Hibbett Sports Inc. (HIBB) Stock Rating Lowered by Zacks Investment Research
Hibbett Sports Inc. (NASDAQ:HIBB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Monday.
According to Zacks, “After posting four consecutive beats, Hibbett succumbed to an earnings miss in third-quarter fiscal 2017, wherein the top line also lagged estimates for the seventh straight time. Results were hurt by soft comps, seasonal factors that dented September and October sales, higher store operating, selling and administrative expenses, and unfavorable markdowns and product mix, that led to a contraction in margins. All these factors caused management to lower its fiscal 2017 outlook, which in turn weighed upon estimates. Nonetheless, sales grew year over year, fuelled by Hibbett’s footwear business and an impressive back-to-school selling season. Also, we commend Hibbett’s financial position, as the company enjoys a debt-free status and a healthy cash position that enables it to make constant share buybacks. Further, Hibbett is likely to gain from its store-expansion endeavors and small-market strategy.”
A number of other research analysts have also weighed in on the company. BMO Capital Markets restated a “hold” rating and issued a $40.00 target price on shares of Hibbett Sports in a report on Monday. B. Riley restated a “neutral” rating and issued a $44.00 target price on shares of Hibbett Sports in a report on Saturday. Sidoti lowered Hibbett Sports from a “buy” rating to a “neutral” rating in a report on Friday, November 18th. Canaccord Genuity set a $40.00 target price on Hibbett Sports and gave the company a “hold” rating in a report on Saturday, November 12th. Finally, Brean Capital restated a “sell” rating on shares of Hibbett Sports in a report on Thursday, September 22nd. Four analysts have rated the stock with a sell rating, eleven have given a hold rating and four have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $39.00.
Hibbett Sports (NASDAQ:HIBB) opened at 41.20 on Monday. The firm has a market capitalization of $905.86 million, a price-to-earnings ratio of 13.44 and a beta of 0.85. The firm has a 50-day moving average price of $40.80 and a 200-day moving average price of $37.53. Hibbett Sports has a one year low of $28.23 and a one year high of $45.85.
Hibbett Sports (NASDAQ:HIBB) last announced its quarterly earnings results on Friday, November 18th. The company reported $0.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.74 by $0.08. The firm earned $237 million during the quarter. Hibbett Sports had a return on equity of 20.53% and a net margin of 6.84%. The business’s quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.79 EPS. Analysts expect that Hibbett Sports will post $3.00 EPS for the current year.
In related news, VP Cathy E. Pryor sold 2,500 shares of the business’s stock in a transaction dated Monday, September 12th. The stock was sold at an average price of $40.00, for a total transaction of $100,000.00. Following the completion of the transaction, the vice president now directly owns 17,108 shares in the company, valued at $684,320. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Michael J. Newsome sold 10,000 shares of the business’s stock in a transaction dated Thursday, October 13th. The stock was sold at an average price of $39.97, for a total value of $399,700.00. Following the transaction, the director now owns 29,882 shares of the company’s stock, valued at $1,194,383.54. The disclosure for this sale can be found here. 2.50% of the stock is owned by insiders.
A number of institutional investors have recently bought and sold shares of HIBB. Catalyst Capital Advisors LLC acquired a new position in Hibbett Sports during the third quarter valued at approximately $100,000. BlackRock Inc. boosted its position in Hibbett Sports by 72.8% in the second quarter. BlackRock Inc. now owns 2,980 shares of the company’s stock valued at $104,000 after buying an additional 1,255 shares during the last quarter. Advisory Services Network LLC boosted its position in Hibbett Sports by 14.5% in the third quarter. Advisory Services Network LLC now owns 2,682 shares of the company’s stock valued at $107,000 after buying an additional 340 shares during the last quarter. Teacher Retirement System of Texas boosted its position in Hibbett Sports by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 3,328 shares of the company’s stock valued at $116,000 after buying an additional 403 shares during the last quarter. Finally, Acrospire Investment Management LLC boosted its position in Hibbett Sports by 105.9% in the second quarter. Acrospire Investment Management LLC now owns 3,500 shares of the company’s stock valued at $122,000 after buying an additional 1,800 shares during the last quarter.
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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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