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

Gildan Activewear (NYSE:GIL) (TSE:GIL) updated its FY 2024 earnings guidance on Monday. 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.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Scotiabank increased 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. Royal Bank of Canada reissued an outperform rating and set a $41.00 target price on shares of Gildan Activewear in a research note on Monday, April 8th. Stifel Canada cut Gildan Activewear from a buy rating to a hold rating in a research note on Monday, December 18th. CIBC increased their target price on Gildan Activewear from $38.00 to $41.00 and gave the stock an outperform rating in a research note on Thursday, February 22nd. Finally, TD Securities increased their target price on Gildan Activewear from $42.00 to $46.00 and gave the stock a buy rating in a research note on Wednesday, March 20th. Five analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and an average target price of $41.25.

Gildan Activewear Stock Performance

Shares of Gildan Activewear stock traded down $0.26 during trading on Monday, reaching $35.33. The company’s stock had a trading volume of 590,203 shares, compared to its average volume of 839,745. The business’s 50-day moving average price is $35.32 and its 200-day moving average price is $33.38. The firm has a market cap of $5.96 billion, a PE ratio of 11.66, a P/E/G ratio of 1.35 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.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last announced its earnings results on Wednesday, February 21st. The textile maker reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.72 by $0.03. Gildan Activewear had a net margin of 16.70% and a return on equity of 23.19%. The company had revenue of $782.70 million during the quarter, compared to analysts’ expectations of $753.35 million. During the same quarter in the previous year, the business posted $0.65 earnings per share. Gildan Activewear’s quarterly revenue was up 8.7% on a year-over-year basis. Equities analysts forecast 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. Investors of record on Wednesday, March 13th were given a dividend of $0.205 per share. 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. This represents a $0.82 annualized dividend and a yield of 2.32%. Gildan Activewear’s dividend payout ratio is currently 27.06%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. PNC Financial Services Group Inc. raised its stake in Gildan Activewear by 36.1% during the first quarter. PNC Financial Services Group Inc. now owns 3,381 shares of the textile maker’s stock worth $127,000 after acquiring an additional 896 shares in the last quarter. Tower Research Capital LLC TRC acquired a new position in shares of Gildan Activewear in the third quarter valued at approximately $106,000. Lazard Asset Management LLC increased its stake in shares of Gildan Activewear by 225.9% in the fourth quarter. Lazard Asset Management LLC now owns 5,339 shares of the textile maker’s stock valued at $146,000 after buying an additional 3,701 shares during the period. Stifel Financial Corp acquired a new position in shares of Gildan Activewear in the first quarter valued at approximately $208,000. Finally, ExodusPoint Capital Management LP acquired a new position in shares of Gildan Activewear in the second quarter valued at approximately $213,000. Institutional investors and hedge funds 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.