Canaccord Genuity Group Forecasts Strong Price Appreciation for Gildan Activewear (NYSE:GIL) Stock

Gildan Activewear (NYSE:GIL) (TSE:GIL) had its price objective upped by investment analysts at Canaccord Genuity Group from $53.00 to $58.00 in a research report issued to clients and investors on Thursday,BayStreet.CA reports. The firm currently has a “buy” rating on the textile maker’s stock. Canaccord Genuity Group’s target price points to a potential upside of 7.05% from the stock’s current price.

A number of other analysts have also commented on the stock. Citigroup upped their price objective on shares of Gildan Activewear from $59.00 to $62.00 and gave the company a “buy” rating in a research note on Thursday. UBS Group upped their target price on Gildan Activewear from $60.00 to $69.00 and gave the company a “buy” rating in a report on Thursday. Canaccord Genuity Group upped their target price on Gildan Activewear from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday, November 1st. CIBC upped their target price on Gildan Activewear from $56.00 to $60.00 and gave the company an “outperform” rating in a report on Thursday. Finally, Stifel Nicolaus upped their target price on Gildan Activewear from $54.00 to $60.00 and gave the company a “buy” rating in a report on Friday, November 1st. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $60.00.

Gildan Activewear Price Performance

GIL stock opened at $54.18 on Thursday. The company has a current ratio of 2.31, a quick ratio of 0.98 and a debt-to-equity ratio of 0.81. Gildan Activewear has a one year low of $32.23 and a one year high of $55.39. The firm has a market capitalization of $8.24 billion, a PE ratio of 21.67, a P/E/G ratio of 1.74 and a beta of 1.41. The firm has a 50-day moving average of $49.47 and a two-hundred day moving average of $47.54.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last posted its quarterly earnings data on Wednesday, February 19th. The textile maker reported $0.83 EPS for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.30). Gildan Activewear had a net margin of 12.26% and a return on equity of 27.49%. The firm had revenue of $822.00 million for the quarter, compared to analysts’ expectations of $805.75 million. During the same period in the prior year, the company posted $0.75 earnings per share. Gildan Activewear’s quarterly revenue was up 5.0% compared to the same quarter last year. On average, analysts forecast that Gildan Activewear will post 3.44 earnings per share for the current year.

Hedge Funds Weigh In On Gildan Activewear

Hedge funds have recently added to or reduced their stakes in the company. Plato Investment Management Ltd acquired a new position in Gildan Activewear in the fourth quarter worth approximately $28,000. Blue Trust Inc. increased its holdings in Gildan Activewear by 96.1% in the third quarter. Blue Trust Inc. now owns 810 shares of the textile maker’s stock worth $38,000 after buying an additional 397 shares during the last quarter. Fifth Third Bancorp increased its holdings in Gildan Activewear by 61.8% in the fourth quarter. Fifth Third Bancorp now owns 872 shares of the textile maker’s stock worth $41,000 after buying an additional 333 shares during the last quarter. Steward Partners Investment Advisory LLC increased its holdings in Gildan Activewear by 500.0% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 894 shares of the textile maker’s stock worth $42,000 after buying an additional 745 shares during the last quarter. Finally, Venturi Wealth Management LLC boosted its position in Gildan Activewear by 899.0% during the fourth quarter. Venturi Wealth Management LLC now owns 1,009 shares of the textile maker’s stock worth $47,000 after purchasing an additional 908 shares during the period. 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.