Hibbett Sports Inc. (HIBB) Shares Gap Down on Disappointing Earnings
Hibbett Sports Inc. (NASDAQ:HIBB) gapped down prior to trading on Monday following a weaker than expected earnings announcement. The stock had previously closed at $41.65, but opened at $40.40. Hibbett Sports shares last traded at $39.65, with a volume of 374,579 shares changing hands.
The company reported $0.66 EPS for the quarter, missing the consensus estimate of $0.74 by $0.08. The business had revenue of $237 million for the quarter. Hibbett Sports had a net margin of 6.84% and a return on equity of 20.53%. The business’s revenue was up 3.8% on a year-over-year basis. During the same period last year, the firm earned $0.79 EPS.
Several analysts have commented on the stock. B. Riley reiterated a “neutral” rating and set a $42.00 target price on shares of Hibbett Sports in a research report on Wednesday, August 17th. Forward View raised shares of Hibbett Sports from a “hold” rating to a “buy” rating in a report on Sunday, September 18th. Canaccord Genuity set a $40.00 price target on shares of Hibbett Sports and gave the company a “hold” rating in a report on Saturday, November 12th. Sidoti lowered shares of Hibbett Sports from a “buy” rating to a “neutral” rating in a report on Friday. Finally, BMO Capital Markets reissued a “hold” rating and issued a $40.00 price target on shares of Hibbett Sports in a report on Monday. Four equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and five have issued a buy rating to the company. The company has an average rating of “Hold” and an average target price of $39.00.
In other news, Director Albert C. Johnson sold 1,000 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at approximately $187,723.97. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Michael J. Newsome sold 10,000 shares of the company’s stock in a transaction dated Thursday, October 13th. The shares were sold at an average price of $39.97, for a total transaction of $399,700.00. Following the completion of the sale, the director now directly owns 29,882 shares in the company, valued at $1,194,383.54. The disclosure for this sale can be found here. 2.50% of the stock is currently owned by insiders.
Large investors have recently modified their holdings of the stock. BlackRock Fund Advisors boosted its stake in shares of Hibbett Sports by 7.6% in the third quarter. BlackRock Fund Advisors now owns 1,580,011 shares of the company’s stock worth $63,042,000 after buying an additional 111,772 shares during the last quarter. TimesSquare Capital Management LLC boosted its stake in shares of Hibbett Sports by 51.2% in the second quarter. TimesSquare Capital Management LLC now owns 1,270,150 shares of the company’s stock worth $44,189,000 after buying an additional 429,850 shares during the last quarter. Oak Ridge Investments LLC purchased a new stake in shares of Hibbett Sports during the third quarter worth about $39,643,000. Atlanta Capital Management Co. L L C boosted its stake in shares of Hibbett Sports by 3.5% in the second quarter. Atlanta Capital Management Co. L L C now owns 602,523 shares of the company’s stock worth $20,962,000 after buying an additional 20,620 shares during the last quarter. Finally, BlackRock Institutional Trust Company N.A. boosted its stake in shares of Hibbett Sports by 3.3% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 599,805 shares of the company’s stock worth $20,867,000 after buying an additional 19,415 shares during the last quarter.
The stock’s 50 day moving average price is $40.75 and its 200 day moving average price is $37.42. The stock has a market cap of $875.08 million, a P/E ratio of 12.98 and a beta of 0.85.
Hibbett Sports Company Profile
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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