Stifel Canada Has Optimistic Outlook of GIL FY2024 Earnings

Gildan Activewear Inc. (NYSE:GIL) (TSE:GIL) – Equities research analysts at Stifel Canada upped their FY2024 earnings per share (EPS) estimates for Gildan Activewear in a research report issued to clients and investors on Thursday, October 31st. Stifel Canada analyst M. Landry now forecasts that the textile maker will post earnings per share of $2.97 for the year, up from their previous estimate of $2.91. The consensus estimate for Gildan Activewear’s current full-year earnings is $2.97 per share. Stifel Canada also issued estimates for Gildan Activewear’s FY2025 earnings at $3.49 EPS and FY2026 earnings at $3.92 EPS.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last released its quarterly earnings data on Thursday, October 31st. The textile maker reported $0.85 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.85. The firm had revenue of $891.10 million for the quarter, compared to analyst estimates of $882.85 million. Gildan Activewear had a net margin of 13.06% and a return on equity of 26.88%. The business’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.74 earnings per share.

A number of other equities research analysts have also recently issued reports on GIL. Canaccord Genuity Group lifted their price target on shares of Gildan Activewear from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, November 1st. BMO Capital Markets lifted their target price on shares of Gildan Activewear from $47.00 to $58.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. CIBC upped their price target on shares of Gildan Activewear from $48.00 to $56.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Stifel Nicolaus raised their price target on shares of Gildan Activewear from $54.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Finally, Citigroup boosted their price objective on Gildan Activewear from $54.00 to $59.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. Four research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $50.85.

Gildan Activewear Stock Up 2.3 %

GIL opened at $50.24 on Monday. The company has a fifty day moving average of $46.66 and a two-hundred day moving average of $41.15. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.98 and a current ratio of 2.31. Gildan Activewear has a fifty-two week low of $30.68 and a fifty-two week high of $50.37. The stock has a market capitalization of $7.89 billion, a price-to-earnings ratio of 19.86, a PEG ratio of 1.86 and a beta of 1.44.

Gildan Activewear Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Thursday, November 21st will be given a dividend of $0.152 per share. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $0.61 dividend on an annualized basis and a yield of 1.21%. Gildan Activewear’s payout ratio is 32.41%.

Hedge Funds Weigh In On Gildan Activewear

Several hedge funds have recently added to or reduced their stakes in the business. Cooke & Bieler LP increased its position in Gildan Activewear by 2.7% during the second quarter. Cooke & Bieler LP now owns 10,252,785 shares of the textile maker’s stock worth $388,786,000 after purchasing an additional 271,273 shares during the last quarter. Cardinal Capital Management Inc. lifted its holdings in Gildan Activewear by 1.5% in the 2nd quarter. Cardinal Capital Management Inc. now owns 2,907,144 shares of the textile maker’s stock worth $110,197,000 after buying an additional 42,094 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Gildan Activewear by 14.4% during the second quarter. The Manufacturers Life Insurance Company now owns 2,568,733 shares of the textile maker’s stock worth $97,290,000 after acquiring an additional 324,304 shares during the last quarter. EdgePoint Investment Group Inc. lifted its stake in shares of Gildan Activewear by 28.0% in the second quarter. EdgePoint Investment Group Inc. now owns 1,863,618 shares of the textile maker’s stock worth $70,696,000 after acquiring an additional 407,113 shares in the last quarter. Finally, Anson Funds Management LP grew its stake in Gildan Activewear by 13.8% during the 1st quarter. Anson Funds Management LP now owns 1,791,705 shares of the textile maker’s stock valued at $66,521,000 after purchasing an additional 216,705 shares in the last quarter. 82.83% of the stock is currently owned by hedge funds and other institutional investors.

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.