Gildan Activewear (NYSE:GIL) Reaches New 52-Week High – Here’s What Happened

Gildan Activewear Inc. (NYSE:GIL) (TSE:GIL)’s share price reached a new 52-week high on Wednesday . The stock traded as high as $53.75 and last traded at $53.10, with a volume of 143310 shares traded. The stock had previously closed at $51.98.

Analyst Upgrades and Downgrades

GIL has been the subject of a number of recent analyst reports. UBS Group raised shares of Gildan Activewear from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $50.00 to $60.00 in a research report on Friday, January 10th. BMO Capital Markets upped their target price on Gildan Activewear from $47.00 to $58.00 and gave the company an “outperform” rating in a report on Friday, November 1st. TD Securities lifted their price target on Gildan Activewear from $58.00 to $60.00 and gave the stock a “buy” rating in a report on Monday, December 2nd. CIBC upped their price objective on Gildan Activewear from $48.00 to $56.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Finally, Stifel Nicolaus raised their target price on Gildan Activewear from $54.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $54.78.

Gildan Activewear Stock Performance

The firm has a market capitalization of $8.15 billion, a PE ratio of 21.21, a P/E/G ratio of 1.67 and a beta of 1.41. The company has a debt-to-equity ratio of 0.81, a current ratio of 2.31 and a quick ratio of 0.98. The company’s fifty day simple moving average is $49.17 and its 200 day simple moving average is $47.36.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last released its quarterly earnings data on Wednesday, February 19th. The textile maker reported $0.83 EPS for the quarter, missing the consensus estimate of $1.13 by ($0.30). Gildan Activewear had a return on equity of 26.88% and a net margin of 13.06%. As a group, equities research analysts expect that Gildan Activewear Inc. will post 2.97 EPS for the current fiscal year.

Hedge Funds Weigh In On Gildan Activewear

Several hedge funds have recently made changes to their positions in the stock. Norges Bank bought a new position in Gildan Activewear in the 4th quarter worth about $97,275,000. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Gildan Activewear by 604.1% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,850,971 shares of the textile maker’s stock worth $86,999,000 after buying an additional 1,588,071 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Gildan Activewear by 276.9% in the fourth quarter. The Manufacturers Life Insurance Company now owns 1,769,634 shares of the textile maker’s stock valued at $83,394,000 after acquiring an additional 1,300,121 shares during the period. CIBC Asset Management Inc grew its stake 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 valued at $57,403,000 after acquiring an additional 1,022,695 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its holdings in Gildan Activewear by 776.4% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 817,204 shares of the textile maker’s stock worth $38,414,000 after acquiring an additional 723,962 shares during the period. 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.