NEW YORK ( TheStreet) -- Gildan Activewear (NYSE: GIL) is trading at unusually high volume Friday with 1.7 million shares changing hands. It is currently at four times its average daily volume and trading up 47 cents (+2.9%) at $16.83 as of 11:40 a.m. ET.

Gildan Activewear has a market cap of $2.9 billion and is part of the consumer goods sector and consumer non-durables industry. Shares are down 42.6% year to date as of the close of trading on Thursday.

Gildan Activewear Inc. manufactures and sells T-shirts, activewear, underwear, and socks to wholesale screen printers, embroiderers, and retailers in North America, Europe, and internationally. It sells T-shirts, fleece, and sport shirts under the Gildan brand name. The company has a P/E ratio of 11.8, equal to the average consumer non-durables industry P/E ratio and below the S&P 500 P/E ratio of 17.7.

TheStreet Ratings rates Gildan Activewear as a buy. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, impressive record of earnings per share growth, compelling growth in net income and attractive valuation levels. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself. You can view the full Gildan Activewear Ratings Report.

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