Wells Fargo & Company Upgrades Hanesbrands (NYSE:HBI) to Equal Weight

Hanesbrands (NYSE:HBI) was upgraded by research analysts at Wells Fargo & Company from an “underweight” rating to an “equal weight” rating in a report released on Thursday, Marketbeat reports. The firm presently has a $6.00 price target on the textile maker’s stock, up from their prior price target of $5.00. Wells Fargo & Company‘s target price indicates a potential downside of 6.76% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the company. UBS Group boosted their price objective on Hanesbrands from $8.00 to $9.00 and gave the company a “buy” rating in a research note on Friday, August 8th. Barclays set a $6.00 price objective on Hanesbrands and gave the company an “equal weight” rating in a research note on Tuesday, May 20th. Finally, Wall Street Zen upgraded Hanesbrands from a “hold” rating to a “strong-buy” rating in a research note on Saturday, August 9th. Three investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $6.50.

Hanesbrands Stock Up 0.1%

NYSE:HBI traded up $0.01 during trading hours on Thursday, hitting $6.44. 6,324,290 shares of the company traded hands, compared to its average volume of 7,294,151. The company has a quick ratio of 0.74, a current ratio of 1.52 and a debt-to-equity ratio of 13.62. The firm’s 50-day simple moving average is $4.70 and its 200-day simple moving average is $5.25. Hanesbrands has a one year low of $3.96 and a one year high of $9.10. The company has a market cap of $2.28 billion, a PE ratio of 26.81 and a beta of 1.40.

Hanesbrands (NYSE:HBI) last issued its quarterly earnings data on Thursday, August 7th. The textile maker reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.06. The business had revenue of $991.33 million for the quarter, compared to analysts’ expectations of $971.93 million. Hanesbrands had a return on equity of 226.31% and a net margin of 2.49%. The business’s revenue was down .4% on a year-over-year basis. During the same period last year, the business earned $0.15 EPS. Equities analysts predict that Hanesbrands will post 0.53 earnings per share for the current year.

Institutional Trading of Hanesbrands

A number of institutional investors have recently made changes to their positions in the stock. GeoWealth Management LLC raised its holdings in Hanesbrands by 2,278.8% in the fourth quarter. GeoWealth Management LLC now owns 3,473 shares of the textile maker’s stock worth $28,000 after purchasing an additional 3,327 shares in the last quarter. First Horizon Advisors Inc. raised its holdings in Hanesbrands by 240.7% in the second quarter. First Horizon Advisors Inc. now owns 6,613 shares of the textile maker’s stock worth $30,000 after purchasing an additional 4,672 shares in the last quarter. CX Institutional bought a new position in Hanesbrands in the first quarter worth $34,000. Strs Ohio bought a new position in Hanesbrands in the first quarter worth $38,000. Finally, AlphaQuest LLC bought a new position in Hanesbrands in the first quarter worth $44,000. Hedge funds and other institutional investors own 80.31% of the company’s stock.

About Hanesbrands

Hanesbrands Inc, a consumer goods company, designs, manufactures, sources, and sells a range of range of innerwear apparels for men, women, and children in the Americas, Europe, the Asia pacific, and internationally. The company operates through three segments: Innerwear, Activewear, and International.