Gildan Activewear (NYSE:GIL) Stock Gets Price Target Reduction from UBS Group

Gildan Activewear (NYSE:GIL) (TSE:GIL) had its price objective lowered by UBS Group from $111.00 to $71.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the textile maker’s stock. UBS Group’s price objective indicates a potential upside of 69.31% from the company’s current price.

GIL has been the subject of a number of other reports. Citigroup reissued a “neutral” rating on shares of Gildan Activewear in a research report on Tuesday, August 4th. TD Securities dropped their price objective on Gildan Activewear from $80.00 to $54.00 and set a “buy” rating on the stock in a research note on Thursday, September 24th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $82.00 price objective (up from $78.00) on shares of Gildan Activewear in a report on Friday, July 31st. Scotiabank reiterated a “sector outperform” rating and issued a $67.00 target price (up from $65.00) on shares of Gildan Activewear in a research note on Friday, July 31st. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Gildan Activewear in a research note on Thursday, August 13th. Twelve research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $73.69.

Gildan Activewear Stock Up 2.0%

Gildan Activewear stock traded up $0.82 during mid-day trading on Thursday, reaching $41.94. The company’s stock had a trading volume of 1,827,038 shares, compared to its average volume of 1,458,030. Gildan Activewear has a 12 month low of $39.93 and a 12 month high of $73.69. The company has a debt-to-equity ratio of 1.15, a quick ratio of 1.01 and a current ratio of 1.93. The business’s 50 day simple moving average is $49.27 and its 200 day simple moving average is $53.52. The company has a market capitalization of $7.77 billion, a price-to-earnings ratio of 80.65 and a beta of 1.11.

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 (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.17. Gildan Activewear had a net margin of 1.28% and a return on equity of 21.03%. The firm had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.61 billion. During the same period in the prior year, the firm posted $0.97 earnings per share. The company’s quarterly revenue was up 72.3% compared to the same quarter last year. As a group, research analysts anticipate that Gildan Activewear will post 4.67 earnings per share for the current year.

Hedge Funds Weigh In On Gildan Activewear

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Caisse de depot et placement du Quebec bought a new position in Gildan Activewear during the second quarter valued at about $601,931,000. Jupiter Topco LLC purchased a new stake in Gildan Activewear during the second quarter worth about $573,363,000. The Manufacturers Life Insurance Company bought a new stake in Gildan Activewear in the second quarter worth about $234,764,000. Bank of America Corp DE bought a new stake in Gildan Activewear in the second quarter worth about $65,193,000. Finally, Royal Bank of Canada raised its position in Gildan Activewear by 20.9% in the first quarter. Royal Bank of Canada now owns 6,911,589 shares of the textile maker’s stock worth $384,629,000 after acquiring an additional 1,193,718 shares during the period. 82.83% of the stock is owned by hedge funds and other institutional investors.

Gildan Activewear Company Profile

Gildan Activewear Inc is a Canadian apparel manufacturer headquartered in Montreal, Quebec. The company produces basic everyday apparel, including T-shirts, fleece garments, underwear, socks and hosiery, for wholesalers, retailers, screen printers, brands and consumers.

Its portfolio includes the Gildan, American Apparel, Comfort Colors and Gold Toe brands, along with other product lines serving the activewear, casualwear and innerwear markets. Gildan also manufactures private-label and co-branded products for customers in several apparel categories.

Founded in 1984 by brothers Glenn and Greg Chamandy, Gildan has developed a vertically integrated manufacturing model that covers key stages from textile production through finished garments.