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Zacks: Brokerages Anticipate Gildan Activewear Inc (NYSE:GIL) Will Announce Quarterly Sales of $448.95 Million

Last updated on Wednesday, September 16, 2020 | 2020 MarketBeat

Wall Street brokerages predict that Gildan Activewear Inc (NYSE:GIL) (TSE:GIL) will report $448.95 million in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for Gildan Activewear's earnings. The lowest sales estimate is $356.00 million and the highest is $541.90 million. Gildan Activewear posted sales of $739.70 million in the same quarter last year, which would indicate a negative year-over-year growth rate of 39.3%. The business is scheduled to report its next earnings report on Thursday, October 29th.

According to Zacks, analysts expect that Gildan Activewear will report full year sales of $1.78 billion for the current fiscal year, with estimates ranging from $1.57 billion to $1.93 billion. For the next fiscal year, analysts anticipate that the business will report sales of $2.42 billion, with estimates ranging from $2.14 billion to $2.58 billion. Zacks Investment Research's sales calculations are a mean average based on a survey of sell-side analysts that follow Gildan Activewear.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last posted its quarterly earnings results on Thursday, July 30th. The textile maker reported ($0.99) earnings per share (EPS) for the quarter, missing the Thomson Reuters' consensus estimate of ($0.21) by ($0.78). The business had revenue of $229.70 million during the quarter, compared to analyst estimates of $241.40 million. Gildan Activewear had a positive return on equity of 0.37% and a negative net margin of 10.14%. The business's revenue for the quarter was down 71.3% on a year-over-year basis. During the same period last year, the company earned $0.56 EPS.

Several analysts have weighed in on GIL shares. TD Securities upped their price objective on shares of Gildan Activewear from $19.00 to $22.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. ValuEngine raised shares of Gildan Activewear from a "hold" rating to a "buy" rating in a research note on Saturday, August 1st. National Bank Financial raised shares of Gildan Activewear from a "sector perform" rating to an "outperform" rating and upped their price objective for the stock from $23.00 to $27.00 in a research note on Friday, July 17th. UBS Group started coverage on shares of Gildan Activewear in a research note on Wednesday, July 22nd. They set a "neutral" rating and a $16.00 price objective on the stock. Finally, Royal Bank of Canada upped their price objective on shares of Gildan Activewear from $15.00 to $16.00 and gave the stock a "sector perform" rating in a research note on Friday, July 31st. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the stock. The stock has an average rating of "Hold" and a consensus price target of $23.15.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Quadrature Capital Ltd boosted its stake in Gildan Activewear by 149.4% in the second quarter. Quadrature Capital Ltd now owns 99,500 shares of the textile maker's stock valued at $1,531,000 after acquiring an additional 59,600 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in Gildan Activewear by 2.7% in the first quarter. The Manufacturers Life Insurance Company now owns 1,666,714 shares of the textile maker's stock valued at $21,007,000 after acquiring an additional 43,820 shares during the last quarter. Swiss National Bank boosted its stake in Gildan Activewear by 11.7% in the first quarter. Swiss National Bank now owns 798,800 shares of the textile maker's stock valued at $10,002,000 after acquiring an additional 83,400 shares during the last quarter. Two Sigma Advisers LP boosted its stake in Gildan Activewear by 204.2% in the first quarter. Two Sigma Advisers LP now owns 126,919 shares of the textile maker's stock valued at $1,619,000 after acquiring an additional 85,195 shares during the last quarter. Finally, Virtu Financial LLC bought a new position in Gildan Activewear in the second quarter valued at approximately $301,000. 76.39% of the stock is currently owned by institutional investors and hedge funds.

Shares of Gildan Activewear stock opened at $20.10 on Wednesday. The company has a current ratio of 4.74, a quick ratio of 1.88 and a debt-to-equity ratio of 1.02. The stock has a market capitalization of $3.99 billion, a price-to-earnings ratio of -18.44 and a beta of 1.45. Gildan Activewear has a 1-year low of $9.42 and a 1-year high of $37.31. The firm's 50-day moving average price is $19.37 and its two-hundred day moving average price is $16.50.

Gildan Activewear Company Profile

Gildan Activewear Inc manufactures and sells a range of apparel products in North America, Europe, the Asia-Pacific, and Latin America. The company manufactures and markets active wear products, including T-shirts, fleece tops and bottoms, and sport shirts under Gildan, Gildan Performance, Gildan Platinum, Gildan Hammer, Comfort Colors, American Apparel, Anvil, Alstyle, and Gold Toe brands.

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Earnings History and Estimates for Gildan Activewear (NYSE:GIL)

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