Hibbett Sports Inc. (NASDAQ:HIBB)’s share price dropped 10.8% during mid-day trading on Friday after the company announced weaker than expected quarterly earnings. The stock traded as low as $37.80 and last traded at $40.40, with a volume of 2,130,093 shares. The stock had previously closed at $45.30.

The company reported $0.66 EPS for the quarter, missing the consensus estimate of $0.74 by $0.08. The business earned $237 million during the quarter, compared to analysts’ expectations of $237.17 million. Hibbett Sports had a net margin of 7.32% and a return on equity of 22.04%. The firm’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.79 EPS.

HIBB has been the subject of several recent analyst reports. Zacks Investment Research upgraded Hibbett Sports from a “hold” rating to a “buy” rating and set a $41.00 price target for the company in a report on Monday, July 25th. B. Riley reiterated a “neutral” rating and set a $42.00 target price on shares of Hibbett Sports in a report on Friday, August 12th. Susquehanna began coverage on Hibbett Sports in a report on Friday, August 12th. They set a “positive” rating and a $45.00 target price for the company. Forward View reiterated a “hold” rating and set a $35.00 target price on shares of Hibbett Sports in a report on Sunday, August 14th. Finally, Goldman Sachs Group Inc. reiterated a “sell” rating on shares of Hibbett Sports in a report on Monday, August 15th. Four analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have given a buy rating to the stock. Hibbett Sports currently has an average rating of “Hold” and a consensus price target of $38.81.

In related news, Director Michael J. Newsome sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, October 13th. The stock was sold at an average price of $39.97, for a total transaction of $399,700.00. Following the sale, the director now directly owns 29,882 shares of the company’s stock, valued at approximately $1,194,383.54. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Albert C. Johnson sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 24th. The shares were sold at an average price of $38.81, for a total value of $38,810.00. Following the sale, the director now directly owns 4,837 shares in the company, valued at $187,723.97. The disclosure for this sale can be found here. Corporate insiders own 2.50% of the company’s stock.

Large investors have recently bought and sold shares of the stock. Catalyst Capital Advisors LLC purchased a new stake in Hibbett Sports during the third quarter valued at about $100,000. BlackRock Inc. increased its position in shares of Hibbett Sports by 72.8% in the second quarter. BlackRock Inc. now owns 2,980 shares of the company’s stock worth $104,000 after buying an additional 1,255 shares during the last quarter. Advisory Services Network LLC increased its position in shares of Hibbett Sports by 14.5% in the third quarter. Advisory Services Network LLC now owns 2,682 shares of the company’s stock worth $107,000 after buying an additional 340 shares during the last quarter. Teacher Retirement System of Texas increased its position in shares of Hibbett Sports by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 3,328 shares of the company’s stock worth $116,000 after buying an additional 403 shares during the last quarter. Finally, Acrospire Investment Management LLC increased its position in shares of Hibbett Sports by 105.9% in the second quarter. Acrospire Investment Management LLC now owns 3,500 shares of the company’s stock worth $122,000 after buying an additional 1,800 shares during the last quarter.

The company has a market capitalization of $888.27 million, a PE ratio of 13.18 and a beta of 0.85. The company has a 50-day moving average price of $40.76 and a 200 day moving average price of $37.40.

About Hibbett Sports

Hibbett Sports, Inc operates sporting goods stores in small to mid-sized markets in the South, Southwest, Mid-Atlantic and Midwest regions of the United States. The Company operates approximately 1,040 stores in over 30 states, which consists of approximately 1,020 Hibbett Sports stores and over 20 Sports Additions athletic shoe stores.

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