UBS AG Lowers Hanesbrands Inc. (HBI) to Market Perform
Hanesbrands Inc. (NYSE:HBI) was downgraded by equities researchers at UBS AG from an “outperform” rating to a “market perform” rating in a report issued on Tuesday.
Several other analysts also recently issued reports on HBI. BidaskClub upgraded Hanesbrands from a “sell” rating to a “hold” rating in a research note on Wednesday, August 9th. Vetr downgraded Hanesbrands from a “strong-buy” rating to a “buy” rating and set a $26.36 price target for the company. in a research note on Monday, August 7th. Zacks Investment Research downgraded Hanesbrands from a “buy” rating to a “hold” rating in a research note on Wednesday, August 9th. FBR & Co restated a “buy” rating on shares of Hanesbrands in a research note on Wednesday, October 18th. Finally, TheStreet downgraded Hanesbrands from a “b” rating to a “c+” rating in a research report on Thursday, October 12th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and eleven have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $27.37.
Shares of Hanesbrands (HBI) opened at 22.86 on Tuesday. Hanesbrands has a 52-week low of $18.91 and a 52-week high of $27.07. The company has a market capitalization of $8.33 billion, a PE ratio of 14.98 and a beta of 0.72. The stock has a 50 day moving average price of $24.32 and a 200 day moving average price of $22.94.
Hanesbrands (NYSE:HBI) last released its quarterly earnings results on Tuesday, August 1st. The textile maker reported $0.53 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.53. The business had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.65 billion. Hanesbrands had a return on equity of 64.80% and a net margin of 9.02%. The firm’s quarterly revenue was up 11.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.51 EPS. On average, analysts predict that Hanesbrands will post $1.99 earnings per share for the current fiscal year.
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In other news, CFO Richard D. Moss sold 20,000 shares of the business’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $24.08, for a total transaction of $481,600.00. Following the completion of the transaction, the chief financial officer now owns 254,487 shares of the company’s stock, valued at approximately $6,128,046.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider John T. Marsh sold 10,325 shares of the business’s stock in a transaction on Monday, August 28th. The stock was sold at an average price of $24.27, for a total value of $250,587.75. Following the transaction, the insider now directly owns 99,997 shares of the company’s stock, valued at approximately $2,426,927.19. The disclosure for this sale can be found here. 1.10% of the stock is currently owned by insiders.
Several institutional investors have recently bought and sold shares of HBI. BlackRock Inc. raised its holdings in shares of Hanesbrands by 3,104.9% during the 1st quarter. BlackRock Inc. now owns 22,875,894 shares of the textile maker’s stock worth $474,903,000 after buying an additional 22,162,112 shares in the last quarter. Sasco Capital Inc. CT acquired a new position in shares of Hanesbrands during the 2nd quarter worth $57,945,000. Morningstar Investment Services LLC raised its holdings in shares of Hanesbrands by 360.9% during the 2nd quarter. Morningstar Investment Services LLC now owns 3,034,052 shares of the textile maker’s stock worth $70,269,000 after buying an additional 2,375,811 shares in the last quarter. Platinum Investment Management Ltd. acquired a new position in shares of Hanesbrands during the 1st quarter worth $41,183,000. Finally, Bessemer Group Inc. raised its holdings in shares of Hanesbrands by 43.5% during the 2nd quarter. Bessemer Group Inc. now owns 5,808,161 shares of the textile maker’s stock worth $134,518,000 after buying an additional 1,760,614 shares in the last quarter. 95.05% of the stock is owned by institutional investors.
Hanesbrands Company Profile
Hanesbrands Inc is a marketer of basic innerwear and activewear apparel in the Americas, Europe, Australia and Asia/Pacific under apparel brands, such as Hanes, Champion, Maidenform, DIM, Bali, Playtex, Bonds, JMS/Just My Size, Nur Die/Nur Der, L’eggs, Lovable, Wonderbra, Flexees, Gear for Sports and Berlei.
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