The Vanguard Group, Inc. 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 1.24% to 33.82 million shares with purchase of 0.41 million shares. This fresh investment now brings its stake to 9.69% valued currently at $230.63 million. In addition, Cooke & Bieler LP raised its holdings by 0.4 million to 20.69 million shares. And Fuller & Thaler Asset Management, has lifted its position by 68.88% or 5.02 million shares – to 12.32 million shares.
With over 12.82 million Hanesbrands Inc. (HBI) shares trading Friday and a closing price of $6.81 on the day, the dollar volume was approximately $87.29 million. The shares have shown a negative half year performance of -41.44% and its price on 11/18/22 lost nearly -2.71%. Currently, there are 349.88M common shares owned by the public and among those 345.65M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 12 analysts who have offered their price forecasts for HBI have a consensus price objective of $6.80. The analysts have set the share’s price value over the next 12 months at a high of $9.00 and a low of $3.00. The average price target is -0.15% below its recent price level and a downside to the estimated low will see the stock lose -127.0% over that period. But an upside of 24.33% will see the stock hit the forecast high price target while median target price for the stock is $7.00.
Insiders at the company have transacted a total of 71 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 44 of these insider trades were purchases, accounting for 1,636,850 shares. Insider sales of the common stock occurred on 27 occasions, with total insider shares sold totaling 208,624 shares.
The top 3 mutual fund holders in Hanesbrands Inc. are Vanguard Total Stock Market Index, iShares Core S&P Mid Cap ETF, and Undiscovered Managers Behavioral. Vanguard Total Stock Market Index owns 10.51 million shares of the company’s stock, all valued at over $71.68 million. The company bought an additional 0.15 million shares recently to bring their total holdings to about 3.01% of the shares outstanding. iShares Core S&P Mid Cap ETF bought 4068.0 shares to see its total holdings expand to 10.47 million shares valued at over $71.37 million and representing 3.00% of the shares outstanding. Undiscovered Managers Behavioral bought 2.98 million shares to bring its total holdings to over 10.05 million shares at a value of $68.53 million. Undiscovered Managers Behavioral now owns shares totaling to 2.88% of the shares outstanding.
Shares of Hanesbrands Inc. (NYSE: HBI) opened at $7.19, up $0.19 from a prior closing price of $7.00. However, the script later moved the day high at 7.21, down -2.71%. The company’s stock has a 5-day price change of -12.36% and -29.43% over the past three months. HBI shares are trading -59.27% year to date (YTD), with the 12-month market performance down to -60.70% lower. It has a 12-month low price of $6.40 and touched a high of $17.87 over the same period. HBI has an average intraday trading volume of 9.26 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 -4.35%, -10.18%, and -39.81% respectively.
Institutional ownership of Hanesbrands Inc. (NYSE: HBI) shares accounts for 87.10% of the company’s 349.88M shares outstanding. Mutual fund holders own 41.88%, while other institutional holders and individual stakeholders account for 42.75% and 2.98% respectively.
It has a market capitalization of $2.44B and a beta (3y monthly) value of 1.50. The stock’s trailing 12-month PE ratio is 6.82, while the earnings-per-share (ttm) stands at $1.00. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.70% over the week and 5.12% over the month.
Analysts forecast that Hanesbrands Inc. (HBI) will achieve an EPS of $0.28 for the current quarter, $0.22 for the next quarter and $1.29 for 2023. The lowest estimate earnings-per-share for the quarter is $0.2 while analysts give the company a high EPS estimate of $0.31. Comparatively, EPS for the current quarter was $0.53 a year ago. Earnings per share for the fiscal year are expected to increase by 832.70%, and 1.34% over the next financial year. EPS should shrink at an annualized rate of -14.00% over the next five years, compared to 1.00% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 12 brokerage firm advisors rate Hanesbrands Inc. (HBI) as a “Hold” at a consensus score of 3.10. Specifically, 1 Wall Street analysts polled rate the stock as a buy, while 8 of the 12 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. Wells Fargo coverage for the Hanesbrands Inc. (HBI) stock in a research note released on October 31, 2022 offered a Underweight rating with a price target of $5. Evercore ISI was of a view on July 13, 2022 that the stock is In-line, while Barclays gave the stock Equal Weight rating on June 08, 2022, issuing a price target of $18- $13. Stifel on their part issued Hold rating on May 06, 2022.