Gildan Activewear (NYSE:GIL) Sees Strong Trading Volume – Here’s Why

Shares of Gildan Activewear Inc. (NYSE:GIL) (TSE:GIL) saw unusually-strong trading volume on Monday . Approximately 2,666,055 shares changed hands during mid-day trading, an increase of 302% from the previous session’s volume of 662,535 shares.The stock last traded at $50.12 and had previously closed at $50.12.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on GIL shares. CIBC dropped their price target on Gildan Activewear from $60.00 to $56.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 30th. Canaccord Genuity Group increased their price objective on shares of Gildan Activewear from $53.00 to $58.00 and gave the stock a “buy” rating in a research report on Thursday, February 20th. Stifel Nicolaus upped their target price on shares of Gildan Activewear from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Thursday, February 20th. BMO Capital Markets lifted their price target on Gildan Activewear from $58.00 to $64.00 and gave the company an “outperform” rating in a research note on Thursday, February 20th. Finally, UBS Group boosted their price target on Gildan Activewear from $60.00 to $69.00 and gave the company a “buy” rating in a report on Thursday, February 20th. Nine research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $58.20.

Gildan Activewear Price Performance

The company has a current ratio of 2.22, a quick ratio of 0.98 and a debt-to-equity ratio of 0.92. The company has a market capitalization of $7.58 billion, a P/E ratio of 20.05, a P/E/G ratio of 1.76 and a beta of 1.21. The company has a 50 day moving average price of $44.28 and a 200 day moving average price of $47.82.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last released its quarterly earnings data on Tuesday, April 29th. The textile maker reported $0.59 EPS for the quarter, beating the consensus estimate of $0.57 by $0.02. The firm had revenue of $711.70 million for the quarter, compared to the consensus estimate of $715.29 million. Gildan Activewear had a net margin of 12.26% and a return on equity of 28.80%. The company’s quarterly revenue was up 2.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.59 earnings per share. On average, equities analysts predict that Gildan Activewear Inc. will post 3.48 EPS for the current fiscal year.

Gildan Activewear Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Tuesday, May 20th will be issued a dividend of $0.226 per share. This represents a $0.90 dividend on an annualized basis and a dividend yield of 1.80%. The ex-dividend date is Tuesday, May 20th. Gildan Activewear’s dividend payout ratio is presently 34.75%.

Hedge Funds Weigh In On Gildan Activewear

Institutional investors and hedge funds have recently modified their holdings of the business. Plato Investment Management Ltd acquired a new position in shares of Gildan Activewear during the 4th quarter worth approximately $28,000. Twin Tree Management LP bought a new stake in shares of Gildan Activewear in the first quarter valued at approximately $29,000. Olde Wealth Management LLC acquired a new stake in Gildan Activewear during the first quarter worth approximately $29,000. Versant Capital Management Inc increased its stake in Gildan Activewear by 510.7% during the 1st quarter. Versant Capital Management Inc now owns 745 shares of the textile maker’s stock worth $33,000 after acquiring an additional 623 shares during the period. Finally, GAMMA Investing LLC raised its holdings in Gildan Activewear by 4,323.5% in the 1st quarter. GAMMA Investing LLC now owns 752 shares of the textile maker’s stock valued at $33,000 after acquiring an additional 735 shares in the last quarter. 82.83% of the stock is currently owned by institutional investors and hedge funds.

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.