Gildan Activewear (NYSE:GIL) Given a $60.00 Price Target by Citigroup Analysts

Key Points

• Citigroup analysts have set a $60.00 price target for Gildan Activewear, suggesting a potential upside of 6.86%, while maintaining a "buy" rating on the stock.
• Other brokerages, including UBS and CIBC, have also increased their price targets, with UBS setting it at $70.00 and CIBC at $60.00, reflecting strong investor confidence in the company's performance.
• Gildan Activewear recently reported earnings per share of $0.97, exceeding expectations, along with a revenue increase of 6.5% year-over-year, marking a positive trend for the company.

Gildan Activewear (NYSE:GIL - Get Free Report) TSE: GIL has been given a $60.00 price target by analysts at Citigroup in a research note issued on Thursday,BayStreet.CA reports. The brokerage currently has a "buy" rating on the textile maker's stock. Citigroup's price target would suggest a potential upside of 6.86% from the stock's current price.

Several other brokerages have also recently weighed in on GIL. UBS Group upped their price target on Gildan Activewear from $56.00 to $70.00 and gave the stock a "buy" rating in a research note on Tuesday, July 29th. BMO Capital Markets reaffirmed an "outperform" rating on shares of Gildan Activewear in a research note on Thursday. CIBC upped their price target on Gildan Activewear from $56.00 to $60.00 and gave the stock an "outperformer" rating in a research note on Friday, August 1st. Scotiabank reissued an "outperform" rating on shares of Gildan Activewear in a report on Thursday. Finally, Royal Bank Of Canada set a $68.00 target price on Gildan Activewear and gave the stock an "outperform" rating in a report on Thursday. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $64.58.

Gildan Activewear Trading Up 2.2%

Shares of GIL traded up $1.22 during mid-day trading on Thursday, hitting $56.15. 2,561,490 shares of the company's stock traded hands, compared to its average volume of 694,433. The company has a quick ratio of 1.67, a current ratio of 3.87 and a debt-to-equity ratio of 1.37. Gildan Activewear has a 1 year low of $37.16 and a 1 year high of $57.76. The firm has a market capitalization of $8.38 billion, a P/E ratio of 17.83, a PEG ratio of 1.57 and a beta of 1.17. The business's 50-day moving average price is $50.13 and its 200-day moving average price is $48.35.

Gildan Activewear (NYSE:GIL - Get Free Report) TSE: GIL last posted its earnings results on Thursday, July 31st. The textile maker reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.01. The firm had revenue of $918.50 million for the quarter, compared to analysts' expectations of $908.41 million. Gildan Activewear had a return on equity of 34.31% and a net margin of 14.55%. The business's revenue was up 6.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.74 earnings per share. As a group, sell-side analysts forecast that Gildan Activewear will post 3.48 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of GIL. Raymond James Financial Inc. bought a new position in Gildan Activewear in the fourth quarter valued at about $3,744,000. XTX Topco Ltd bought a new position in Gildan Activewear in the fourth quarter valued at about $952,000. Bridgewater Associates LP lifted its holdings in Gildan Activewear by 104.6% in the fourth quarter. Bridgewater Associates LP now owns 246,615 shares of the textile maker's stock valued at $11,600,000 after acquiring an additional 126,056 shares during the period. CANADA LIFE ASSURANCE Co lifted its holdings in Gildan Activewear by 0.5% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 147,278 shares of the textile maker's stock valued at $6,857,000 after acquiring an additional 793 shares during the period. Finally, First Trust Advisors LP bought a new position in shares of Gildan Activewear in the fourth quarter worth about $4,287,000. Institutional investors own 82.83% of the company's stock.

About Gildan Activewear

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.

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