Hanesbrands (NYSE:HBI) Announces Earnings Results

Hanesbrands (NYSE:HBIGet Rating) announced its earnings results on Thursday. The textile maker reported $0.34 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.06, MarketWatch Earnings reports. The firm had revenue of $1.58 billion for the quarter, compared to analysts’ expectations of $1.54 billion. Hanesbrands had a return on equity of 108.10% and a net margin of 1.14%. Hanesbrands’s quarterly revenue was up 4.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.39 EPS. Hanesbrands updated its Q2 guidance to $0.32-0.36 EPS and its FY22 guidance to $1.64-1.81 EPS.

Shares of NYSE HBI traded down $0.11 during midday trading on Friday, reaching $12.60. 11,866,454 shares of the company’s stock were exchanged, compared to its average volume of 4,322,590. Hanesbrands has a 52-week low of $12.20 and a 52-week high of $22.82. The stock has a market capitalization of $4.39 billion, a PE ratio of 9.62 and a beta of 1.47. The company has a debt-to-equity ratio of 4.73, a quick ratio of 0.84 and a current ratio of 1.52. The business’s fifty day moving average price is $14.62 and its two-hundred day moving average price is $15.88.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, May 31st. Stockholders of record on Tuesday, May 10th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.76%. The ex-dividend date is Monday, May 9th. Hanesbrands’s payout ratio is 45.80%.

In other news, Director Cheryl K. Beebe acquired 6,250 shares of the stock in a transaction that occurred on Tuesday, February 8th. The stock was purchased at an average cost of $15.61 per share, with a total value of $97,562.50. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Stephen B. Bratspies acquired 34,292 shares of the stock in a transaction that occurred on Thursday, February 24th. The stock was purchased at an average cost of $14.63 per share, with a total value of $501,691.96. The disclosure for this purchase can be found here. 0.29% of the stock is currently owned by insiders.

Institutional investors have recently made changes to their positions in the stock. Canada Pension Plan Investment Board increased its holdings in Hanesbrands by 42.4% in the fourth quarter. Canada Pension Plan Investment Board now owns 3,530 shares of the textile maker’s stock valued at $59,000 after buying an additional 1,051 shares during the last quarter. Neo Ivy Capital Management boosted its stake in Hanesbrands by 19.3% in the fourth quarter. Neo Ivy Capital Management now owns 4,215 shares of the textile maker’s stock valued at $70,000 after acquiring an additional 681 shares during the period. Strategic Wealth Advisors Group LLC acquired a new position in Hanesbrands in the fourth quarter valued at approximately $205,000. Autumn Glory Partners LLC acquired a new position in Hanesbrands in the fourth quarter valued at approximately $222,000. Finally, Virtu Financial LLC acquired a new position in Hanesbrands in the fourth quarter valued at approximately $262,000. 87.58% of the stock is owned by hedge funds and other institutional investors.

A number of equities research analysts have commented on HBI shares. Citigroup lowered their target price on Hanesbrands from $17.00 to $14.00 in a report on Friday. StockNews.com assumed coverage on Hanesbrands in a report on Thursday, March 31st. They set a “hold” rating on the stock. Stifel Nicolaus cut Hanesbrands from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $26.00 to $13.00 in a report on Thursday. Wells Fargo & Company decreased their price objective on Hanesbrands from $20.00 to $18.00 and set an “overweight” rating on the stock in a report on Tuesday, April 5th. Finally, Credit Suisse Group decreased their price objective on Hanesbrands from $26.00 to $23.00 and set an “outperform” rating on the stock in a report on Friday, February 4th. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $19.11.

Hanesbrands announced that its Board of Directors has initiated a share buyback program on Thursday, February 3rd that allows the company to buyback $600.00 million in outstanding shares. This buyback authorization allows the textile maker to purchase up to 10.8% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.

About Hanesbrands (Get Rating)

Hanesbrands Inc, a consumer goods company, designs, manufactures, sources, and sells a range of basic apparel for men, women, and children. The company operates through three segments: Innerwear, Activewear, and International. It sells men's underwear, women's panties, children's underwear, activewear, and socks, as well as intimate apparel, such as bras and shapewears; home goods; and T-shirts, fleece, performance apparel, sport shirts, performance T-shirts and shorts, sports bras, teamwear, and thermals, as well as licensed logo apparel in collegiate bookstores, mass retailers, and other channels.

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Earnings History for Hanesbrands (NYSE:HBI)

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