Zacks Investment Research upgraded shares of Hibbett Sports (NASDAQ:HIBB) from a sell rating to a hold rating in a research note released on Monday morning.
According to Zacks, “Hibbett has outperformed the industry in the past three months, backed by its strategic initiatives. The company’s focus on enhancing omni-channel capabilities, renewing loyalty program and inventory management initiatives bodes well. It expects continued growth in the e-commerce business as mobile app enhancements, and the recently launched BOPIS and ROPIS capabilities are delivering results. Notably, the company delivered positive comps in third-quarter fiscal 2019 backed by significant improvement in branded apparel business as well as footwear and sportswear businesses. Further, management raised comps guidance for fiscal 2019. However, Hibbett has a dismal surprise history. It reported third straight earnings miss in fiscal third quarter, while sales were almost in line with estimates. The company’s soft margins trend in the last few quarters has also been a concern.”
Several other research analysts have also recently weighed in on the stock. ValuEngine cut shares of Hibbett Sports from a sell rating to a strong sell rating in a report on Tuesday, January 15th. BidaskClub raised shares of Hibbett Sports from a hold rating to a buy rating in a report on Saturday, January 5th. Bank of America reaffirmed an underperform rating and issued a $15.00 price target (down previously from $18.00) on shares of Hibbett Sports in a report on Friday, November 30th. Finally, Canaccord Genuity set a $20.00 price target on shares of Hibbett Sports and gave the stock a hold rating in a report on Wednesday, November 28th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has issued a strong buy rating to the company. Hibbett Sports has a consensus rating of Hold and an average target price of $20.25.
Several institutional investors have recently added to or reduced their stakes in HIBB. D. E. Shaw & Co. Inc. increased its holdings in shares of Hibbett Sports by 105.3% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 815,110 shares of the company’s stock worth $11,656,000 after purchasing an additional 418,062 shares during the period. Canada Pension Plan Investment Board increased its stake in Hibbett Sports by 170.6% in the third quarter. Canada Pension Plan Investment Board now owns 526,400 shares of the company’s stock valued at $9,896,000 after acquiring an additional 331,900 shares during the last quarter. AQR Capital Management LLC increased its stake in Hibbett Sports by 162.5% in the third quarter. AQR Capital Management LLC now owns 451,308 shares of the company’s stock valued at $8,485,000 after acquiring an additional 279,353 shares during the last quarter. Russell Investments Group Ltd. increased its stake in Hibbett Sports by 35.4% in the third quarter. Russell Investments Group Ltd. now owns 690,596 shares of the company’s stock valued at $12,983,000 after acquiring an additional 180,412 shares during the last quarter. Finally, Prudential Financial Inc. increased its stake in Hibbett Sports by 66.3% in the fourth quarter. Prudential Financial Inc. now owns 402,567 shares of the company’s stock valued at $5,757,000 after acquiring an additional 160,534 shares during the last quarter.
Hibbett Sports Company Profile
Hibbett Sports, Inc, together with its subsidiaries, operates athletic specialty stores. Its stores offer a range of merchandise, including athletic footwear, athletic and fashion apparel, sports equipment, and related accessories. The company also operates Hibbett.com, an e-commerce Website. As of March 28, 2018, it operated approximately 1,000 stores primarily in small and mid-sized communities in the United States.
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