Gildan Activewear (NYSE:GIL) Updates FY 2024 Earnings Guidance

Gildan Activewear (NYSE:GIL) (TSE:GIL) issued an update on its FY 2024 earnings guidance on Monday morning. The company provided earnings per share guidance of 2.920-3.070 for the period, compared to the consensus earnings per share estimate of 2.950. The company issued revenue guidance of -. Gildan Activewear also updated its FY24 guidance to $2.92-3.07 EPS.

Gildan Activewear Stock Performance

Shares of Gildan Activewear stock opened at $35.97 on Wednesday. The firm has a market capitalization of $6.06 billion, a P/E ratio of 11.87, a PEG ratio of 1.34 and a beta of 1.38. Gildan Activewear has a 52 week low of $26.98 and a 52 week high of $38.87. 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 company has a 50 day moving average price of $35.41 and a 200 day moving average price of $33.49.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last posted its quarterly earnings data on Wednesday, February 21st. The textile maker reported $0.75 EPS for the quarter, topping the consensus estimate of $0.72 by $0.03. The business had revenue of $782.70 million during the quarter, compared to the consensus estimate of $753.35 million. Gildan Activewear had a net margin of 16.70% and a return on equity of 23.19%. The business’s revenue for the quarter was up 8.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.65 earnings per share. Sell-side analysts expect that Gildan Activewear will post 2.94 EPS for the current year.

Gildan Activewear Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 8th. Stockholders of record on Wednesday, March 13th were issued a $0.205 dividend. The ex-dividend date was Tuesday, March 12th. This is a positive change from Gildan Activewear’s previous quarterly dividend of $0.19. This represents a $0.82 dividend on an annualized basis and a dividend yield of 2.28%. Gildan Activewear’s dividend payout ratio is currently 27.06%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on GIL shares. CIBC upped their target price on Gildan Activewear from $38.00 to $41.00 and gave the company an outperform rating in a research report on Thursday, February 22nd. Citigroup increased their price objective on shares of Gildan Activewear from $40.00 to $44.00 and gave the stock a buy rating in a research note on Friday, February 23rd. UBS Group downgraded shares of Gildan Activewear from a buy rating to a neutral rating and decreased their target price for the company from $40.00 to $37.00 in a research report on Friday, January 5th. Royal Bank of Canada reiterated an outperform rating and set a $41.00 price objective on shares of Gildan Activewear in a research note on Monday, April 8th. Finally, Scotiabank upped their target price on Gildan Activewear from $39.50 to $40.50 and gave the stock a sector outperform rating in a research note on Friday, February 9th. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus price target of $41.25.

Institutional Trading of Gildan Activewear

Institutional investors and hedge funds have recently made changes to their positions in the business. Alliancebernstein L.P. grew its stake in Gildan Activewear by 2.5% in the 2nd quarter. Alliancebernstein L.P. now owns 18,148 shares of the textile maker’s stock valued at $585,000 after acquiring an additional 435 shares during the period. Sei Investments Co. increased its stake in shares of Gildan Activewear by 2.2% during the second quarter. Sei Investments Co. now owns 29,049 shares of the textile maker’s stock worth $937,000 after purchasing an additional 637 shares in the last quarter. Deutsche Bank AG lifted its stake in Gildan Activewear by 0.5% in the 4th quarter. Deutsche Bank AG now owns 165,453 shares of the textile maker’s stock valued at $4,533,000 after buying an additional 889 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in Gildan Activewear by 36.1% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,381 shares of the textile maker’s stock valued at $127,000 after buying an additional 896 shares in the last quarter. Finally, American Century Companies Inc. increased its stake in Gildan Activewear by 2.2% during the 4th quarter. American Century Companies Inc. now owns 43,857 shares of the textile maker’s stock worth $1,201,000 after buying an additional 936 shares in the last quarter. 82.83% of the stock is currently owned by hedge funds and other institutional investors.

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.