Brokers Issue Forecasts for Gildan Activewear Inc.’s Q2 2024 Earnings (NYSE:GIL)

Gildan Activewear Inc. (NYSE:GIL) (TSE:GIL) – Equities research analysts at Desjardins cut their Q2 2024 EPS estimates for shares of Gildan Activewear in a research report issued to clients and investors on Thursday, May 2nd. Desjardins analyst C. Li now expects that the textile maker will post earnings of $0.70 per share for the quarter, down from their previous estimate of $0.76. The consensus estimate for Gildan Activewear’s current full-year earnings is $2.94 per share. Desjardins also issued estimates for Gildan Activewear’s Q3 2024 earnings at $0.82 EPS and Q4 2024 earnings at $0.79 EPS.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last announced its earnings results on Wednesday, May 1st. The textile maker reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.07. Gildan Activewear had a net margin of 16.14% and a return on equity of 24.00%. The firm had revenue of $695.80 million during the quarter, compared to the consensus estimate of $692.94 million. During the same quarter in the previous year, the company posted $0.45 EPS. The firm’s revenue for the quarter was down 1.0% on a year-over-year basis.

Several other research firms have also recently commented on GIL. Citigroup lifted their price target on Gildan Activewear from $40.00 to $44.00 and gave the company a “buy” rating in a report on Friday, February 23rd. Royal Bank of Canada restated an “outperform” rating and issued a $41.00 price target on shares of Gildan Activewear in a report on Monday, April 8th. TD Securities lifted their price target on Gildan Activewear from $42.00 to $46.00 and gave the company a “buy” rating in a report on Wednesday, March 20th. CIBC lifted their price target on Gildan Activewear from $38.00 to $41.00 and gave the company an “outperform” rating in a report on Thursday, February 22nd. Finally, Scotiabank lifted their price target on Gildan Activewear from $39.50 to $40.50 and gave the company a “sector outperform” rating in a report on Friday, February 9th. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $41.95.

Gildan Activewear Trading Down 1.3 %

Shares of GIL stock opened at $33.10 on Monday. The company has a current ratio of 2.38, a quick ratio of 0.83 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $5.58 billion, a price-to-earnings ratio of 11.18, a PEG ratio of 1.25 and a beta of 1.38. The firm has a 50-day moving average price of $35.51 and a 200 day moving average price of $34.05. Gildan Activewear has a twelve month low of $26.98 and a twelve month high of $38.87.

Hedge Funds Weigh In On Gildan Activewear

A number of institutional investors have recently made changes to their positions in GIL. Strs Ohio raised its position in shares of Gildan Activewear by 981.8% in the 3rd quarter. Strs Ohio now owns 108,202 shares of the textile maker’s stock valued at $3,046,000 after purchasing an additional 98,200 shares in the last quarter. CIBC Asset Management Inc raised its position in shares of Gildan Activewear by 0.8% during the 3rd quarter. CIBC Asset Management Inc now owns 180,453 shares of the textile maker’s stock valued at $5,073,000 after acquiring an additional 1,512 shares in the last quarter. China Universal Asset Management Co. Ltd. raised its position in shares of Gildan Activewear by 61.7% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 37,351 shares of the textile maker’s stock valued at $1,046,000 after acquiring an additional 14,251 shares in the last quarter. Byrne Asset Management LLC acquired a new stake in shares of Gildan Activewear during the 3rd quarter valued at approximately $34,000. Finally, Todd Asset Management LLC raised its position in shares of Gildan Activewear by 4.3% during the 3rd quarter. Todd Asset Management LLC now owns 97,500 shares of the textile maker’s stock valued at $2,731,000 after acquiring an additional 4,000 shares in the last quarter. 82.83% of the stock is owned by institutional investors and hedge funds.

Gildan Activewear Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Thursday, May 23rd will be issued a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a yield of 2.48%. The ex-dividend date of this dividend is Wednesday, May 22nd. Gildan Activewear’s dividend payout ratio is presently 27.36%.

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.