PNC Financial Services Group Inc. Trims Stake in Hanesbrands Inc. (HBI)
PNC Financial Services Group Inc. trimmed its position in shares of Hanesbrands Inc. (NYSE:HBI) by 2.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 155,224 shares of the textile maker’s stock after selling 4,525 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Hanesbrands were worth $2,861,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also recently made changes to their positions in HBI. Truvestments Capital LLC acquired a new stake in shares of Hanesbrands during the 3rd quarter valued at about $129,000. First Capital Advisors Group LLC. acquired a new stake in shares of Hanesbrands during the 3rd quarter valued at about $185,000. Global Trust Asset Management LLC lifted its holdings in shares of Hanesbrands by 40.0% during the 3rd quarter. Global Trust Asset Management LLC now owns 10,427 shares of the textile maker’s stock valued at $192,000 after buying an additional 2,977 shares during the last quarter. Cleararc Capital Inc. acquired a new stake in shares of Hanesbrands during the 2nd quarter valued at about $203,000. Finally, Pinnacle Associates Ltd. acquired a new stake in shares of Hanesbrands during the 2nd quarter valued at about $233,000.
HBI has been the subject of several research reports. Standpoint Research initiated coverage on Hanesbrands in a report on Tuesday, October 23rd. They set a “buy” rating and a $20.00 price target for the company. Macquarie reduced their price target on Hanesbrands from $15.00 to $14.00 and set a “hold” rating for the company in a report on Thursday, August 23rd. Zacks Investment Research upgraded Hanesbrands from a “sell” rating to a “hold” rating in a report on Tuesday, October 23rd. Buckingham Research reduced their price target on Hanesbrands from $26.00 to $24.00 and set a “buy” rating for the company in a report on Wednesday, October 17th. Finally, Bank of America reduced their price target on Hanesbrands from $20.00 to $18.00 and set a “neutral” rating for the company in a report on Friday, November 2nd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the stock. Hanesbrands has a consensus rating of “Hold” and a consensus target price of $21.60.
Hanesbrands (NYSE:HBI) last issued its quarterly earnings results on Thursday, November 1st. The textile maker reported $0.55 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.55. The company had revenue of $1.85 billion for the quarter, compared to the consensus estimate of $1.87 billion. Hanesbrands had a return on equity of 85.49% and a net margin of 0.10%. The company’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.60 EPS. On average, research analysts forecast that Hanesbrands Inc. will post 1.73 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 4th. Shareholders of record on Tuesday, November 13th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 3.96%. The ex-dividend date of this dividend was Friday, November 9th. Hanesbrands’s dividend payout ratio is currently 31.09%.
In other Hanesbrands news, CFO Barry Hytinen purchased 10,100 shares of the company’s stock in a transaction on Tuesday, November 20th. The shares were bought at an average cost of $14.59 per share, with a total value of $147,359.00. Following the transaction, the chief financial officer now directly owns 91,238 shares in the company, valued at approximately $1,331,162.42. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Ronald L. Nelson purchased 25,000 shares of the company’s stock in a transaction on Friday, November 2nd. The stock was acquired at an average cost of $15.95 per share, for a total transaction of $398,750.00. Following the completion of the transaction, the director now owns 131,683 shares in the company, valued at $2,100,343.85. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 61,600 shares of company stock worth $940,079. Company insiders own 1.06% of the company’s stock.
Hanesbrands Inc, a consumer goods company, designs, manufactures, sources, and sells a range of basic apparel for men, women, and children in the United States. The company operates through three segments: Innerwear, Activewear, and International. It sells bras, panties, men's underwear, children's underwear, activewear, socks, hosiery, intimate apparel, shapewears, and home goods; and T-shirts, fleece, sport shirts, performance T-shirts and shorts, sports bras, and thermals, as well as licensed logo apparel in collegiate bookstores, mass retailers, and other channels.
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