Trading Report: The Cowen and Company Downgrades HanesBrands Inc. (HBI) to Market Perform

The Cowen and Company Downgrades HanesBrands Inc. (HBI) to Market Perform

HanesBrands Inc. (NYSE:HBI) was downgraded by investment analysts at Cowen and Company from an “outperform” rating to a “market perform” rating in a research note issued on Wednesday, The Fly reports.

HBI has been the subject of several other reports. Credit Suisse Group AG reissued a “buy” rating and set a $37.00 price objective on shares of HanesBrands in a research note on Wednesday, September 14th. Oppenheimer Holdings Inc. reaffirmed an “outperform” rating and issued a $35.00 target price on shares of HanesBrands in a research report on Tuesday, August 2nd. Citigroup Inc. decreased their target price on HanesBrands from $37.00 to $32.00 and set a “buy” rating for the company in a research report on Thursday, August 4th. FBR & Co reaffirmed an “outperform” rating and issued a $39.00 target price on shares of HanesBrands in a research report on Thursday, July 7th. Finally, Zacks Investment Research raised HanesBrands from a “sell” rating to a “hold” rating in a research report on Tuesday, August 23rd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and eleven have given a buy rating to the stock. HanesBrands presently has an average rating of “Buy” and a consensus price target of $34.14.

HanesBrands (NYSE:HBI) opened at 25.91 on Wednesday. HanesBrands has a 52 week low of $23.25 and a 52 week high of $33.24. The stock has a market cap of $9.79 billion, a PE ratio of 20.79 and a beta of 0.94. The stock has a 50 day moving average price of $26.12 and a 200 day moving average price of $26.78.

HanesBrands (NYSE:HBI) last released its quarterly earnings data on Tuesday, August 2nd. The company reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.52 by $0.01. The company had revenue of $1.47 billion for the quarter, compared to the consensus estimate of $1.53 billion. HanesBrands had a return on equity of 59.48% and a net margin of 8.60%. The business’s revenue was down 3.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.50 earnings per share. On average, equities analysts predict that HanesBrands will post $1.92 earnings per share for the current year.

In related news, CEO Richard A. Noll bought 20,000 shares of the business’s stock in a transaction on Tuesday, August 9th. The shares were bought at an average cost of $25.74 per share, for a total transaction of $514,800.00. Following the completion of the acquisition, the chief executive officer now directly owns 870,077 shares in the company, valued at $22,395,781.98. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 1.00% of the company’s stock.

A number of institutional investors have recently bought and sold shares of HBI. Adage Capital Partners GP L.L.C. raised its position in HanesBrands by 402.3% in the first quarter. Adage Capital Partners GP L.L.C. now owns 4,946,854 shares of the company’s stock valued at $140,194,000 after buying an additional 3,962,084 shares during the period. Columbia Wanger Asset Management LLC bought a new position in HanesBrands during the second quarter valued at $59,627,000. Meritage Group LP raised its position in HanesBrands by 112.9% in the second quarter. Meritage Group LP now owns 3,673,626 shares of the company’s stock worth $92,318,000 after buying an additional 1,948,446 shares during the last quarter. RidgeWorth Capital Management LLC raised its position in HanesBrands by 170.5% in the second quarter. RidgeWorth Capital Management LLC now owns 2,887,677 shares of the company’s stock worth $73,924,000 after buying an additional 1,820,170 shares during the last quarter. Finally, NN Investment Partners Holdings N.V. raised its position in HanesBrands by 2,185.8% in the second quarter. NN Investment Partners Holdings N.V. now owns 1,472,028 shares of the company’s stock worth $36,993,000 after buying an additional 1,407,628 shares during the last quarter. Institutional investors own 91.31% of the company’s stock.

HanesBrands Company Profile

Hanesbrands Inc is a manufacturer and marketer of apparels. The Company operates through four segments: Innerwear, Activewear, Direct to Consumer and International. The Company’s portfolio of brands includes Hanes, Champion, Maidenform, DIM, Playtex, Bali, JMS/Just My Size, Nur Die/Nur Der, L’eggs, Lovable, Wonderbra, Flexees, Lilyette and Gear for Sports.

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