Gildan Activewear (NYSE:GIL) Releases FY24 Earnings Guidance

Gildan Activewear (NYSE:GIL) (TSE:GIL) issued an update on its FY24 earnings guidance on Monday morning. The company provided EPS guidance of $2.92-3.07 for the period, compared to the consensus EPS 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.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Stifel Nicolaus upped their price objective on shares of Gildan Activewear from $34.00 to $36.00 and gave the stock a hold rating in a report on Thursday, February 22nd. UBS Group cut shares of Gildan Activewear from a buy rating to a neutral rating and decreased their price objective for the company from $40.00 to $37.00 in a report on Friday, January 5th. Citigroup raised their price objective on shares of Gildan Activewear from $40.00 to $44.00 and gave the company a buy rating in a research note on Friday, February 23rd. Stifel Canada lowered Gildan Activewear from a buy rating to a hold rating in a research note on Monday, December 18th. Finally, CIBC boosted their price objective on Gildan Activewear from $38.00 to $41.00 and gave the stock an outperform rating in a research note on Thursday, February 22nd. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of Moderate Buy and an average target price of $41.25.

Gildan Activewear Stock Down 0.7 %

Shares of Gildan Activewear stock opened at $35.33 on Tuesday. Gildan Activewear has a 12-month low of $26.98 and a 12-month high of $38.87. The firm has a market capitalization of $5.96 billion, a PE ratio of 11.66, a price-to-earnings-growth ratio of 1.35 and a beta of 1.38. The company has a quick ratio of 0.83, a current ratio of 2.33 and a debt-to-equity ratio of 0.39. The stock’s fifty day moving average is $35.36 and its 200-day moving average is $33.43.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last posted its quarterly earnings data 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. Gildan Activewear had a return on equity of 23.19% and a net margin of 16.70%. The firm had revenue of $782.70 million for the quarter, compared to the consensus estimate of $753.35 million. During the same quarter in the previous year, the company earned $0.65 EPS. The business’s revenue for the quarter was up 8.7% compared to the same quarter last year. Equities analysts anticipate that Gildan Activewear will post 2.94 earnings per share for the current year.

Gildan Activewear Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 8th. Shareholders of record on Wednesday, March 13th were given a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a yield of 2.32%. This is a boost from Gildan Activewear’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend was Tuesday, March 12th. Gildan Activewear’s payout ratio is presently 27.06%.

Institutional Trading of Gildan Activewear

A number of hedge funds have recently modified their holdings of the business. American Century Companies Inc. raised its position in Gildan Activewear by 38.6% during the first quarter. American Century Companies Inc. now owns 41,005 shares of the textile maker’s stock valued at $1,538,000 after buying an additional 11,413 shares during the period. Citigroup Inc. grew its stake in Gildan Activewear by 41.5% during the 1st quarter. Citigroup Inc. now owns 32,700 shares of the textile maker’s stock valued at $1,227,000 after acquiring an additional 9,597 shares in the last quarter. PNC Financial Services Group Inc. grew its stake in Gildan Activewear by 36.1% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,381 shares of the textile maker’s stock valued at $127,000 after acquiring an additional 896 shares in the last quarter. Natixis Advisors L.P. lifted its position in shares of Gildan Activewear by 35.8% in the first quarter. Natixis Advisors L.P. now owns 19,786 shares of the textile maker’s stock worth $742,000 after purchasing an additional 5,212 shares in the last quarter. Finally, Synovus Financial Corp boosted its holdings in shares of Gildan Activewear by 29.4% during the first quarter. Synovus Financial Corp now owns 33,700 shares of the textile maker’s stock worth $1,268,000 after purchasing an additional 7,662 shares during the period. Hedge funds and other institutional investors 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.