Desjardins Has Bullish Forecast for GIL FY2024 Earnings

Gildan Activewear Inc. (NYSE:GIL) (TSE:GIL) – Analysts at Desjardins upped their FY2024 EPS estimates for Gildan Activewear in a research report issued to clients and investors on Thursday, October 31st. Desjardins analyst C. Li now anticipates that the textile maker will post earnings per share of $2.98 for the year, up from their prior forecast of $2.97. The consensus estimate for Gildan Activewear’s current full-year earnings is $2.93 per share. Desjardins also issued estimates for Gildan Activewear’s FY2025 earnings at $3.41 EPS.

A number of other analysts have also weighed in on GIL. Stifel Nicolaus increased their price objective on Gildan Activewear from $54.00 to $60.00 and gave the company a “buy” rating in a research note on Friday. TD Securities upped their price target on shares of Gildan Activewear from $56.00 to $58.00 and gave the company a “buy” rating in a report on Friday. CIBC raised their price target on shares of Gildan Activewear from $48.00 to $56.00 and gave the stock an “outperform” rating in a report on Friday. Royal Bank of Canada upped their price objective on shares of Gildan Activewear from $41.00 to $44.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Finally, Canaccord Genuity Group raised their target price on Gildan Activewear from $52.00 to $53.00 and gave the stock a “buy” rating in a research note on Friday. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $50.85.

Gildan Activewear Stock Down 1.1 %

GIL opened at $49.12 on Monday. Gildan Activewear has a 12 month low of $30.68 and a 12 month high of $50.12. The company has a current ratio of 2.35, a quick ratio of 0.97 and a debt-to-equity ratio of 0.55. The business’s 50-day moving average price is $46.56 and its 200-day moving average price is $41.04. The company has a market cap of $7.71 billion, a P/E ratio of 19.42, a P/E/G ratio of 1.85 and a beta of 1.44.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last issued its earnings results on Thursday, October 31st. The textile maker reported $0.85 EPS for the quarter, hitting analysts’ consensus estimates of $0.85. Gildan Activewear had a net margin of 13.06% and a return on equity of 25.66%. The company had revenue of $891.10 million for the quarter, compared to analysts’ expectations of $882.85 million. During the same quarter last year, the company earned $0.74 EPS. The firm’s revenue was up 2.4% compared to the same quarter last year.

Institutional Investors Weigh In On Gildan Activewear

Several hedge funds have recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Gildan Activewear during the 1st quarter valued at $692,000. Canada Pension Plan Investment Board grew its holdings in Gildan Activewear by 16.1% in the first quarter. Canada Pension Plan Investment Board now owns 563,498 shares of the textile maker’s stock worth $20,933,000 after purchasing an additional 78,338 shares during the period. Boston Partners increased its stake in shares of Gildan Activewear by 217.3% during the first quarter. Boston Partners now owns 357,910 shares of the textile maker’s stock valued at $13,281,000 after purchasing an additional 245,119 shares in the last quarter. Bridges Investment Management Inc. bought a new position in shares of Gildan Activewear during the second quarter valued at approximately $1,425,000. Finally, Vaughan Nelson Investment Management L.P. lifted its holdings in shares of Gildan Activewear by 31.5% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,573,695 shares of the textile maker’s stock valued at $59,674,000 after purchasing an additional 377,135 shares during the last quarter. 82.83% of the stock is currently owned by institutional investors.

Gildan Activewear Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Thursday, November 21st will be paid a $0.152 dividend. This represents a $0.61 dividend on an annualized basis and a dividend yield of 1.24%. The ex-dividend date is Thursday, November 21st. Gildan Activewear’s payout ratio is presently 32.41%.

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.