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

Key Points

• TD Securities cut Gildan Activewear’s price target from $80 to $54 while maintaining a “buy” rating, implying 31.59% upside from the prior close.
• Gildan shares fell 11.2% to $41.04, near the stock’s 12-month low of $40.13. The broader analyst view remains positive, with a “Moderate Buy” consensus rating and average target of $78.23.
• The company beat quarterly EPS expectations, reporting $1.28 versus the $1.11 consensus, while revenue rose 72.3% year over year to $1.58 billion but came in below estimates.

Gildan Activewear (NYSE:GIL - Get Free Report) TSE: GIL had its price objective cut by analysts at TD Securities from $80.00 to $54.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm presently has a "buy" rating on the textile maker's stock. TD Securities' target price points to a potential upside of 31.59% from the stock's previous close.

Other equities analysts have also issued research reports about the stock. Royal Bank Of Canada reissued an "outperform" rating and issued a $82.00 price target (up from $78.00) on shares of Gildan Activewear in a research 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. Citigroup reiterated a "neutral" rating on shares of Gildan Activewear in a report on Tuesday, August 4th. Stifel Nicolaus set a $83.00 price target on Gildan Activewear and gave the company a "buy" rating in a research report on Friday, July 31st. Finally, UBS Group lifted their price objective on Gildan Activewear from $110.00 to $111.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. Twelve investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $78.23.

Gildan Activewear Trading Down 11.2%

Shares of NYSE:GIL traded down $5.15 during mid-day trading on Thursday, hitting $41.04. The stock had a trading volume of 4,807,242 shares, compared to its average volume of 1,394,708. 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 company has a market cap of $7.60 billion, a PE ratio of 78.54 and a beta of 1.08. Gildan Activewear has a 12-month low of $40.13 and a 12-month high of $73.69. The company's 50 day moving average is $52.78 and its 200-day moving average is $55.34.

Gildan Activewear (NYSE:GIL - Get Free Report) 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 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 firm earned $0.97 earnings per share. The firm's revenue was up 72.3% compared to the same quarter last year. On average, sell-side analysts predict that Gildan Activewear will post 4.67 EPS for the current year.

Institutional Trading of Gildan Activewear

A number of hedge funds and other institutional investors have recently made changes to their positions in GIL. Islay Capital Management LLC acquired a new stake in Gildan Activewear during the 4th quarter worth approximately $25,000. Larson Financial Group LLC grew its position in shares of Gildan Activewear by 3,516.7% during the 4th quarter. Larson Financial Group LLC now owns 434 shares of the textile maker's stock worth $27,000 after purchasing an additional 422 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its position in shares of Gildan Activewear by 14,833.3% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 448 shares of the textile maker's stock worth $28,000 after purchasing an additional 445 shares in the last quarter. Banque Cantonale Vaudoise bought a new position in shares of Gildan Activewear during the first quarter worth approximately $42,000. Finally, Hara Capital LLC acquired a new stake in shares of Gildan Activewear in the second quarter valued at approximately $57,000. 82.83% of the stock is currently owned by institutional investors and hedge funds.

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.

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