Hanesbrands Given “Outperform” Rating at Zacks (HBI)
Hanesbrands (NYSE:HBI)‘s stock had its “outperform” rating restated by Zacks in a research note issued to investors on Friday. They currently have a $101.00 target price on the stock. Zacks‘s price objective would indicate a potential upside of 20.38% from the company’s current price.
Zacks’ analyst wrote, “We maintain our Outperform rating on Hanesbrands following its remarkable first-quarter fiscal 2014 results and raised outlook for the year. Earnings per share of $0.76 beat the year-ago results and the Zacks Consensus Estimate by 49% and 31%, respectively. Profit was driven by higher margins backed by the increased supply chain operating efficiencies, lower selling, general and administrative costs, and successful integration of the Maidenform Brands. Although sales slightly missed the Zacks Consensus Estimate, it surpassed year-ago results by 12%. The company is also benefiting from favorable pricing and successful implementation of the “Innovate to Elevate” strategy. Under this strategy, the company focuses on high-priced, high-margin products that can be supplied at lower costs. Overall, we are impressed with the company’s strong brand portfolio and its continuous innovations. Moreover, it is gaining shelf space at major retail stores through deals with retail giants. “
Shares of Hanesbrands (NYSE:HBI) traded up 0.75% during mid-day trading on Friday, hitting $84.53. The stock had a trading volume of 213,900 shares. Hanesbrands has a 52-week low of $48.35 and a 52-week high of $85.00. The stock’s 50-day moving average is $80.20 and its 200-day moving average is $73.36. The company has a market cap of $8.417 billion and a price-to-earnings ratio of 26.65.
Hanesbrands (NYSE:HBI) last released its earnings data on Thursday, April 24th. The company reported $0.76 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.58 by $0.18. The company had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.08 billion. During the same quarter last year, the company posted $0.51 earnings per share. Hanesbrands’s revenue was up 12.0% compared to the same quarter last year. On average, analysts predict that Hanesbrands will post $4.98 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Tuesday, June 3rd. Investors of record on Tuesday, May 13th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.43%. The ex-dividend date of this dividend is Friday, May 9th.
Several other analysts have also recently commented on the stock. Analysts at Janney Montgomery Scott raised their price target on shares of Hanesbrands from $88.00 to $90.00 in a research note on Monday, May 19th. They now have a “buy” rating on the stock. Separately, analysts at DA Davidson raised their price target on shares of Hanesbrands from $79.00 to $83.00 in a research note on Monday, April 28th. They now have a “neutral” rating on the stock. Finally, analysts at Nomura raised their price target on shares of Hanesbrands from $80.00 to $85.00 in a research note on Friday, April 25th. They now have a “neutral” rating on the stock. Six analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $83.10.
Hanesbrands Inc is a consumer goods company with a portfolio of apparel brands, including Hanes, Champion, Bali, Playtex, Just My Size, L’eggs, barely there, Wonderbra, Gear for Sports, Stedman, Zorba, Rinbros, Sol y Oro, Outer Banks and Duofold.
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