Gildan Activewear (NYSE:GIL) Shares Gap Down - What's Next?

Key Points

• Gildan Activewear shares gapped down from a closing price of $50.94 to an opening price of $47.35, with the stock last trading at $47.61 amidst significant trading volume of 375,844 shares.
• Analysts have shown confidence in Gildan, with several raising price targets, leading to a consensus rating of "Moderate Buy" and an average price target of $62.33.
• The company recently announced a dividend payout of $0.226 per share, indicating a dividend yield of 1.9% and a payout ratio of 28.57%.

Gildan Activewear, Inc. (NYSE:GIL - Get Free Report) TSE: GIL gapped down before the market opened on Tuesday . The stock had previously closed at $50.94, but opened at $47.35. Gildan Activewear shares last traded at $47.61, with a volume of 375,844 shares changing hands.

Analyst Ratings Changes

Several equities analysts have weighed in on GIL shares. UBS Group increased their price objective on Gildan Activewear from $56.00 to $70.00 and gave the company a "buy" rating in a report on Tuesday, July 29th. Cfra Research raised Gildan Activewear to a "hold" rating in a research note on Monday, August 4th. Wall Street Zen raised Gildan Activewear from a "hold" rating to a "buy" rating in a research note on Saturday. Scotiabank increased their target price on Gildan Activewear from $55.00 to $59.00 and gave the company a "sector outperform" rating in a research note on Friday, August 1st. Finally, National Bankshares raised their price objective on Gildan Activewear from $78.00 to $80.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $62.33.

Gildan Activewear Trading Down 5.2%

The company has a debt-to-equity ratio of 1.37, a current ratio of 3.87 and a quick ratio of 1.67. The stock's 50 day moving average is $49.94 and its 200-day moving average is $48.30. The company has a market capitalization of $7.21 billion, a P/E ratio of 15.33, a P/E/G ratio of 1.65 and a beta of 1.17.

Gildan Activewear (NYSE:GIL - Get Free Report) TSE: GIL last announced its earnings results on Thursday, July 31st. The textile maker reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.01. Gildan Activewear had a return on equity of 34.31% and a net margin of 14.55%. The firm had revenue of $918.50 million during the quarter, compared to analyst estimates of $908.41 million. During the same quarter in the prior year, the company earned $0.74 EPS. The business's revenue was up 6.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Gildan Activewear, Inc. will post 3.48 earnings per share for the current year.

Gildan Activewear Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Thursday, August 21st will be issued a dividend of $0.226 per share. This represents a $0.90 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Thursday, August 21st. Gildan Activewear's payout ratio is 28.57%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Maseco LLP bought a new stake in Gildan Activewear in the second quarter worth $26,000. Olde Wealth Management LLC bought a new position in Gildan Activewear in the 1st quarter worth about $29,000. Twin Tree Management LP purchased a new stake in Gildan Activewear during the 1st quarter valued at about $29,000. Versant Capital Management Inc grew its position in Gildan Activewear by 510.7% during the 1st quarter. Versant Capital Management Inc now owns 745 shares of the textile maker's stock valued at $33,000 after purchasing an additional 623 shares during the last quarter. Finally, GAMMA Investing LLC raised its holdings in Gildan Activewear by 4,323.5% in the first quarter. GAMMA Investing LLC now owns 752 shares of the textile maker's stock worth $33,000 after buying an additional 735 shares during the last quarter. 82.83% of the stock is currently owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.