Gildan Activewear (NYSE:GIL) Updates FY24 Earnings Guidance

Gildan Activewear (NYSE:GIL) (TSE:GIL) updated its FY24 earnings guidance on Monday. The company provided earnings per share guidance of $2.92-3.07 for the period, compared to the consensus earnings per share estimate of $2.95. The company issued revenue guidance of ~$3.196-3.291 billion, compared to the consensus revenue estimate of $3.26 billion. Gildan Activewear also updated its FY 2024 guidance to 2.920-3.070 EPS.

Analysts Set New Price Targets

Several research firms have weighed in on GIL. CIBC increased their price target on shares of Gildan Activewear from $38.00 to $41.00 and gave the company an outperform rating in a report on Thursday, February 22nd. Stifel Nicolaus increased their price target on shares of Gildan Activewear from $34.00 to $36.00 and gave the company a hold rating in a report on Thursday, February 22nd. Royal Bank of Canada reaffirmed an outperform rating and set a $41.00 target price on shares of Gildan Activewear in a report on Monday, April 8th. Citigroup raised their target price on shares of Gildan Activewear from $40.00 to $44.00 and gave the stock a buy rating in a report on Friday, February 23rd. Finally, UBS Group cut shares of Gildan Activewear from a buy rating to a neutral rating and lowered their target price for the stock from $40.00 to $37.00 in a report on Friday, January 5th. Five investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $41.25.

Gildan Activewear Stock Performance

NYSE GIL opened at $35.23 on Thursday. The company has a current ratio of 2.33, a quick ratio of 0.83 and a debt-to-equity ratio of 0.39. The firm has a market capitalization of $5.94 billion, a price-to-earnings ratio of 11.63, a P/E/G ratio of 1.36 and a beta of 1.38. The firm’s 50 day simple moving average is $35.44 and its 200 day simple moving average is $33.50. Gildan Activewear has a 1 year low of $26.98 and a 1 year high of $38.87.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last posted its quarterly earnings results on Wednesday, February 21st. The textile maker reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.03. The business had revenue of $782.70 million for the quarter, compared to analyst estimates of $753.35 million. Gildan Activewear had a net margin of 16.70% and a return on equity of 23.19%. The firm’s revenue for the quarter was up 8.7% on a year-over-year basis. During the same quarter last year, the business posted $0.65 EPS. As a group, research analysts expect that Gildan Activewear will post 2.94 earnings per share for the current fiscal year.

Gildan Activewear Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 8th. Shareholders of record on Wednesday, March 13th were given a $0.205 dividend. The ex-dividend date was Tuesday, March 12th. This represents a $0.82 dividend on an annualized basis and a yield of 2.33%. This is a positive change from Gildan Activewear’s previous quarterly dividend of $0.19. Gildan Activewear’s dividend payout ratio (DPR) is currently 27.06%.

Institutional Trading of Gildan Activewear

A number of hedge funds have recently added to or reduced their stakes in GIL. Norges Bank acquired a new stake in Gildan Activewear in the fourth quarter valued at approximately $55,337,000. BlackRock Inc. boosted its position in Gildan Activewear by 115.5% in the first quarter. BlackRock Inc. now owns 2,602,095 shares of the textile maker’s stock valued at $86,364,000 after buying an additional 1,394,775 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in Gildan Activewear by 85.0% in the first quarter. The Manufacturers Life Insurance Company now owns 2,191,716 shares of the textile maker’s stock valued at $82,339,000 after buying an additional 1,007,107 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its position in Gildan Activewear by 6,659.8% in the first quarter. Arrowstreet Capital Limited Partnership now owns 872,624 shares of the textile maker’s stock valued at $28,980,000 after buying an additional 859,715 shares in the last quarter. Finally, Mackenzie Financial Corp boosted its position in Gildan Activewear by 25.0% in the first quarter. Mackenzie Financial Corp now owns 2,457,477 shares of the textile maker’s stock valued at $92,318,000 after buying an additional 490,913 shares in the last quarter. Institutional investors and hedge funds own 82.83% of the company’s stock.

Gildan Activewear Company Profile

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.