Hanesbrands (NYSE:HBI) Trading 20.1% Higher – Here’s Why

Hanesbrands Inc. (NYSE:HBI)’s stock price shot up 20.1% during trading on Thursday . The stock traded as high as $8.70 and last traded at $8.53. 2,931,053 shares changed hands during mid-day trading, a decline of 62% from the average session volume of 7,737,967 shares. The stock had previously closed at $7.10.

Wall Street Analysts Forecast Growth

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

Hanesbrands Trading Up 15.2 %

The stock has a market cap of $2.88 billion, a P/E ratio of -9.64 and a beta of 1.58. The firm’s 50 day simple moving average is $6.94 and its two-hundred day simple moving average is $5.82. The company has a quick ratio of 0.86, a current ratio of 1.46 and a debt-to-equity ratio of 50.06.

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

Institutional Investors Weigh In On Hanesbrands

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Norden Group LLC bought a new stake in shares of Hanesbrands during the 1st quarter worth $60,000. GSA Capital Partners LLP purchased a new position in shares of Hanesbrands in the first quarter worth approximately $1,093,000. Texas Permanent School Fund Corp raised its holdings in shares of Hanesbrands by 1.4% during the first quarter. Texas Permanent School Fund Corp now owns 305,529 shares of the textile maker’s stock valued at $1,772,000 after acquiring an additional 4,325 shares during the period. Quantbot Technologies LP acquired a new position in Hanesbrands in the 1st quarter worth approximately $633,000. Finally, Susquehanna Fundamental Investments LLC acquired a new position in Hanesbrands in the 1st quarter worth approximately $3,065,000. 80.31% of the stock is currently owned by institutional investors.

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.