Gildan Activewear Inc Forecasted to Earn Q3 2020 Earnings of $0.65 Per Share (NYSE:GIL)
Gildan Activewear Inc (NYSE:GIL) (TSE:GIL) – Research analysts at Desjardins issued their Q3 2020 earnings estimates for shares of Gildan Activewear in a research report issued on Saturday, November 30th. Desjardins analyst C. Li anticipates that the textile maker will post earnings of $0.65 per share for the quarter. Desjardins has a “Buy” rating and a $42.00 price objective on the stock. Desjardins also issued estimates for Gildan Activewear’s Q4 2020 earnings at $0.55 EPS, FY2021 earnings at $2.16 EPS and FY2022 earnings at $2.43 EPS.
GIL has been the subject of a number of other research reports. Zacks Investment Research cut Gildan Activewear from a “hold” rating to a “sell” rating in a research note on Tuesday, October 22nd. BMO Capital Markets lowered their target price on shares of Gildan Activewear from $41.00 to $31.00 and set a “market perform” rating on the stock in a research report on Friday, October 18th. Bank of America cut shares of Gildan Activewear from a “buy” rating to an “underperform” rating and set a $23.00 target price on the stock. in a report on Friday, October 18th. Stifel Nicolaus set a $28.00 price target on shares of Gildan Activewear and gave the company a “hold” rating in a research report on Friday, November 1st. Finally, Royal Bank of Canada reduced their price target on shares of Gildan Activewear from $36.00 to $30.00 and set a “sector perform” rating for the company in a research report on Friday, October 18th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. Gildan Activewear currently has an average rating of “Hold” and a consensus price target of $31.40.
Gildan Activewear (NYSE:GIL) (TSE:GIL) last announced its earnings results on Thursday, October 31st. The textile maker reported $0.53 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.53. The firm had revenue of $739.70 million during the quarter, compared to analysts’ expectations of $739.86 million. Gildan Activewear had a return on equity of 17.94% and a net margin of 9.87%. The business’s revenue was down 1.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.57 EPS.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 9th. Shareholders of record on Thursday, November 14th will be paid a dividend of $0.134 per share. This represents a $0.54 annualized dividend and a yield of 1.85%. The ex-dividend date is Wednesday, November 13th. Gildan Activewear’s dividend payout ratio is presently 29.03%.
A number of institutional investors have recently bought and sold shares of the business. Kovitz Investment Group Partners LLC acquired a new position in shares of Gildan Activewear in the second quarter valued at approximately $21,978,000. Royal Bank of Canada grew its position in Gildan Activewear by 9.6% in the 2nd quarter. Royal Bank of Canada now owns 5,569,834 shares of the textile maker’s stock valued at $215,443,000 after buying an additional 489,075 shares during the last quarter. Renaissance Group LLC purchased a new position in Gildan Activewear in the 3rd quarter valued at $12,992,000. JPMorgan Chase & Co. increased its stake in Gildan Activewear by 72.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 832,244 shares of the textile maker’s stock valued at $31,999,000 after buying an additional 349,750 shares during the period. Finally, APG Asset Management N.V. increased its stake in Gildan Activewear by 46.6% in the 2nd quarter. APG Asset Management N.V. now owns 1,068,000 shares of the textile maker’s stock valued at $36,373,000 after buying an additional 339,600 shares during the period. 66.85% of the stock is owned by institutional investors.
About Gildan Activewear
Gildan Activewear Inc manufactures and sells a range of apparel products in North America, Europe, the Asia-Pacific, and Latin America. The company manufactures and markets active wear products, including T-shirts, fleece tops and bottoms, and sport shirts under Gildan, Gildan Performance, Gildan Platinum, Gildan Hammer, Comfort Colors, American Apparel, Anvil, Alstyle, and Gold Toe brands.
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