Gildan Activewear (NYSE:GIL) Given New $70.00 Price Target at UBS Group

Key Points

• UBS Group has raised its price target for Gildan Activewear (NYSE:GIL) from $56.00 to $70.00, suggesting a potential upside of 33.64% based on the current price.
• Several analysts have given Gildan a "buy" or "strong-buy" rating, contributing to an average target price of $58.00 for the stock.
• Gildan Activewear reported earnings of $0.59 per share for its last quarter, exceeding estimates, while revenue increased by 2.3% year-over-year despite slightly missing analysts' expectations.

Gildan Activewear (NYSE:GIL - Get Free Report) TSE: GIL had its price target raised by investment analysts at UBS Group from $56.00 to $70.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the textile maker's stock. UBS Group's target price suggests a potential upside of 36.91% from the company's current price.

GIL has been the topic of a number of other research reports. Scotiabank raised shares of Gildan Activewear to a "strong-buy" rating and set a $55.00 price objective on the stock in a research report on Wednesday, May 28th. Barclays initiated coverage on shares of Gildan Activewear in a research note on Monday, April 28th. They issued an "overweight" rating and a $51.00 target price for the company. CIBC decreased their target price on shares of Gildan Activewear from $60.00 to $56.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. Finally, TD Securities raised their target price on shares of Gildan Activewear from $56.00 to $60.00 and gave the company a "buy" rating in a research note on Wednesday, April 30th. Eleven analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $60.92.

Gildan Activewear Stock Up 1.2%

Shares of GIL stock traded up $0.62 during trading on Tuesday, reaching $51.13. The company's stock had a trading volume of 781,511 shares, compared to its average volume of 647,961. The business has a fifty day moving average price of $49.44 and a 200-day moving average price of $48.25. The company has a quick ratio of 1.59, a current ratio of 3.91 and a debt-to-equity ratio of 1.35. The company has a market cap of $7.66 billion, a price-to-earnings ratio of 19.74, a price-to-earnings-growth ratio of 1.66 and a beta of 1.19. Gildan Activewear has a one year low of $37.16 and a one year high of $55.39.

Gildan Activewear (NYSE:GIL - Get Free Report) TSE: GIL last announced its quarterly earnings data on Thursday, July 31st. The textile maker reported $0.97 EPS for the quarter, topping analysts' consensus estimates of $0.96 by $0.01. The business had revenue of $918.50 million for the quarter, compared to analyst estimates of $908.41 million. Gildan Activewear had a net margin of 12.38% and a return on equity of 30.61%. The firm's revenue for the quarter was up 6.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.74 earnings per share. Analysts anticipate that Gildan Activewear will post 3.48 earnings per share for the current year.

Institutional Investors Weigh In On Gildan Activewear

A number of large investors have recently added to or reduced their stakes in GIL. Norges Bank bought a new stake in Gildan Activewear in the 4th quarter valued at $97,275,000. The Manufacturers Life Insurance Company boosted its stake in Gildan Activewear by 276.9% in the 4th quarter. The Manufacturers Life Insurance Company now owns 1,769,634 shares of the textile maker's stock valued at $83,394,000 after purchasing an additional 1,300,121 shares during the period. The Manufacturers Life Insurance Company boosted its stake in Gildan Activewear by 67.2% in the 1st quarter. The Manufacturers Life Insurance Company now owns 2,959,555 shares of the textile maker's stock valued at $131,556,000 after purchasing an additional 1,189,921 shares during the period. Arrowstreet Capital Limited Partnership boosted its stake in Gildan Activewear by 776.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 817,204 shares of the textile maker's stock valued at $38,414,000 after purchasing an additional 723,962 shares during the period. Finally, Genus Capital Management Inc. boosted its stake in Gildan Activewear by 191.7% in the 1st quarter. Genus Capital Management Inc. now owns 251,308 shares of the textile maker's stock valued at $11,109,000 after purchasing an additional 525,386 shares during the period. 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.