Hibbett (NASDAQ:HIBB) Sets New 1-Year High After Analyst Upgrade

Shares of Hibbett, Inc. (NASDAQ:HIBB) hit a new 52-week high during mid-day trading on Tuesday after B. Riley raised their price target on the stock from $70.00 to $87.50. B. Riley currently has a neutral rating on the stock. Hibbett traded as high as $86.70 and last traded at $86.12, with a volume of 1400733 shares. The stock had previously closed at $72.49.

Several other equities research analysts have also weighed in on the company. Monness Crespi & Hardt reissued a “neutral” rating on shares of Hibbett in a research note on Tuesday. Benchmark restated a “hold” rating on shares of Hibbett in a report on Wednesday. Williams Trading restated a “hold” rating and issued a $73.00 target price on shares of Hibbett in a report on Monday, March 18th. Finally, Telsey Advisory Group increased their target price on Hibbett from $74.00 to $87.50 and gave the company a “market perform” rating in a report on Tuesday. One investment analyst has rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $72.29.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. SummerHaven Investment Management LLC lifted its stake in Hibbett by 0.8% during the fourth quarter. SummerHaven Investment Management LLC now owns 19,671 shares of the company’s stock worth $1,417,000 after purchasing an additional 158 shares during the period. GAMMA Investing LLC bought a new position in Hibbett during the fourth quarter worth about $28,000. Allspring Global Investments Holdings LLC lifted its stake in Hibbett by 9.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 5,870 shares of the company’s stock worth $451,000 after purchasing an additional 486 shares during the period. AdvisorNet Financial Inc raised its stake in shares of Hibbett by 3.4% in the first quarter. AdvisorNet Financial Inc now owns 17,982 shares of the company’s stock valued at $1,381,000 after acquiring an additional 593 shares during the last quarter. Finally, AJOVista LLC bought a new position in shares of Hibbett in the fourth quarter valued at approximately $75,000. Institutional investors own 94.08% of the company’s stock.

Hibbett Price Performance

The business’s 50 day moving average price is $74.69 and its 200-day moving average price is $65.78. The company has a market cap of $1.02 billion, a P/E ratio of 10.56, a PEG ratio of 1.18 and a beta of 1.75.

Hibbett (NASDAQ:HIBB) last posted its earnings results on Friday, March 15th. The company reported $2.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.54 by $0.01. Hibbett had a net margin of 5.97% and a return on equity of 25.72%. The company had revenue of $466.60 million during the quarter, compared to analysts’ expectations of $477.42 million. During the same quarter in the previous year, the company posted $2.91 earnings per share. Hibbett’s quarterly revenue was up 1.8% compared to the same quarter last year. As a group, research analysts forecast that Hibbett, Inc. will post 8.21 EPS for the current year.

Hibbett Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 2nd. Shareholders of record on Thursday, March 21st were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.16%. The ex-dividend date was Wednesday, March 20th. Hibbett’s dividend payout ratio is presently 12.21%.

About Hibbett

Hibbett, Inc together with its subsidiaries, engages in the retail of athletic-inspired fashion products in the United States. Its stores offer a range of merchandise, including athletic footwear, athletic and fashion apparel, team sports equipment, and related accessories. The company operates Hibbett stores, City Gear stores, and Sports Additions athletic shoe stores.