Hanesbrands (NYSE:HBI) Sets New 52-Week High on Earnings Beat

Hanesbrands Inc. (NYSE:HBI) reached a new 52-week high during mid-day trading on Friday following a better than expected earnings announcement. The company traded as high as $6.19 and last traded at $6.10, with a volume of 11081162 shares traded. The stock had previously closed at $6.14.

The textile maker reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of $0.10 by $0.05. The business had revenue of $995.40 million for the quarter, compared to analysts’ expectations of $1.35 billion. Hanesbrands had a negative net margin of 0.42% and a positive return on equity of 9.84%. The business’s quarterly revenue was down 3.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.01) earnings per share.

Analyst Ratings Changes

HBI has been the topic of a number of recent research reports. Wedbush reissued a “neutral” rating and set a $5.00 price target on shares of Hanesbrands in a research report on Thursday, June 6th. Barclays upped their target price on Hanesbrands from $4.00 to $5.00 and gave the company an “equal weight” rating in a report on Friday, May 10th. Five analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $5.00.

Hedge Funds Weigh In On Hanesbrands

A number of institutional investors have recently added to or reduced their stakes in the business. Concord Wealth Partners lifted its stake in Hanesbrands by 220.3% during the first quarter. Concord Wealth Partners now owns 5,260 shares of the textile maker’s stock worth $31,000 after purchasing an additional 3,618 shares during the last quarter. Tradewinds Capital Management LLC bought a new stake in Hanesbrands in the 1st quarter worth approximately $35,000. Hollencrest Capital Management purchased a new stake in Hanesbrands in the first quarter worth approximately $41,000. Future Financial Wealth Managment LLC bought a new position in Hanesbrands during the first quarter valued at approximately $44,000. Finally, Rothschild Investment LLC purchased a new position in shares of Hanesbrands during the second quarter worth approximately $39,000. 80.31% of the stock is currently owned by institutional investors.

Hanesbrands Stock Down 0.7 %

The firm has a market capitalization of $2.14 billion, a PE ratio of -98.67 and a beta of 1.59. The company has a current ratio of 1.59, a quick ratio of 0.62 and a debt-to-equity ratio of 9.57. The stock has a 50 day simple moving average of $5.20 and a 200 day simple moving average of $5.01.

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.