Hanesbrands (NYSE:HBI) Stock Price Up 20.1% Following Earnings Beat

Shares of Hanesbrands Inc. (NYSE:HBI) shot up 20.1% during trading on Thursday following a better than expected earnings announcement. The stock traded as high as $8.70 and last traded at $8.53. 2,931,053 shares changed hands during trading, a decline of 62% from the average session volume of 7,737,967 shares. The stock had previously closed at $7.10.

The textile maker reported $0.15 EPS for the quarter, topping the consensus estimate of $0.11 by $0.04. The company had revenue of $937.10 million during the quarter, compared to analysts’ expectations of $936.47 million. Hanesbrands had a negative net margin of 6.02% and a positive return on equity of 33.23%. The firm’s revenue was down 2.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.10 EPS.

Analyst Ratings Changes

HBI has been the subject of several research analyst reports. Barclays upped their target price on shares of Hanesbrands from $5.00 to $6.00 and gave the company an “equal weight” rating in a report on Monday, August 12th. UBS Group lifted their target price on Hanesbrands from $5.00 to $6.50 and gave the stock a “neutral” rating in a research report on Tuesday, August 27th. Finally, Stifel Nicolaus upped their target price on Hanesbrands from $4.50 to $6.00 and gave the company a “hold” rating in a research report on Monday, August 12th. Six investment analysts have rated the stock with a hold rating, According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $5.80.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of HBI. Vanguard Group Inc. grew its stake in shares of Hanesbrands by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 40,265,899 shares of the textile maker’s stock worth $233,542,000 after purchasing an additional 1,362,140 shares during the period. Shell Asset Management Co. increased its stake in Hanesbrands by 127.0% in the 1st quarter. Shell Asset Management Co. now owns 20,417 shares of the textile maker’s stock valued at $118,000 after purchasing an additional 11,423 shares in the last quarter. State Board of Administration of Florida Retirement System increased its stake in Hanesbrands by 212.4% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 409,468 shares of the textile maker’s stock valued at $2,375,000 after purchasing an additional 278,383 shares in the last quarter. ProShare Advisors LLC boosted its position in Hanesbrands by 7.4% during the first quarter. ProShare Advisors LLC now owns 70,932 shares of the textile maker’s stock worth $411,000 after purchasing an additional 4,881 shares in the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp grew its holdings in Hanesbrands by 237.5% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 98,329 shares of the textile maker’s stock valued at $564,000 after purchasing an additional 69,197 shares during the last quarter. Institutional investors and hedge funds own 80.31% of the company’s stock.

Hanesbrands Trading Down 4.7 %

The company has a fifty day simple moving average of $7.01 and a two-hundred day simple moving average of $5.86. The company has a debt-to-equity ratio of 50.06, a current ratio of 1.46 and a quick ratio of 0.86.

Hanesbrands Company Profile

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.