Zacks Investment Research Upgrades Hanesbrands Inc. (HBI) to Buy

Zacks Investment Research upgraded shares of Hanesbrands Inc. (NYSE:HBI) from a hold rating to a buy rating in a research note released on Tuesday, August 8th. Zacks Investment Research currently has $27.00 target price on the textile maker’s stock.

According to Zacks, “Hanesbrands’ second-quarter 2017 sales and earnings came in line with the Zacks Consensus Estimate and increased year-over-year, driven by acquisitions and sales from online channel. The benefits from acquisitions were mainly related to Champion Europe and Hanes Australasia. Though organic sales declined in the quarter, it improved sequentially. In fact, the company expects organic sales to turn positive and contribute to growth in the second half. The company’s Project Booster program is also expected to minimize costs and increase cash flow, thus driving growth. Such factors have aided Hanesbrands’ shares to outperform the industry over the past six months. Nevertheless, the company’s performance is exposed to certain headwinds such as over reliance on premium brands, soft sales in the brick-and-mortar stores as well as unfavorable foreign currency translations.”

HBI has been the subject of a number of other research reports. Buckingham Research reiterated a buy rating and issued a $30.00 price objective on shares of Hanesbrands in a report on Monday, July 17th. BidaskClub lowered shares of Hanesbrands from a buy rating to a hold rating in a report on Tuesday, June 27th. Vetr lowered shares of Hanesbrands from a strong-buy rating to a buy rating and set a $23.91 price target for the company. in a report on Wednesday, April 19th. FBR & Co reaffirmed a buy rating on shares of Hanesbrands in a research report on Saturday, April 15th. Finally, Credit Suisse Group set a $28.00 price objective on shares of Hanesbrands and gave the stock a buy rating in a research report on Thursday, July 27th. Six investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Hanesbrands has an average rating of Buy and an average target price of $27.57.

Shares of Hanesbrands (NYSE:HBI) traded down 1.47% during trading on Tuesday, reaching $23.53. 3,650,001 shares of the company traded hands. The stock has a market capitalization of $8.58 billion, a PE ratio of 15.42 and a beta of 0.73. The company has a 50-day moving average of $23.44 and a 200-day moving average of $21.73. Hanesbrands has a 12 month low of $18.91 and a 12 month high of $28.24.

Hanesbrands (NYSE:HBI) last issued its quarterly earnings data on Tuesday, August 1st. The textile maker reported $0.53 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.53. The business had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.65 billion. Hanesbrands had a net margin of 9.02% and a return on equity of 64.80%. The firm’s quarterly revenue was up 11.8% on a year-over-year basis. During the same quarter last year, the business earned $0.51 EPS. Analysts forecast that Hanesbrands will post $1.99 earnings per share for the current fiscal year.

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The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 6th. Shareholders of record on Tuesday, August 15th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.55%. The ex-dividend date of this dividend is Friday, August 11th. Hanesbrands’s dividend payout ratio (DPR) is presently 39.47%.

In related news, CFO Richard D. Moss sold 20,000 shares of the business’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $24.08, for a total value of $481,600.00. Following the sale, the chief financial officer now directly owns 254,487 shares in the company, valued at approximately $6,128,046.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Gerald Evans sold 43,379 shares of the business’s stock in a transaction dated Wednesday, July 5th. The shares were sold at an average price of $23.18, for a total value of $1,005,525.22. Following the completion of the sale, the chief executive officer now owns 1,056,314 shares in the company, valued at $24,485,358.52. The disclosure for this sale can be found here. Insiders have sold a total of 130,329 shares of company stock worth $3,016,617 over the last quarter. Company insiders own 1.10% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of HBI. BlackRock Inc. raised its position in Hanesbrands by 3,104.9% in the first 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 during the last quarter. OMERS ADMINISTRATION Corp raised its position in Hanesbrands by 98.9% in the first quarter. OMERS ADMINISTRATION Corp now owns 5,673,506 shares of the textile maker’s stock worth $117,782,000 after buying an additional 2,820,380 shares during the last quarter. Miller Howard Investments Inc. NY bought a new position in Hanesbrands during the first quarter worth $55,007,000. Massachusetts Financial Services Co. MA raised its position in Hanesbrands by 19.0% in the first quarter. Massachusetts Financial Services Co. MA now owns 15,936,667 shares of the textile maker’s stock worth $330,846,000 after buying an additional 2,544,916 shares during the last quarter. Finally, Sasco Capital Inc. CT bought a new position in Hanesbrands during the second quarter worth $57,945,000. 94.54% of the stock is owned by institutional investors and hedge funds.

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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