Hanesbrands (NYSE:HBI) Shares Gap Down – Here’s Why

Hanesbrands Inc. (NYSE:HBI) gapped down before the market opened on Thursday . The stock had previously closed at $7.67, but opened at $6.10. Hanesbrands shares last traded at $6.28, with a volume of 5,925,687 shares.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on HBI shares. Barclays increased their target price on Hanesbrands from $6.00 to $7.00 and gave the stock an “equal weight” rating in a research note on Monday, November 11th. UBS Group raised Hanesbrands from a “neutral” rating to a “buy” rating and increased their target price for the stock from $9.00 to $11.00 in a research note on Tuesday, November 26th. Finally, Stifel Nicolaus reissued a “hold” rating and set a $7.00 target price (down from $8.00) on shares of Hanesbrands in a research note on Friday. Four analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, Hanesbrands currently has a consensus rating of “Hold” and an average price target of $7.10.

Hanesbrands Stock Down 6.0 %

The company has a market capitalization of $2.07 billion, a P/E ratio of -8.90 and a beta of 1.63. The firm’s 50 day moving average price is $8.15 and its two-hundred day moving average price is $7.44. The company has a current ratio of 1.49, a quick ratio of 0.90 and a debt-to-equity ratio of 21.50.

Hanesbrands (NYSE:HBI) last issued its quarterly earnings results on Thursday, February 13th. The textile maker reported $0.17 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.03. Hanesbrands had a negative net margin of 5.24% and a positive return on equity of 44.72%. Equities research analysts forecast that Hanesbrands Inc. will post 0.39 EPS for the current year.

Institutional Investors Weigh In On Hanesbrands

Large investors have recently made changes to their positions in the stock. GeoWealth Management LLC boosted its holdings in shares of Hanesbrands by 2,278.8% in the 4th quarter. GeoWealth Management LLC now owns 3,473 shares of the textile maker’s stock valued at $28,000 after buying an additional 3,327 shares during the last quarter. Smartleaf Asset Management LLC boosted its holdings in shares of Hanesbrands by 122.8% in the 4th quarter. Smartleaf Asset Management LLC now owns 4,920 shares of the textile maker’s stock valued at $40,000 after buying an additional 2,712 shares during the last quarter. Blue Trust Inc. boosted its holdings in shares of Hanesbrands by 42.3% in the 3rd quarter. Blue Trust Inc. now owns 5,359 shares of the textile maker’s stock valued at $39,000 after buying an additional 1,594 shares during the last quarter. Transce3nd LLC acquired a new stake in shares of Hanesbrands in the 4th quarter valued at approximately $45,000. Finally, WFA Asset Management Corp acquired a new stake in shares of Hanesbrands in the 4th quarter valued at approximately $46,000. Institutional investors and hedge funds 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.