CIBC Increases Gildan Activewear (NYSE:GIL) Price Target to $56.00

Gildan Activewear (NYSE:GIL) (TSE:GIL) had its target price lifted by stock analysts at CIBC from $48.00 to $56.00 in a report released on Friday, BayStreet.CA reports. The firm presently has an “outperform” rating on the textile maker’s stock. CIBC’s target price would suggest a potential upside of 12.77% from the stock’s previous close.

GIL has been the topic of several other reports. TD Securities upped their price target on shares of Gildan Activewear from $50.00 to $56.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Stifel Nicolaus upped their target price on shares of Gildan Activewear from $51.00 to $54.00 and gave the company a “buy” rating in a research note on Thursday, October 3rd. Royal Bank of Canada increased their price target on shares of Gildan Activewear from $41.00 to $44.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Canaccord Genuity Group boosted their price objective on Gildan Activewear from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday. Finally, BMO Capital Markets upped their price objective on Gildan Activewear from $47.00 to $58.00 and gave the company an “outperform” rating in a research note on Friday. Four equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $51.05.

Gildan Activewear Price Performance

GIL opened at $49.66 on Friday. The company has a fifty day simple moving average of $46.45 and a 200 day simple moving average of $40.90. The company has a current ratio of 2.35, a quick ratio of 0.97 and a debt-to-equity ratio of 0.55. The firm has a market cap of $7.80 billion, a price-to-earnings ratio of 19.63, a PEG ratio of 1.85 and a beta of 1.44. Gildan Activewear has a twelve month low of $28.95 and a twelve month high of $49.92.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last issued its quarterly earnings data on Thursday, October 31st. The textile maker reported $0.85 earnings per share for the quarter, beating analysts’ consensus estimates of $0.84 by $0.01. Gildan Activewear had a return on equity of 25.66% and a net margin of 13.06%. The firm had revenue of $891.10 million during the quarter, compared to analyst estimates of $882.85 million. During the same quarter last year, the firm earned $0.74 EPS. Gildan Activewear’s quarterly revenue was up 2.4% on a year-over-year basis. Equities research analysts expect that Gildan Activewear will post 2.93 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Intact Investment Management Inc. boosted its holdings in shares of Gildan Activewear by 204.8% during the second quarter. Intact Investment Management Inc. now owns 881,100 shares of the textile maker’s stock valued at $33,416,000 after acquiring an additional 591,980 shares during the period. National Bank of Canada FI lifted its position in Gildan Activewear by 43.8% in the 1st quarter. National Bank of Canada FI now owns 1,762,761 shares of the textile maker’s stock valued at $65,451,000 after purchasing an additional 537,215 shares during the last quarter. EdgePoint Investment Group Inc. boosted its stake in Gildan Activewear by 28.0% during the 2nd quarter. EdgePoint Investment Group Inc. now owns 1,863,618 shares of the textile maker’s stock valued at $70,696,000 after purchasing an additional 407,113 shares during the period. Vaughan Nelson Investment Management L.P. grew its position in Gildan Activewear by 31.5% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,573,695 shares of the textile maker’s stock worth $59,674,000 after purchasing an additional 377,135 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its stake in shares of Gildan Activewear by 14.4% in the second quarter. The Manufacturers Life Insurance Company now owns 2,568,733 shares of the textile maker’s stock valued at $97,290,000 after purchasing an additional 324,304 shares during the period. 82.83% of the stock is currently owned by institutional investors.

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.