CIBC Issues Positive Forecast for Gildan Activewear (NYSE:GIL) Stock Price

Gildan Activewear (NYSE:GIL) (TSE:GIL) had its target price hoisted by equities researchers at CIBC from $56.00 to $60.00 in a research report issued to clients and investors on Thursday,BayStreet.CA reports. The brokerage currently has an “outperform” rating on the textile maker’s stock. CIBC’s price target points to a potential upside of 9.45% from the stock’s previous close.

GIL has been the subject of several other reports. BMO Capital Markets boosted their price target on Gildan Activewear from $58.00 to $64.00 and gave the stock an “outperform” rating in a research report on Thursday. Stifel Nicolaus increased their target price on shares of Gildan Activewear from $54.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Canaccord Genuity Group upped their price objective 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. Citigroup upped their price target on Gildan Activewear from $54.00 to $59.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Finally, TD Securities boosted their price objective on Gildan Activewear from $58.00 to $60.00 and gave the stock a “buy” rating in a research note on Monday, December 2nd. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $60.00.

Gildan Activewear Price Performance

NYSE:GIL traded up $0.92 during trading hours on Thursday, reaching $54.82. 372,915 shares of the company were exchanged, compared to its average volume of 519,160. The stock’s 50-day moving average is $49.34 and its 200-day moving average is $47.48. Gildan Activewear has a twelve month low of $32.23 and a twelve month high of $54.81. The firm has a market cap of $8.34 billion, a PE ratio of 21.68, a price-to-earnings-growth ratio of 1.71 and a beta of 1.41. The company has a current ratio of 2.31, a quick ratio of 0.98 and a debt-to-equity ratio of 0.81.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last issued its quarterly earnings results on Wednesday, February 19th. The textile maker reported $0.83 earnings per share for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.30). Gildan Activewear had a net margin of 13.06% and a return on equity of 26.88%. The company had revenue of $822.00 million during the quarter, compared to analysts’ expectations of $805.75 million. During the same period in the prior year, the business posted $0.75 earnings per share. The company’s quarterly revenue was up 5.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Gildan Activewear will post 2.97 earnings per share for the current fiscal year.

Institutional Trading of Gildan Activewear

A number of large investors have recently bought and sold shares of the business. Simcoe Capital Management LLC boosted its stake in shares of Gildan Activewear by 10.5% during the third quarter. Simcoe Capital Management LLC now owns 2,387,865 shares of the textile maker’s stock worth $112,492,000 after buying an additional 226,695 shares during the period. Intech Investment Management LLC purchased a new stake in shares of Gildan Activewear in the third quarter valued at about $544,000. Tacita Capital Inc raised its stake in shares of Gildan Activewear by 1,025.5% during the 3rd quarter. Tacita Capital Inc now owns 13,056 shares of the textile maker’s stock worth $615,000 after buying an additional 11,896 shares in the last quarter. Meritage Portfolio Management acquired a new stake in shares of Gildan Activewear in the 4th quarter valued at approximately $462,000. Finally, CIBC Asset Management Inc grew its holdings in Gildan Activewear by 545.1% during the fourth quarter. CIBC Asset Management Inc now owns 1,210,314 shares of the textile maker’s stock worth $57,403,000 after acquiring an additional 1,022,695 shares during the period. Institutional investors and hedge funds own 82.83% of the company’s stock.

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.