Gildan Activewear (NYSE:GIL) Sets New 12-Month High – Here’s Why

Gildan Activewear Inc. (NYSE:GIL) (TSE:GIL) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $53.75 and last traded at $53.10, with a volume of 143310 shares changing hands. The stock had previously closed at $51.98.

Analyst Ratings Changes

Several research firms have recently issued reports on GIL. TD Securities raised their price target on shares of Gildan Activewear from $58.00 to $60.00 and gave the company a “buy” rating in a research note on Monday, December 2nd. BMO Capital Markets boosted their price target on shares of Gildan Activewear from $47.00 to $58.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. CIBC increased their price objective on shares of Gildan Activewear from $48.00 to $56.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. UBS Group upgraded shares of Gildan Activewear from a “neutral” rating to a “buy” rating and boosted their target price for the company from $50.00 to $60.00 in a report on Friday, January 10th. Finally, Citigroup upped their price target on shares of Gildan Activewear from $54.00 to $59.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Gildan Activewear has a consensus rating of “Buy” and an average price target of $54.78.

Gildan Activewear Trading Up 3.2 %

The business has a 50 day moving average of $49.17 and a two-hundred day moving average of $47.36. The firm has a market capitalization of $8.15 billion, a price-to-earnings ratio of 21.21, a P/E/G ratio of 1.67 and a beta of 1.41. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.98 and a current ratio of 2.31.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last issued its earnings results on Wednesday, February 19th. The textile maker reported $0.83 earnings per share for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.30). Gildan Activewear had a return on equity of 26.88% and a net margin of 13.06%. Equities analysts predict that Gildan Activewear Inc. will post 2.97 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Simcoe Capital Management LLC raised its holdings in shares of Gildan Activewear by 10.5% in the 3rd quarter. Simcoe Capital Management LLC now owns 2,387,865 shares of the textile maker’s stock worth $112,492,000 after acquiring an additional 226,695 shares during the last quarter. Intech Investment Management LLC bought a new position in shares of Gildan Activewear in the third quarter valued at approximately $544,000. Tacita Capital Inc boosted its position in shares of Gildan Activewear by 1,025.5% during the third quarter. Tacita Capital Inc now owns 13,056 shares of the textile maker’s stock valued at $615,000 after buying an additional 11,896 shares during the last quarter. Meritage Portfolio Management bought a new stake in Gildan Activewear during the fourth quarter worth $462,000. Finally, Forsta AP Fonden purchased a new stake in Gildan Activewear in the 4th quarter valued at $1,613,000. 82.83% of the stock is currently owned by institutional investors and hedge funds.

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.