Gildan Activewear Inc. to Post Q2 2024 Earnings of $0.77 Per Share, National Bank Financial Forecasts (NYSE:GIL)

Gildan Activewear Inc. (NYSE:GIL - Free Report) TSE: GIL - Analysts at National Bank Financial decreased their Q2 2024 earnings estimates for shares of Gildan Activewear in a research note issued on Wednesday, May 1st. National Bank Financial analyst V. Shreedhar now forecasts that the textile maker will post earnings of $0.77 per share for the quarter, down from their previous forecast of $0.82. The consensus estimate for Gildan Activewear's current full-year earnings is $2.94 per share. National Bank Financial also issued estimates for Gildan Activewear's Q3 2024 earnings at $0.86 EPS, Q4 2024 earnings at $0.77 EPS, Q2 2025 earnings at $0.94 EPS, Q3 2025 earnings at $0.94 EPS and Q4 2025 earnings at $0.85 EPS.

Other research analysts have also issued research reports about the stock. Royal Bank of Canada restated an "outperform" rating and set a $41.00 price target on shares of Gildan Activewear in a research note on Monday, April 8th. Canaccord Genuity Group upped their price target on shares of Gildan Activewear from $42.00 to $43.00 and gave the company a "buy" rating in a research note on Thursday. Citigroup upped their price target on shares of Gildan Activewear from $40.00 to $44.00 and gave the company a "buy" rating in a research note on Friday, February 23rd. TD Securities upped their price target on shares of Gildan Activewear from $42.00 to $46.00 and gave the company a "buy" rating in a research note on Wednesday, March 20th. Finally, Canaccord Genuity Group upped their price target on shares of Gildan Activewear from $42.00 to $43.00 and gave the company a "buy" rating in a research note on Thursday. Five equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $41.95.

Gildan Activewear Stock Down 1.3 %

Shares of NYSE GIL traded down $0.43 during trading hours on Friday, hitting $33.10. 432,252 shares of the stock were exchanged, compared to its average volume of 810,551. The company has a quick ratio of 0.83, a current ratio of 2.33 and a debt-to-equity ratio of 0.39. The company has a market cap of $5.58 billion, a PE ratio of 11.18, a PEG ratio of 1.31 and a beta of 1.38. The firm has a fifty day moving average price of $35.51 and a 200-day moving average price of $33.99. Gildan Activewear has a 12 month low of $26.98 and a 12 month high of $38.87.

Gildan Activewear (NYSE:GIL - Get Free Report) TSE: GIL last posted its quarterly earnings data on Wednesday, May 1st. The textile maker reported $0.59 EPS for the quarter, topping the consensus estimate of $0.52 by $0.07. The firm had revenue of $695.80 million during the quarter, compared to analyst estimates of $692.94 million. Gildan Activewear had a net margin of 16.14% and a return on equity of 23.89%. Gildan Activewear's revenue was down 1.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.45 EPS.

Gildan Activewear Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Thursday, May 23rd will be issued a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a yield of 2.48%. The ex-dividend date of this dividend is Wednesday, May 22nd. Gildan Activewear's payout ratio is 27.70%.

Hedge Funds Weigh In On Gildan Activewear

Several hedge funds and other institutional investors have recently modified their holdings of the business. BW Gestao de Investimentos Ltda. purchased a new position in shares of Gildan Activewear in the first quarter worth about $5,570,000. Seelaus Asset Management LLC acquired a new stake in Gildan Activewear during the first quarter worth about $297,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Gildan Activewear during the first quarter worth about $692,000. Fortis Group Advisors LLC acquired a new stake in Gildan Activewear during the first quarter worth about $2,645,000. Finally, Verdence Capital Advisors LLC increased its position in Gildan Activewear by 9.1% during the first quarter. Verdence Capital Advisors LLC now owns 12,543 shares of the textile maker's stock worth $466,000 after purchasing an additional 1,049 shares during the last quarter. 82.83% of the stock is owned by hedge funds and other 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.