Is Gildan Activewear Inc (USA) (NYSE:GIL) a buy right now? Prominent investors are becoming less confident. The number of bullish hedge fund positions dropped by 7 in recent months.
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Now, let’s take a glance at the latest action regarding Gildan Activewear Inc (USA) (NYSE:GIL).
What have hedge funds been doing with Gildan Activewear Inc (USA) (NYSE:GIL)?
At Q1’s end, a total of 13 of the hedge funds we track held long positions in this stock, a change of -35% from the first quarter. With the smart money’s positions undergoing their usual ebb and flow, there exists an “upper tier” of notable hedge fund managers who were upping their holdings substantially.
According to our comprehensive database, Alexander Mitchell’s Scopus Asset Management had the largest position in Gildan Activewear Inc (USA) (NYSE:GIL), worth close to $48.8 million, accounting for 1.4% of its total 13F portfolio. The second largest stake is held by David Keidan of Buckingham Capital Management, with a $28.8 million position; 2.6% of its 13F portfolio is allocated to the stock. Other hedge funds that hold long positions include Chuck Royce’s Royce & Associates, Gregg J. Powers’s Private Capital Management and Glenn J. Krevlin’s Glenhill Advisors.
Since Gildan Activewear Inc (USA) (NYSE:GIL) has experienced declining sentiment from the smart money, it’s easy to see that there was a specific group of hedge funds that decided to sell off their full holdings last quarter. It’s worth mentioning that Siddharth Thacker ‘s Signpost Capital dumped the largest investment of the 450+ funds we track, worth about $13.2 million in stock., and Jason Capello of Merchants’ Gate Capital was right behind this move, as the fund dumped about $5.5 million worth. These transactions are interesting, as total hedge fund interest was cut by 7 funds last quarter.
How are insiders trading Gildan Activewear Inc (USA) (NYSE:GIL)?
Insider purchases made by high-level executives is particularly usable when the company in focus has experienced transactions within the past 180 days. Over the last six-month time frame, Gildan Activewear Inc (USA) (NYSE:GIL) has experienced zero unique insiders purchasing, and zero insider sales (see the details of insider trades here).
Let’s go over hedge fund and insider activity in other stocks similar to Gildan Activewear Inc (USA) (NYSE:GIL). These stocks are PVH Corp (NYSE:PVH), Lululemon Athletica inc. (NASDAQ:LULU), Carter’s, Inc. (NYSE:CRI), Under Armour Inc (NYSE:UA), and Hanesbrands Inc. (NYSE:HBI). All of these stocks are in the textile – apparel clothing industry and their market caps are similar to GIL’s market cap.
| Company Name | # of Hedge Funds | # of Insiders Buying | # of Insiders Selling |
| PVH Corp (NYSE:PVH) | 39 | 0 | 10 |
| Lululemon Athletica inc. (NASDAQ:LULU) | 21 | 0 | 5 |
| Carter’s, Inc. (NYSE:CRI) | 39 | 0 | 4 |
| Under Armour Inc (NYSE:UA) | 20 | 0 | 8 |
| Hanesbrands Inc. (NYSE:HBI) | 24 | 1 | 7 |
With the results exhibited by our tactics, everyday investors should always monitor hedge fund and insider trading activity, and Gildan Activewear Inc (USA) (NYSE:GIL) shareholders fit into this picture quite nicely.
