Gildan Activewear (NYSE:GIL) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Key Points

• Gildan Activewear saw its price objective increased from $60.00 to $67.00 by Canaccord Genuity Group, indicating a potential upside of 19.33% from its previous close.
• The company reported $0.97 EPS for the last quarter, beating estimates, with revenue reaching $918.50 million, marking a 6.5% year-over-year increase.
• Institutional investors and hedge funds now own 82.83% of Gildan Activewear’s stock, showing strong institutional support for the company.

Gildan Activewear (NYSE:GIL - Get Free Report) TSE: GIL had its price objective lifted by stock analysts at Canaccord Genuity Group from $60.00 to $67.00 in a research report issued to clients and investors on Thursday,BayStreet.CA reports. The firm currently has a "buy" rating on the textile maker's stock. Canaccord Genuity Group's price objective would suggest a potential upside of 19.33% from the company's previous close.

GIL has been the topic of a number of other research reports. National Bankshares reiterated an "outperform" rating on shares of Gildan Activewear in a research note on Thursday. Royal Bank Of Canada set a $68.00 price objective on shares of Gildan Activewear and gave the company an "outperform" rating in a research note on Thursday. Wall Street Zen upgraded shares of Gildan Activewear from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. TD Securities raised their price objective 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. Finally, Scotiabank reiterated an "outperform" rating on shares of Gildan Activewear in a research note on Thursday. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $64.58.

Gildan Activewear Stock Performance

Shares of NYSE:GIL traded up $1.22 during trading hours on Thursday, hitting $56.15. The stock had a trading volume of 2,561,490 shares, compared to its average volume of 694,433. The stock's fifty day simple moving average is $50.13 and its 200 day simple moving average is $48.35. 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 price-to-earnings ratio of 17.83, a PEG ratio of 1.57 and a beta of 1.17. The company has a debt-to-equity ratio of 1.37, a quick ratio of 1.67 and a current ratio of 3.87.

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

Hedge Funds Weigh In On Gildan Activewear

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Janus Henderson Group PLC boosted its stake in Gildan Activewear by 1.9% in the 4th quarter. Janus Henderson Group PLC now owns 6,970,246 shares of the textile maker's stock worth $327,950,000 after purchasing an additional 128,674 shares during the period. Mackenzie Financial Corp boosted its stake in Gildan Activewear by 61.9% in the 2nd quarter. Mackenzie Financial Corp now owns 4,434,020 shares of the textile maker's stock worth $218,622,000 after purchasing an additional 1,695,329 shares during the period. The Manufacturers Life Insurance Company boosted its stake in Gildan Activewear by 24.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,678,451 shares of the textile maker's stock worth $180,305,000 after purchasing an additional 718,896 shares during the period. Cardinal Capital Management Inc. boosted its stake in Gildan Activewear by 0.5% in the 2nd quarter. Cardinal Capital Management Inc. now owns 2,728,046 shares of the textile maker's stock worth $134,378,000 after purchasing an additional 14,065 shares during the period. Finally, Norges Bank acquired a new position in Gildan Activewear in the 2nd quarter worth approximately $101,409,000. Institutional investors and hedge funds own 82.83% of the company's stock.

Gildan Activewear Company Profile

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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