Gildan Activewear (NYSE:GIL) Updates FY24 Earnings Guidance

Gildan Activewear (NYSE:GIL) (TSE:GIL) issued an update on its FY24 earnings guidance on Thursday morning. The company provided EPS guidance of $2.97-3.02 for the period, compared to the consensus EPS estimate of $2.96. Gildan Activewear also updated its FY 2024 guidance to 2.970-3.020 EPS.

Gildan Activewear Stock Up 1.6 %

NYSE:GIL traded up $0.76 during mid-day trading on Friday, hitting $49.66. 531,424 shares of the company’s stock were exchanged, compared to its average volume of 709,643. The company has a market cap of $7.80 billion, a PE ratio of 20.35, a P/E/G ratio of 1.83 and a beta of 1.43. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.35 and a quick ratio of 0.97. Gildan Activewear has a one year low of $28.95 and a one year high of $49.92. The business has a fifty day moving average price of $46.45 and a 200 day moving average price of $40.90.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last announced its quarterly earnings data on Thursday, October 31st. The textile maker reported $0.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.84 by $0.01. Gildan Activewear had a return on equity of 24.96% and a net margin of 13.01%. The business had revenue of $891.10 million during the quarter, compared to analysts’ expectations of $882.85 million. During the same quarter in the previous year, the business earned $0.74 earnings per share. The firm’s quarterly revenue was up 2.4% compared to the same quarter last year. Equities analysts predict that Gildan Activewear will post 2.93 EPS for the current year.

Gildan Activewear Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Thursday, November 21st will be given a dividend of $0.152 per share. The ex-dividend date is Thursday, November 21st. This represents a $0.61 annualized dividend and a dividend yield of 1.22%. Gildan Activewear’s dividend payout ratio (DPR) is presently 33.61%.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. Stifel Nicolaus lifted their target price on shares of Gildan Activewear from $54.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday. Canaccord Genuity Group lifted their price objective on Gildan Activewear from $52.00 to $53.00 and gave the stock a “buy” rating in a report on Friday. TD Securities upped their price objective on Gildan Activewear from $56.00 to $58.00 and gave the company a “buy” rating in a research report on Friday. Citigroup raised their target price on Gildan Activewear from $54.00 to $59.00 and gave the stock a “buy” rating in a research report on Friday. Finally, BMO Capital Markets upped their price target on shares of Gildan Activewear from $47.00 to $58.00 and gave the company an “outperform” rating in a research report on Friday. Four analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, Gildan Activewear currently has a consensus rating of “Moderate Buy” and an average price target of $51.05.

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.