Gildan Activewear, Inc. (GIL) Lowered to “Market Perform” at BMO Capital Markets

BMO Capital Markets lowered shares of Gildan Activewear, Inc. (NYSE:GIL) (TSE:GIL) from an outperform rating to a market perform rating in a report issued on Friday morning. They currently have $30.00 price target on the textile maker’s stock, down from their previous price target of $34.00.

GIL has been the topic of a number of other research reports. Zacks Investment Research upgraded shares of Gildan Activewear from a hold rating to a buy rating and set a $35.00 price objective on the stock in a research note on Tuesday, August 29th. Royal Bank Of Canada lowered shares of Gildan Activewear from an outperform rating to a sector perform rating and set a $31.00 price target on the stock. in a research report on Tuesday, July 11th. Macquarie started coverage on shares of Gildan Activewear in a research report on Wednesday. They issued a neutral rating on the stock. Finally, TD Securities lowered shares of Gildan Activewear from a buy rating to a hold rating and lifted their price target for the stock from $32.00 to $33.00 in a research report on Friday, August 4th. Eight analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Gildan Activewear has a consensus rating of Hold and a consensus price target of $34.71.

Gildan Activewear (GIL) traded down $0.24 on Friday, hitting $28.95. The stock had a trading volume of 1,180,899 shares, compared to its average volume of 509,820. The company has a market cap of $6,498.23, a P/E ratio of 16.73, a PEG ratio of 1.25 and a beta of 0.74. The company has a debt-to-equity ratio of 0.34, a current ratio of 5.55 and a quick ratio of 1.88.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last posted its quarterly earnings data on Thursday, November 2nd. The textile maker reported $0.53 EPS for the quarter, beating the Zacks’ consensus estimate of $0.51 by $0.02. Gildan Activewear had a net margin of 14.21% and a return on equity of 18.73%. The business had revenue of $716.40 million for the quarter, compared to analyst estimates of $748.86 million. During the same quarter last year, the business earned $0.50 earnings per share. The business’s revenue for the quarter was up .2% on a year-over-year basis. analysts forecast that Gildan Activewear will post 1.71 earnings per share for the current year.

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Gildan Activewear declared that its board has initiated a stock repurchase program on Thursday, November 2nd that authorizes the company to buyback 4,600,000 outstanding shares. This buyback authorization authorizes the textile maker to reacquire shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 11th. Stockholders of record on Thursday, November 16th will be issued a dividend of $0.094 per share. The ex-dividend date of this dividend is Wednesday, November 15th. This represents a $0.38 annualized dividend and a dividend yield of 1.30%. Gildan Activewear’s payout ratio is 22.02%.

Several large investors have recently bought and sold shares of the company. Janus Henderson Group PLC bought a new stake in Gildan Activewear in the second quarter valued at about $266,358,000. FMR LLC increased its stake in Gildan Activewear by 18.2% in the second quarter. FMR LLC now owns 12,177,081 shares of the textile maker’s stock valued at $374,195,000 after acquiring an additional 1,875,214 shares during the period. TD Asset Management Inc. increased its stake in Gildan Activewear by 17.6% in the second quarter. TD Asset Management Inc. now owns 4,168,600 shares of the textile maker’s stock valued at $127,912,000 after acquiring an additional 623,938 shares during the period. Cardinal Capital Management Inc. increased its stake in Gildan Activewear by 353.0% in the second quarter. Cardinal Capital Management Inc. now owns 778,955 shares of the textile maker’s stock valued at $23,910,000 after acquiring an additional 607,005 shares during the period. Finally, AGF Investments Inc. increased its stake in Gildan Activewear by 8,373.2% in the second quarter. AGF Investments Inc. now owns 543,472 shares of the textile maker’s stock valued at $16,710,000 after acquiring an additional 537,058 shares during the period. Institutional investors own 72.70% of the company’s stock.

Gildan Activewear Company Profile

Gildan Activewear Inc is a manufacturer and marketer of branded basic family apparel, including T-shirts, fleece, sport shirts, underwear, socks, hosiery and shapewear. The Company operates through two segments: Printwear and Branded Apparel. The Printwear segment designs, manufactures, sources, markets, and distributes undecorated activewear products.

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