Hanesbrands (NYSE:HBI) Hits New 1-Year High – Here’s Why

Shares of Hanesbrands Inc. (NYSE:HBI) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $7.45 and last traded at $7.43, with a volume of 613119 shares traded. The stock had previously closed at $7.28.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on HBI. Stifel Nicolaus boosted their price objective on Hanesbrands from $4.50 to $6.00 and gave the stock a “hold” rating in a report on Monday, August 12th. UBS Group boosted their price target on Hanesbrands from $5.00 to $6.50 and gave the company a “neutral” rating in a research note on Tuesday, August 27th. Finally, Barclays increased their price objective on Hanesbrands from $5.00 to $6.00 and gave the stock an “equal weight” rating in a research report on Monday, August 12th. Six equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $5.80.

Hanesbrands Trading Up 1.2 %

The firm has a market capitalization of $2.59 billion, a P/E ratio of -123.83 and a beta of 1.58. The company has a quick ratio of 0.86, a current ratio of 1.46 and a debt-to-equity ratio of 50.06. The firm has a 50 day moving average of $6.58 and a 200-day moving average of $5.57.

Hanesbrands (NYSE:HBI) last released its earnings results on Thursday, August 8th. The textile maker reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of $0.10 by $0.05. Hanesbrands had a positive return on equity of 33.23% and a negative net margin of 6.02%. The firm had revenue of $995.40 million during the quarter, compared to the consensus estimate of $1.35 billion. During the same period in the prior year, the company posted ($0.01) EPS. The company’s revenue was down 3.8% compared to the same quarter last year. On average, equities research analysts predict that Hanesbrands Inc. will post 0.34 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Hanesbrands

Several hedge funds and other institutional investors have recently made changes to their positions in HBI. Creative Planning increased its stake in Hanesbrands by 22.5% in the third quarter. Creative Planning now owns 152,998 shares of the textile maker’s stock valued at $1,125,000 after acquiring an additional 28,126 shares during the last quarter. Callan Family Office LLC acquired a new stake in shares of Hanesbrands in the 3rd quarter valued at $211,000. Handelsbanken Fonder AB increased its stake in shares of Hanesbrands by 44.9% in the 3rd quarter. Handelsbanken Fonder AB now owns 108,353 shares of the textile maker’s stock valued at $796,000 after purchasing an additional 33,600 shares during the last quarter. Sanctuary Advisors LLC acquired a new position in shares of Hanesbrands during the 2nd quarter worth $321,000. Finally, Brandes Investment Partners LP lifted its position in shares of Hanesbrands by 3.9% during the 2nd quarter. Brandes Investment Partners LP now owns 4,834,202 shares of the textile maker’s stock worth $23,761,000 after buying an additional 183,069 shares during the last quarter. 80.31% of the stock is currently owned by institutional investors and hedge funds.

About Hanesbrands

Hanesbrands Inc, a consumer goods company, designs, manufactures, sources, and sells a range of range of innerwear apparels for men, women, and children in the Americas, Europe, the Asia pacific, and internationally. The company operates through three segments: Innerwear, Activewear, and International.