their positions in GIL. Andra AP fonden purchased a new stake in shares of Gildan Activewear during the 2nd quarter valued at about $784,000. WINTON GROUP Ltd bought a new stake in Gildan Activewear during the second quarter worth approximately $459,000. Nykredit A S purchased a new stake in Gildan Activewear during the second quarter valued at approximately $2,389,000. VELA Investment Management LLC raised its position in Gildan Activewear by 44.0% during the second quarter. VELA Investment Management LLC now owns 104,710 shares of the textile maker’s stock valued at $5,403,000 after purchasing an additional 32,005 shares during the period. Finally, Corient Private Wealth LP lifted its stake in shares of Gildan Activewear by 34.6% in the 2nd quarter. Corient Private Wealth LP now owns 8,868 shares of the textile maker’s stock valued at $458,000 after purchasing an additional 2,280 shares during the last quarter. 82.83% of the stock is owned by hedge funds and other institutional investors.

About Gildan Activewear

Gildan Activewear Inc is a Canadian apparel manufacturer headquartered in Montreal, Quebec. Founded in 1984, the company produces and sells everyday basic apparel for consumers, retailers and the decorated-apparel market. Its products include T-shirts, fleece, underwear, socks, hosiery and other activewear and casualwear items.

Gildan markets products through a portfolio of brands that includes Gildan, American Apparel, Comfort Colors, Gold Toe and Peds. The company primarily serves wholesale distributors, screen printers and other apparel decorators, as well as retailers and private-label customers.