Gildan Activewear (TSE:GIL) Lowered to Neutral Rating by Citigroup

Key Points

• Gildan Activewear has been downgraded from a "buy" rating to a "neutral" rating by Citigroup, which also raised the target price for the stock to C$63.00, indicating a potential downside of 25% from its previous close.
• Despite the downgrade, Gildan Activewear has received mixed ratings from other analysts, with three giving a "Strong Buy" and three a "Buy," contributing to a consensus rating of "Buy" with an average price target of C$73.75.
• Recent insider activity included Benito Masi selling 15,000 shares at an average price of C$75.07, resulting in a 4.01% decrease in ownership but still maintaining a substantial stake valued at approximately C$26.98 million.

Gildan Activewear (TSE:GIL - Get Free Report) NYSE: GIL was downgraded by stock analysts at Citigroup from a "buy" rating to a "neutral" rating in a research note issued to investors on Monday,BayStreet.CA reports. They currently have a C$63.00 target price on the stock, up from their previous target price of C$60.00. Citigroup's price target indicates a potential downside of 25.00% from the stock's previous close.

Other equities research analysts have also recently issued research reports about the stock. Cfra Research upgraded shares of Gildan Activewear to a "hold" rating in a research report on Monday, August 4th. National Bankshares lifted their price target on shares of Gildan Activewear from C$80.00 to C$85.00 and gave the company an "outperform" rating in a research note on Thursday, August 14th. Royal Bank Of Canada raised shares of Gildan Activewear to a "moderate buy" rating in a research note on Tuesday, August 5th. Finally, TD Securities lifted their price target on shares of Gildan Activewear from C$60.00 to C$67.00 and gave the company a "buy" rating in a research note on Monday, September 8th. Three investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Gildan Activewear presently has a consensus rating of "Buy" and an average price target of C$73.75.

Gildan Activewear Price Performance

GIL traded down C$1.07 during midday trading on Monday, hitting C$84.00. The company had a trading volume of 199,865 shares, compared to its average volume of 449,055. The company has a debt-to-equity ratio of 101.26, a quick ratio of 0.87 and a current ratio of 2.31. The company has a market capitalization of C$12.52 billion, a PE ratio of 26.92, a P/E/G ratio of 4.55 and a beta of 1.34. Gildan Activewear has a twelve month low of C$52.77 and a twelve month high of C$86.84. The firm's 50-day simple moving average is C$78.37 and its 200-day simple moving average is C$70.05.

Insider Activity

In other news, insider Benito Masi sold 15,000 shares of the business's stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of C$75.07, for a total value of C$1,126,017.00. Following the completion of the sale, the insider owned 359,421 shares of the company's stock, valued at approximately C$26,980,943.74. The trade was a 4.01% decrease in their ownership of the stock. Insiders own 2.26% of the company's stock.

Gildan Activewear Company Profile

Gildan is a vertically integrated designer and manufacturer of basic apparel, including T-shirts, underwear, socks, and hosiery. Its primary market is the sale of blank T-shirts to wholesalers and printers (printwear). Gildan also sells branded clothing through retail and direct-to-consumer channels.

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