Delta Apparel, Inc. (NYSEMKT:DLA) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research note issued on Tuesday.

According to Zacks, “DELTA APPAREL is a vertical manufacturer of knitwear products for the entire family. Our company purchases cotton direct from the field and through a stringently controlled process produces finished apparel for the domestic and international market place. The products we manufacture are sold under our brands of Delta Pro-Weight, Delta Magnum Weight, Healthknit and Quail Hollow Sportswear. In addition, Delta Apparel, Inc. also produces finished products for America’s leading retailers, corporate industry programs and sports licensed apparel marketers. “

DLA has been the subject of several other reports. ValuEngine upgraded shares of Delta Apparel from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Roth Capital set a $24.00 price objective on shares of Delta Apparel and gave the company a “buy” rating in a report on Wednesday, August 2nd.

Shares of Delta Apparel (DLA) traded down 1.20% during mid-day trading on Tuesday, hitting $21.32. The company had a trading volume of 16,054 shares. Delta Apparel has a 1-year low of $14.85 and a 1-year high of $23.47. The company has a market capitalization of $159.64 million, a price-to-earnings ratio of 15.80 and a beta of 0.07. The company has a 50-day moving average price of $20.69 and a 200-day moving average price of $19.84.

Delta Apparel (NYSEMKT:DLA) last released its earnings results on Tuesday, August 1st. The textile maker reported $0.57 earnings per share for the quarter, missing the consensus estimate of $0.68 by ($0.11). Delta Apparel had a return on equity of 11.49% and a net margin of 4.28%. The company had revenue of $104.28 million for the quarter, compared to analysts’ expectations of $100.44 million. On average, equities analysts anticipate that Delta Apparel will post $1.25 EPS for the current year.

Delta Apparel announced that its Board of Directors has approved a stock repurchase plan on Monday, September 18th that allows the company to buyback $10.00 million in shares. This buyback authorization allows the textile maker to purchase up to 6.1% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

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Hedge funds have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp raised its position in Delta Apparel by 6.6% during the first quarter. Bank of New York Mellon Corp now owns 31,671 shares of the textile maker’s stock valued at $558,000 after acquiring an additional 1,970 shares in the last quarter. Wellington Management Group LLP boosted its position in Delta Apparel by 23.6% in the 1st quarter. Wellington Management Group LLP now owns 281,162 shares of the textile maker’s stock worth $4,957,000 after purchasing an additional 53,711 shares in the last quarter. California Public Employees Retirement System boosted its position in Delta Apparel by 26.4% in the 1st quarter. California Public Employees Retirement System now owns 29,700 shares of the textile maker’s stock worth $524,000 after purchasing an additional 6,200 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in Delta Apparel in the 1st quarter worth approximately $291,000. Finally, Bank of America Corp DE boosted its position in Delta Apparel by 20.2% in the 1st quarter. Bank of America Corp DE now owns 22,407 shares of the textile maker’s stock worth $395,000 after purchasing an additional 3,765 shares in the last quarter.

About Delta Apparel

Delta Apparel, Inc is an apparel design, marketing, manufacturing and sourcing company. The Company operates through two segments: branded and basics. The branded segment consists of its business units, which are focused on specialized apparel garments and headwear. Its products are marketed under its lifestyle brands of Salt Life, Soffe and COAST, as well as other labels.

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