Hanesbrands (NYSE:HBI) Upgraded at Wells Fargo & Company

Key Points

• Hanesbrands has been upgraded by Wells Fargo & Company from an "underweight" to an "equal weight" rating, with a new price target of $6.00, indicating a potential downside of 6.69% from its current price.
• The company reported earnings of $0.24 per share, exceeding analysts' estimates, while revenues for the quarter totaled $991.33 million, slightly down 0.4% year-over-year.
• Recent institutional investments have significantly increased, with HSBC Holdings and other firms raising their stakes in Hanesbrands, showcasing growing confidence in the stock.

Hanesbrands (NYSE:HBI - Get Free Report) was upgraded by analysts at Wells Fargo & Company from a "strong sell" rating to a "hold" rating in a note issued to investors on Thursday, Marketbeat Ratings 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 price objective would suggest a potential downside of 7.76% from the stock's current price.

Several other equities research analysts also recently commented on HBI. Wall Street Zen upgraded shares of Hanesbrands from a "hold" rating to a "strong-buy" rating in a research note on Saturday, August 9th. Barclays set a $6.00 target price on shares of Hanesbrands and gave the company an "equal weight" rating in a research note on Tuesday, May 20th. Finally, UBS Group boosted their target price on shares of Hanesbrands from $8.00 to $9.00 and gave the company a "buy" rating in a research note on Friday, August 8th. Three research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Hanesbrands has a consensus rating of "Moderate Buy" and an average price target of $6.50.

Hanesbrands Stock Performance

HBI traded up $0.06 during trading on Thursday, reaching $6.51. 9,418,073 shares of the company's stock were exchanged, compared to its average volume of 7,252,796. Hanesbrands has a fifty-two week low of $3.96 and a fifty-two week high of $9.10. 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 business has a 50 day moving average price of $4.67 and a 200 day moving average price of $5.31. The company has a market capitalization of $2.30 billion, a P/E ratio of 27.06 and a beta of 1.40.

Hanesbrands (NYSE:HBI - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The textile maker reported $0.24 earnings per share for the quarter, topping analysts' consensus estimates of $0.18 by $0.06. Hanesbrands had a net margin of 2.49% and a return on equity of 226.31%. The firm had revenue of $991.33 million for the quarter, compared to the consensus estimate of $971.93 million. During the same quarter in the previous year, the company earned $0.15 earnings per share. The business's revenue was down .4% compared to the same quarter last year. As a group, analysts predict that Hanesbrands will post 0.53 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in HBI. Wells Fargo & Company MN raised its holdings in Hanesbrands by 6.6% during the 4th quarter. Wells Fargo & Company MN now owns 643,556 shares of the textile maker's stock worth $5,239,000 after purchasing an additional 39,868 shares during the last quarter. Envestnet Asset Management Inc. increased its stake in Hanesbrands by 3.0% during the 4th quarter. Envestnet Asset Management Inc. now owns 245,359 shares of the textile maker's stock worth $1,997,000 after purchasing an additional 7,097 shares in the last quarter. Federated Hermes Inc. increased its stake in Hanesbrands by 56.8% during the 4th quarter. Federated Hermes Inc. now owns 14,089 shares of the textile maker's stock worth $115,000 after purchasing an additional 5,103 shares in the last quarter. Advisory Services Network LLC bought a new stake in Hanesbrands during the 4th quarter worth approximately $428,000. Finally, Raymond James Financial Inc. bought a new position in shares of Hanesbrands during the 4th quarter worth approximately $5,395,000. 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.