CIBC Raises Gildan Activewear (NYSE:GIL) Price Target to $56.00

Gildan Activewear (NYSE:GIL) (TSE:GIL) had its price objective raised by equities research analysts at CIBC from $48.00 to $56.00 in a research report issued to clients and investors on Friday, BayStreet.CA reports. The brokerage currently has an “outperform” rating on the textile maker’s stock. CIBC’s price target would suggest a potential upside of 12.86% from the stock’s current price.

Other equities research analysts have also issued research reports about the company. Canaccord Genuity Group raised their price target on Gildan Activewear from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday. Royal Bank of Canada lifted their target price on Gildan Activewear from $41.00 to $44.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Stifel Nicolaus boosted their price target on Gildan Activewear from $51.00 to $54.00 and gave the company a “buy” rating in a research note on Thursday, October 3rd. TD Securities lifted their price objective on Gildan Activewear from $50.00 to $56.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Finally, BMO Capital Markets boosted their price target on Gildan Activewear from $47.00 to $58.00 and gave the stock an “outperform” rating in a report on Friday. Four equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.05.

Gildan Activewear Price Performance

Gildan Activewear stock traded up $0.72 on Friday, reaching $49.62. The company’s stock had a trading volume of 236,536 shares, compared to its average volume of 708,253. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.97 and a current ratio of 2.35. The company has a market cap of $7.79 billion, a price-to-earnings ratio of 20.37, a PEG ratio of 1.83 and a beta of 1.43. The business’s fifty day moving average price is $46.31 and its 200 day moving average price is $40.77. Gildan Activewear has a twelve month low of $28.95 and a twelve month high of $49.85.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last issued its quarterly earnings results on Thursday, October 31st. The textile maker reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.01. Gildan Activewear had a return on equity of 24.96% and a net margin of 13.01%. The business had revenue of $891.10 million for the quarter, compared to analyst estimates of $882.85 million. During the same quarter in the prior year, the firm posted $0.74 earnings per share. The firm’s revenue for the quarter was up 2.4% compared to the same quarter last year. Equities analysts expect that Gildan Activewear will post 2.93 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Gildan Activewear

Hedge funds have recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. purchased a new position in Gildan Activewear during the 1st quarter valued at $692,000. BW Gestao de Investimentos Ltda. purchased a new stake in Gildan Activewear during the 1st quarter valued at approximately $5,570,000. Envestnet Portfolio Solutions Inc. grew its holdings in Gildan Activewear by 25.2% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 25,345 shares of the textile maker’s stock valued at $941,000 after buying an additional 5,101 shares in the last quarter. Sciencast Management LP purchased a new stake in Gildan Activewear during the 1st quarter valued at approximately $301,000. Finally, Equity Investment Corp purchased a new stake in Gildan Activewear during the 1st quarter valued at approximately $202,000. 82.83% of the stock is currently owned by 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.