Hibbett Sports, Inc. (NASDAQ:HIBB) shares were up 5.7% during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $15.05 and last traded at $14.85. Approximately 856,570 shares changed hands during trading, an increase of 31% from the average daily volume of 655,353 shares. The stock had previously closed at $14.05.
The company reported $0.37 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.22 by $0.15. Hibbett Sports had a return on equity of 13.38% and a net margin of 4.68%. The firm had revenue of $237.80 million for the quarter, compared to analyst estimates of $219.38 million. During the same quarter last year, the company posted $0.66 earnings per share. The business’s revenue was up .3% on a year-over-year basis.
A number of equities research analysts have weighed in on the company. Zacks Investment Research raised Hibbett Sports from a “hold” rating to a “buy” rating and set a $22.00 price objective on the stock in a report on Monday, July 24th. Credit Suisse Group reaffirmed an “underperform” rating and issued a $14.00 price objective (down previously from $24.00) on shares of Hibbett Sports in a report on Tuesday, July 25th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $17.00 price objective (down previously from $25.00) on shares of Hibbett Sports in a report on Tuesday, July 25th. Canaccord Genuity lowered their price objective on Hibbett Sports from $22.00 to $14.00 and set a “hold” rating on the stock in a report on Tuesday, July 25th. Finally, Robert W. Baird reaffirmed a “neutral” rating and issued a $15.00 price objective (down previously from $25.00) on shares of Hibbett Sports in a report on Tuesday, July 25th. Five equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. Hibbett Sports presently has a consensus rating of “Hold” and an average price target of $21.78.
Institutional investors have recently modified their holdings of the stock. JPMorgan Chase & Co. raised its position in shares of Hibbett Sports by 7.5% during the 1st quarter. JPMorgan Chase & Co. now owns 4,190 shares of the company’s stock worth $123,000 after purchasing an additional 291 shares during the last quarter. Hotchkis & Wiley Capital Management LLC acquired a new position in shares of Hibbett Sports during the 3rd quarter worth approximately $143,000. Municipal Employees Retirement System of Michigan raised its position in shares of Hibbett Sports by 52.0% during the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 7,750 shares of the company’s stock worth $161,000 after purchasing an additional 2,650 shares during the last quarter. UBS Group AG raised its position in shares of Hibbett Sports by 135.8% during the 1st quarter. UBS Group AG now owns 6,379 shares of the company’s stock worth $188,000 after purchasing an additional 3,674 shares during the last quarter. Finally, Macquarie Group Ltd. acquired a new position in shares of Hibbett Sports during the 3rd quarter worth approximately $204,000.
The firm has a market cap of $351.23, a PE ratio of 6.78, a PEG ratio of 4.90 and a beta of 0.72.
About Hibbett Sports
Hibbett Sports, Inc operates athletic specialty stores in small and mid-sized markets in the South, Southwest, Mid-Atlantic and the Midwest regions of the United States. As of January 28, 2017, the Company had operated 1,078 stores consisting of 1,059 Hibbett Sports stores and 19 smaller-format Sports Additions athletic shoe stores in 35 states.
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