Hibbett Sports, Inc. (HIBB) Trading Up 5.7% After Strong Earnings

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.

In related news, CEO Jeffry O. Rosenthal acquired 2,500 shares of the business’s stock in a transaction that occurred on Wednesday, August 30th. The stock was purchased at an average cost of $11.95 per share, for a total transaction of $29,875.00. Following the transaction, the chief executive officer now directly owns 82,703 shares of the company’s stock, valued at approximately $988,300.85. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Michael J. Newsome acquired 10,000 shares of the business’s stock in a transaction that occurred on Friday, August 25th. The shares were bought at an average price of $12.13 per share, with a total value of $121,300.00. Following the completion of the transaction, the director now directly owns 44,924 shares in the company, valued at $544,928.12. The disclosure for this purchase can be found here. Insiders have purchased a total of 25,500 shares of company stock valued at $312,595 over the last 90 days. Insiders own 1.60% of the company’s stock.

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.

TRADEMARK VIOLATION NOTICE: “Hibbett Sports, Inc. (HIBB) Trading Up 5.7% After Strong Earnings” was first published by Sports Perspectives and is the property of of Sports Perspectives. If you are accessing this article on another domain, it was stolen and republished in violation of U.S. & international copyright law. The original version of this article can be viewed at https://sportsperspectives.com/2017/11/18/hibbett-sports-inc-hibb-trading-up-5-7-after-strong-earnings.html.

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.

Receive News & Ratings for Hibbett Sports Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Hibbett Sports Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply