Investors Purchase High Volume of Gildan Activewear Put Options (GIL)

Gildan Activewear Inc (NYSE:GIL) (TSE:GIL) saw some unusual options trading on Friday. Investors bought 943 put options on the stock. This represents an increase of approximately 1,228% compared to the typical daily volume of 71 put options.

Several institutional investors have recently made changes to their positions in the company. FMR LLC grew its stake in shares of Gildan Activewear by 18.2% in the second quarter. FMR LLC now owns 12,177,081 shares of the textile maker’s stock worth $374,195,000 after acquiring an additional 1,875,214 shares during the last quarter. Janus Henderson Group PLC acquired a new stake in shares of Gildan Activewear in the second quarter worth $266,358,000. Vanguard Group Inc. grew its stake in shares of Gildan Activewear by 3.9% in the second quarter. Vanguard Group Inc. now owns 4,927,849 shares of the textile maker’s stock worth $151,433,000 after acquiring an additional 185,026 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Gildan Activewear by 44.5% in the fourth quarter. The Manufacturers Life Insurance Company now owns 4,340,079 shares of the textile maker’s stock worth $140,185,000 after acquiring an additional 1,337,248 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its stake in shares of Gildan Activewear by 7.7% in the third quarter. JPMorgan Chase & Co. now owns 3,913,265 shares of the textile maker’s stock worth $121,819,000 after acquiring an additional 278,852 shares during the last quarter. Institutional investors and hedge funds own 71.24% of the company’s stock.

Several equities analysts have commented on the company. ValuEngine upgraded Gildan Activewear from a “hold” rating to a “buy” rating in a report on Monday, February 5th. BMO Capital Markets reiterated a “buy” rating and set a $34.00 price target on shares of Gildan Activewear in a report on Friday, October 20th. Goldman Sachs Group reiterated a “buy” rating and set a $37.00 price target on shares of Gildan Activewear in a report on Friday, December 8th. Bank of America reiterated a “buy” rating and set a $37.00 price target on shares of Gildan Activewear in a report on Friday, December 8th. Finally, Stifel Nicolaus set a $37.00 price target on Gildan Activewear and gave the company a “buy” rating in a report on Friday, December 15th. Seven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $34.00.

Shares of Gildan Activewear (NYSE GIL) opened at $30.55 on Tuesday. The stock has a market cap of $6,764.56, a price-to-earnings ratio of 18.18, a PEG ratio of 1.23 and a beta of 0.79. The company has a debt-to-equity ratio of 0.34, a current ratio of 5.13 and a quick ratio of 1.72. Gildan Activewear has a 52 week low of $24.67 and a 52 week high of $34.19.

Gildan Activewear announced that its Board of Directors has initiated a stock repurchase program on Thursday, November 2nd that authorizes the company to repurchase 4,600,000 outstanding shares. This repurchase authorization authorizes the textile maker to buy shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

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Gildan Activewear Company Profile

Gildan Activewear Inc is a manufacturer and marketer of branded basic family apparel, including T-shirts, fleece, sport shirts, underwear, socks, hosiery and shapewear. The Company operates through two segments: Printwear and Branded Apparel. The Printwear segment designs, manufactures, sources, markets, and distributes undecorated activewear products.

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