Hanesbrands (NYSE:HBI) Reaches New 1-Year Low Following Analyst Downgrade

Shares of Hanesbrands Inc. (NYSE:HBI) reached a new 52-week low during mid-day trading on Wednesday after Wells Fargo & Company lowered their price target on the stock from $5.00 to $3.00. Wells Fargo & Company currently has an underweight rating on the stock. Hanesbrands traded as low as $4.57 and last traded at $4.59, with a volume of 9270421 shares trading hands. The stock had previously closed at $4.79.

Other equities research analysts have also recently issued reports about the company. Stifel Nicolaus dropped their price objective on Hanesbrands from $7.00 to $5.00 and set a “hold” rating on the stock in a research report on Thursday, April 10th. UBS Group lifted their price target on shares of Hanesbrands from $7.00 to $8.00 and gave the stock a “buy” rating in a research note on Wednesday, April 23rd. Finally, Barclays set a $5.00 price objective on shares of Hanesbrands and gave the company a “cautious” rating in a research report on Monday. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, Hanesbrands presently has a consensus rating of “Hold” and an average price target of $5.20.

Insider Activity

In other Hanesbrands news, Director Robert F. Moran bought 74,850 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The stock was bought at an average cost of $6.01 per share, for a total transaction of $449,848.50. Following the completion of the transaction, the director now owns 216,373 shares of the company’s stock, valued at $1,300,401.73. This represents a 52.89 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.46% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Wilmington Savings Fund Society FSB purchased a new position in Hanesbrands during the third quarter valued at $130,000. Optimist Retirement Group LLC purchased a new position in shares of Hanesbrands during the 3rd quarter valued at about $256,000. Tidal Investments LLC bought a new position in shares of Hanesbrands during the 3rd quarter valued at approximately $1,021,000. JPMorgan Chase & Co. increased its holdings in Hanesbrands by 484.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,143,791 shares of the textile maker’s stock worth $15,757,000 after acquiring an additional 1,776,690 shares in the last quarter. Finally, GAMMA Investing LLC raised its stake in Hanesbrands by 39.7% during the 4th quarter. GAMMA Investing LLC now owns 6,669 shares of the textile maker’s stock worth $54,000 after acquiring an additional 1,895 shares during the period. Hedge funds and other institutional investors own 80.31% of the company’s stock.

Hanesbrands Price Performance

The firm’s fifty day simple moving average is $5.35 and its two-hundred day simple moving average is $7.03. The company has a quick ratio of 0.68, a current ratio of 1.37 and a debt-to-equity ratio of 64.28. The firm has a market cap of $1.62 billion, a PE ratio of -4.99 and a beta of 1.55.

Hanesbrands (NYSE:HBI) last issued its earnings results on Thursday, February 13th. The textile maker reported $0.17 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.03. The company had revenue of $888.47 million during the quarter, compared to the consensus estimate of $899.30 million. Hanesbrands had a negative net margin of 8.06% and a positive return on equity of 108.01%. As a group, research analysts expect that Hanesbrands Inc. will post 0.53 EPS for the current year.

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.