Lyrical Asset Management LP recently announced the acquisition of new stake in Hanesbrands Inc (NYSE:HBI). The institutional investor has increased its shareholding in the Consumer Cyclical company by 12.76% to 10.06 million shares with purchase of 1.14 million shares. This fresh investment now brings its stake to 2.88% valued currently at $36.63 million. In addition, Loews Corp. raised its holdings by 3.9 million to 8.3 million shares. And NewSouth Capital Management, Inc. has lifted its position by 1.20% or 96636.0 shares – to 8.17 million shares.
With over 8.56 million Hanesbrands Inc (HBI) shares trading Tuesday and a closing price of $4.45 on the day, the dollar volume was approximately $38.11 million. The shares have shown a negative half year performance of -1.98% and its price on 12/26/23 gained nearly 5.20%. Currently, there are 349.01M common shares owned by the public and among those 346.23M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 8 analysts who have offered their price forecasts for HBI have a consensus price objective of $3.86. The analysts have set the share’s price value over the next 12 months at a high of $5.00 and a low of $1.00. The average price target is -15.28% below its recent price level and a downside to the estimated low will see the stock lose -345.0% over that period. But an upside of 11.0% will see the stock hit the forecast high price target while median target price for the stock is $4.50.
Insiders at the company have transacted a total of 47 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 20 of these insider trades were purchases, accounting for 1,274,811 shares. Insider sales of the common stock occurred on 27 occasions, with total insider shares sold totaling 205,337 shares.
The top 3 mutual fund holders in Hanesbrands Inc are iShares Core S&P Small Cap ETF, Undiscovered Managers Behavioral, and Vanguard Total Stock Market ETF. iShares Core S&P Small Cap ETF owns 23.44 million shares of the company’s stock, all valued at over $85.31 million. The company bought an additional 12642.0 shares recently to bring their total holdings to about 6.70% of the shares outstanding. Undiscovered Managers Behavioral sold 81300.0 shares to see its total holdings shrink to 10.58 million shares valued at over $38.53 million and representing 3.02% of the shares outstanding. Vanguard Total Stock Market ETF bought 26257.0 shares to bring its total holdings to over 10.56 million shares at a value of $38.46 million. Vanguard Total Stock Market ETF now owns shares totaling to 3.02% of the shares outstanding.
However, the script later moved the day high at 4.4650, up 5.20%. The company’s stock has a 5-day price change of 11.25% and 17.41% over the past three months. HBI shares are trading -30.03% year to date (YTD), with the 12-month market performance down to -24.83% lower. It has a 12-month low price of $3.54 and touched a high of $8.80 over the same period. HBI has an average intraday trading volume of 7.92 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 13.48%, 9.01%, and -2.02% respectively.
Institutional ownership of Hanesbrands Inc (NYSE: HBI) shares accounts for 86.85% of the company’s 349.01M shares outstanding. Mutual fund holders own 42.22%, while other institutional holders and individual stakeholders account for 45.13% and 3.25% respectively.
It has a market capitalization of $1.56B and a beta (3y monthly) value of 1.60. The earnings-per-share (ttm) stands at -$1.47. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.37% over the week and 5.03% over the month.
Analysts forecast that Hanesbrands Inc (HBI) will achieve an EPS of $0.09 for the current quarter, $0.06 for the next quarter and $0.48 for 2024. The lowest estimate earnings-per-share for the quarter is $0.08 while analysts give the company a high EPS estimate of $0.09. Comparatively, EPS for the current quarter was $0.07 a year ago. Earnings per share for the fiscal year are expected to decrease by -88.27%, and 295.48% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 8 brokerage firm advisors rate Hanesbrands Inc (HBI) as a “Hold” at a consensus score of 3.25. Specifically, 1 Wall Street analysts polled rate the stock as a buy, while 5 of the 8 advise that investors “hold,” and 2 rated it as a “Sell.”
Looking at the support for the HBI, a number of firms have released research notes about the stock. Credit Suisse stated their Neutral rating for the stock in a research note on November 10, 2022, with the firm’s price target at $10-$7.
