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 $44.88 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.
Currently, there are 349.01M common shares owned by the public and among those 346.25M shares have been available to trade.
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Insiders at the company have transacted a total of 11 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 3 of these insider trades were purchases, accounting for 127,173 shares. Insider sales of the common stock occurred on 8 occasions, with total insider shares sold totaling 43,111 shares.
The top 3 mutual fund holders in Hanesbrands Inc are iShares Core S&P Small Cap ETF, Vanguard Total Stock Market ETF, and Undiscovered Managers Behavioral. iShares Core S&P Small Cap ETF owns 23.5 million shares of the company’s stock, all valued at over $104.81 million. The company bought an additional 23507.0 shares recently to bring their total holdings to about 6.71% of the shares outstanding. Vanguard Total Stock Market ETF bought 19524.0 shares to see its total holdings expand to 10.58 million shares valued at over $47.21 million and representing 3.02% of the shares outstanding. Undiscovered Managers Behavioral sold 22900.0 shares to bring its total holdings to over 10.56 million shares at a value of $47.11 million. Undiscovered Managers Behavioral now owns shares totaling to 3.02% of the shares outstanding.
The company’s stock has a 5-day price change of 12.11% and 7.18% over the past three months. HBI shares are trading 3.81% year to date (YTD), with the 12-month market performance down to -41.24% 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 7.41 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 9.43%, 13.37%, and 4.03% respectively.
Institutional ownership of Hanesbrands Inc (NYSE: HBI) shares accounts for 86.50% of the company’s 349.01M shares outstanding. Mutual fund holders own 42.68%, while other institutional holders and individual stakeholders account for 44.30% and 3.25% respectively.
It has a market capitalization of $1.62B and a beta (3y monthly) value of 1.57. 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 3.34% over the week and 3.85% 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 -88.19%, and 292.40% over the next financial year.
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.
