Morgan Stanley Raises Hanesbrands Inc. (HBI) Price Target to $24.00
Hanesbrands Inc. (NYSE:HBI) had its target price raised by equities research analysts at Morgan Stanley from $22.00 to $24.00 in a research report issued to clients and investors on Monday, MarketBeat Ratings reports. The firm presently has an “equal weight” rating on the textile maker’s stock. Morgan Stanley’s price target indicates a potential downside of 1.19% from the stock’s current price.
A number of other research firms have also issued reports on HBI. Zacks Investment Research raised Hanesbrands from a “sell” rating to a “hold” rating in a report on Tuesday, April 18th. Credit Suisse Group set a $28.00 target price on Hanesbrands and gave the company a “buy” rating in a report on Thursday, July 27th. BidaskClub raised Hanesbrands from a “hold” rating to a “buy” rating in a report on Thursday, June 15th. Oppenheimer Holdings, Inc. set a $32.00 target price on Hanesbrands and gave the company a “buy” rating in a report on Wednesday, April 12th. Finally, Buckingham Research reaffirmed a “buy” rating and issued a $30.00 target price on shares of Hanesbrands in a report on Monday, July 17th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and ten have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $27.61.
Shares of Hanesbrands (HBI) traded up 0.803% during trading on Monday, hitting $24.485. The company’s stock had a trading volume of 2,993,128 shares. The firm’s 50 day moving average is $22.90 and its 200-day moving average is $21.59. Hanesbrands has a 1-year low of $18.91 and a 1-year high of $28.24. The company has a market capitalization of $8.96 billion, a P/E ratio of 16.045 and a beta of 0.73.
Hanesbrands (NYSE:HBI) last issued its quarterly earnings data on Tuesday, August 1st. The textile maker reported $0.53 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.53. The business had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.65 billion. Hanesbrands had a return on equity of 64.80% and a net margin of 9.02%. The firm’s revenue for the quarter was up 11.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.51 EPS. Analysts forecast that Hanesbrands will post $1.99 EPS for the current fiscal year.
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In other Hanesbrands news, insider John T. Marsh sold 11,100 shares of the firm’s stock in a transaction that occurred on Tuesday, June 13th. The stock was sold at an average price of $22.57, for a total value of $250,527.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Gerald Evans sold 43,379 shares of the firm’s stock in a transaction that occurred on Wednesday, July 5th. The stock was sold at an average price of $23.18, for a total value of $1,005,525.22. Following the completion of the sale, the chief executive officer now owns 1,056,314 shares of the company’s stock, valued at approximately $24,485,358.52. The disclosure for this sale can be found here. Insiders sold a total of 152,438 shares of company stock valued at $3,450,467 in the last quarter. Corporate insiders own 1.10% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Strs Ohio raised its position in shares of Hanesbrands by 0.7% in the first quarter. Strs Ohio now owns 482,948 shares of the textile maker’s stock valued at $10,026,000 after buying an additional 3,571 shares during the period. Vanguard Group Inc. raised its position in shares of Hanesbrands by 6.2% in the first quarter. Vanguard Group Inc. now owns 36,962,193 shares of the textile maker’s stock valued at $767,336,000 after buying an additional 2,158,679 shares during the period. M. Kraus & Co bought a new position in shares of Hanesbrands during the first quarter valued at $2,537,000. Farmers & Merchants Investments Inc. raised its position in shares of Hanesbrands by 104.5% in the first quarter. Farmers & Merchants Investments Inc. now owns 177,162 shares of the textile maker’s stock valued at $3,678,000 after buying an additional 90,511 shares during the period. Finally, Park Avenue Institutional Advisers LLC bought a new position in shares of Hanesbrands during the first quarter valued at $534,000. Institutional investors own 93.68% of the company’s stock.
Hanesbrands Inc is a marketer of basic innerwear and activewear apparel in the Americas, Europe, Australia and Asia/Pacific under apparel brands, such as Hanes, Champion, Maidenform, DIM, Bali, Playtex, Bonds, JMS/Just My Size, Nur Die/Nur Der, L’eggs, Lovable, Wonderbra, Flexees, Gear for Sports and Berlei.
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