Gildan Activewear (NYSE:GIL) Sets New 52-Week Low - Here's What Happened

Key Points

• Gildan Activewear shares hit a new 52-week low, falling to $39.73 during Monday trading and closing near $40.24, below its 50-day and 200-day moving averages.
• Despite the stock’s decline, analysts maintain a generally positive outlook: 12 rate it a Buy and three a Hold, producing a “Moderate Buy” consensus and an average price target of $73.58.
• The company reported quarterly EPS of $1.28, beating estimates, while revenue rose 72.3% year over year to $1.58 billion. Gildan also declared a quarterly dividend of $0.249, equivalent to a 2.5% annualized yield.

Shares of Gildan Activewear, Inc. (NYSE:GIL - Get Free Report) TSE: GIL reached a new 52-week low during mid-day trading on Monday. The company traded as low as $39.73 and last traded at $40.2350, with a volume of 1,269,851 shares. The stock had previously closed at $40.50.

Analysts Set New Price Targets

GIL has been the subject of several research reports. Scotiabank reaffirmed a "sector outperform" rating and issued a $67.00 target price (up from $65.00) on shares of Gildan Activewear in a research report on Friday, July 31st. Scotia upped their price objective on Gildan Activewear from $65.00 to $67.00 and gave the stock a "sector outperform" rating in a research report on Friday, July 31st. TD Securities dropped their price target on Gildan Activewear from $80.00 to $54.00 and set a "buy" rating on the stock in a research note on Thursday, September 24th. UBS Group dropped their price objective on Gildan Activewear from $111.00 to $71.00 and set a "buy" rating for the company in a report on Thursday, October 15th. Finally, Stifel Nicolaus set a $83.00 price objective on Gildan Activewear and gave the stock a "buy" rating in a research note on Friday, July 31st. Twelve equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, Gildan Activewear currently has an average rating of "Moderate Buy" and an average target price of $73.58.

Gildan Activewear Trading Down 0.0%

The company has a current ratio of 1.93, a quick ratio of 1.01 and a debt-to-equity ratio of 1.15. The stock has a 50 day moving average of $46.95 and a 200-day moving average of $52.84. The company has a market capitalization of $7.50 billion, a P/E ratio of 77.50 and a beta of 1.11.

Gildan Activewear (NYSE:GIL - Get Free Report) TSE: GIL last posted its quarterly earnings results on Thursday, July 30th. The textile maker reported $1.28 EPS for the quarter, topping the consensus estimate of $1.11 by $0.17. Gildan Activewear had a net margin of 1.28% and a return on equity of 21.03%. The company had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.61 billion. During the same quarter last year, the firm posted $0.97 EPS. The firm's revenue was up 72.3% compared to the same quarter last year. On average, research analysts predict that Gildan Activewear, Inc. will post 4.67 EPS for the current year.

Gildan Activewear Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 14th. Shareholders of record on Thursday, August 20th were issued a $0.2490 dividend. The ex-dividend date was Thursday, August 20th. This represents a $1.00 annualized dividend and a yield of 2.5%. Gildan Activewear's payout ratio is 192.31%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Fifth Third Bancorp increased its stake in Gildan Activewear by 16.5% during the 1st quarter. Fifth Third Bancorp now owns 1,355 shares of the textile maker's stock worth $75,000 after acquiring an additional 192 shares during the period. Mather Group LLC. grew its stake in Gildan Activewear by 7.6% in the 3rd quarter. Mather Group LLC. now owns 3,468 shares of the textile maker's stock valued at $148,000 after buying an additional 244 shares in the last quarter. Corient Private Wealth LLC lifted its position in Gildan Activewear by 3.9% during the fourth quarter. Corient Private Wealth LLC now owns 9,043 shares of the textile maker's stock valued at $566,000 after purchasing an additional 339 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in shares of Gildan Activewear by 5.9% in the 1st quarter. Assenagon Asset Management S.A. now owns 6,468 shares of the textile maker's stock valued at $359,000 after acquiring an additional 359 shares during the last quarter. Finally, Cooper Financial Group grew its holdings in shares of Gildan Activewear by 3.2% during the 3rd quarter. Cooper Financial Group now owns 13,270 shares of the textile maker's stock worth $566,000 after acquiring an additional 407 shares during the period. Institutional investors and hedge funds own 82.83% of the company's stock.

Gildan Activewear Company Profile

Gildan Activewear Inc is a Montreal, Quebec-based apparel manufacturer that produces and sells everyday basic clothing for consumers and businesses. The company's product portfolio includes activewear, T-shirts, fleece garments, underwear, socks and hosiery, as well as other apparel basics.

Gildan sells products primarily through wholesale distributors and screen printers, who supply decorated apparel to businesses, schools, teams, organizations and retailers. Its portfolio includes the Gildan, American Apparel, Comfort Colors, Gold Toe and Anvil brands.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.