Hibbett Sports, Inc. (NASDAQ:HIBB) Lifted to “Buy” at Zacks Investment Research
Hibbett Sports, Inc. (NASDAQ:HIBB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Monday. The firm currently has a $22.00 price target on the stock. Zacks Investment Research‘s target price would indicate a potential upside of 67.94% from the stock’s current price.
According to Zacks, “Hibbett remains focused on strategic growth initiatives, as evident from its latest store-to-home capacity and loyalty program. Moreover, it is on track to launch its eCommerce site in the third quarter, highlighting its omnichannel efforts. Additionally, Hibbett’s healthy financial status remains noteworthy. However, the company has underperformed the broader industry year to date due to back-to-back dismal sales performances. The company’s surprise history reveals that it has lagged sales estimates in eight out of the last nine quarters. Further, the year–over-year decline in first-quarter fiscal 2018 earnings and a tepid outlook for fiscal 2018 hurt the stock. Also, its consumer driven business remains prone to unstable economic conditions. Nonetheless, fiscal second quarter estimates have been stable ahead of the earnings release, and the company has a mixed record of earnings surprises in recent quarters.”
A number of other equities research analysts have also weighed in on HIBB. Vetr lowered shares of Hibbett Sports from a “strong-buy” rating to a “buy” rating and set a $32.50 target price on the stock. in a research note on Wednesday, March 29th. Susquehanna Bancshares Inc reissued a “neutral” rating and set a $32.00 price objective (down previously from $33.00) on shares of Hibbett Sports in a research note on Tuesday, April 18th. B. Riley reissued a “neutral” rating and set a $29.00 price objective on shares of Hibbett Sports in a research note on Wednesday, April 26th. Canaccord Genuity reaffirmed a “hold” rating and issued a $29.00 target price on shares of Hibbett Sports in a report on Wednesday, April 26th. Finally, MKM Partners reaffirmed a “neutral” rating and issued a $27.00 target price (down from $29.00) on shares of Hibbett Sports in a report on Monday, May 1st. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $31.00.
Shares of Hibbett Sports (NASDAQ HIBB) traded down 33.50% during mid-day trading on Monday, hitting $13.10. 7,666,395 shares of the company traded hands. The firm’s 50 day moving average price is $20.88 and its 200-day moving average price is $26.86. The stock has a market capitalization of $272.03 million, a PE ratio of 5.37 and a beta of 0.77. Hibbett Sports has a 1-year low of $13.05 and a 1-year high of $45.85.
Hibbett Sports (NASDAQ:HIBB) last issued its earnings results on Thursday, May 18th. The company reported $0.97 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.01. The company had revenue of $275.70 million for the quarter, compared to analysts’ expectations of $275.49 million. Hibbett Sports had a net margin of 5.59% and a return on equity of 16.39%. The firm’s revenue was down 2.3% compared to the same quarter last year. During the same quarter last year, the company earned $1.22 EPS. On average, equities research analysts forecast that Hibbett Sports will post $2.41 EPS for the current year.
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Institutional investors have recently bought and sold shares of the stock. Assetmark bought a new stake in Hibbett Sports during the third quarter worth about $0. Acadian Asset Management acquired a new stake in shares of Hibbett Sports during the fourth quarter valued at about $1,405,000. Jensen Investment Management Inc. boosted its stake in shares of Hibbett Sports by 20.1% in the fourth quarter. Jensen Investment Management Inc. now owns 13,700 shares of the company’s stock valued at $414,000 after buying an additional 2,290 shares during the period. Nationwide Fund Advisors boosted its stake in shares of Hibbett Sports by 5.4% in the fourth quarter. Nationwide Fund Advisors now owns 158,116 shares of the company’s stock valued at $4,781,000 after buying an additional 8,123 shares during the period. Finally, DUPONT CAPITAL MANAGEMENT Corp boosted its stake in shares of Hibbett Sports by 11.0% in the fourth quarter. DUPONT CAPITAL MANAGEMENT Corp now owns 20,845 shares of the company’s stock valued at $630,000 after buying an additional 2,065 shares during the period.
About Hibbett Sports
Hibbett Sports, Inc operates athletic specialty stores in small and mid-sized markets in the South, Southwest, Mid-Atlantic and the Midwest regions of the United States. As of January 28, 2017, the Company had operated 1,078 stores consisting of 1,059 Hibbett Sports stores and 19 smaller-format Sports Additions athletic shoe stores in 35 states.
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