Gildan Activewear (NYSE:GIL) Given New $60.00 Price Target at CIBC

Gildan Activewear (NYSE:GIL) (TSE:GIL) had its target price increased by CIBC from $56.00 to $60.00 in a research note issued to investors on Thursday morning,BayStreet.CA reports. They currently have an outperform rating on the textile maker’s stock.

GIL has been the topic of a number of other research reports. Stifel Nicolaus increased their price target on Gildan Activewear from $54.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Canaccord Genuity Group increased their target price on shares of Gildan Activewear from $52.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, November 1st. TD Securities upped their price target on shares of Gildan Activewear from $58.00 to $60.00 and gave the stock a “buy” rating in a research report on Monday, December 2nd. Citigroup increased their price objective on shares of Gildan Activewear from $54.00 to $59.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Finally, UBS Group boosted their price objective on shares of Gildan Activewear from $60.00 to $69.00 and gave the stock a “buy” rating in a research note on Thursday. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $60.00.

Gildan Activewear Trading Up 2.2 %

Shares of GIL opened at $55.09 on Thursday. The firm has a market capitalization of $8.38 billion, a price-to-earnings ratio of 21.78, a PEG ratio of 1.71 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. Gildan Activewear has a 1-year low of $32.23 and a 1-year high of $55.12. The company has a 50-day moving average of $49.47 and a 200 day moving average of $47.54.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last posted its quarterly earnings results on Wednesday, February 19th. The textile maker reported $0.83 earnings per share for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $805.75 million. During the same period in the prior year, the firm posted $0.75 EPS. The business’s revenue was up 5.0% on a year-over-year basis. On average, research analysts expect that Gildan Activewear will post 2.97 EPS for the current year.

Gildan Activewear Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 7th. Shareholders of record on Wednesday, March 12th will be issued a $0.226 dividend. This represents a $0.90 annualized dividend and a yield of 1.64%. The ex-dividend date of this dividend is Wednesday, March 12th. This is an increase from Gildan Activewear’s previous quarterly dividend of $0.15. Gildan Activewear’s dividend payout ratio (DPR) is currently 32.41%.

Institutional Investors Weigh In On Gildan Activewear

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

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.