Hibbett (NASDAQ:HIBB) Sees Large Volume Increase Following Analyst Upgrade

Shares of Hibbett, Inc. (NASDAQ:HIBB) saw strong trading volume on Wednesday 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. 365,591 shares were traded during mid-day trading, an increase of 25% from the previous session’s volume of 293,088 shares.The stock last traded at $86.05 and had previously closed at $86.15.

Other equities research analysts also recently issued research reports about the company. Telsey Advisory Group increased their target price on Hibbett from $74.00 to $87.50 and gave the stock a “market perform” rating in a research report on Tuesday. Benchmark restated a “hold” rating on shares of Hibbett in a research report on Wednesday. Monness Crespi & Hardt restated a “neutral” rating on shares of Hibbett in a research report on Tuesday. Finally, Williams Trading restated a “hold” rating and set a $73.00 target price on shares of Hibbett in a research report on Monday, March 18th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $72.29.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC bought a new position in shares of Hibbett during the fourth quarter valued at about $28,000. AJOVista LLC bought a new position in shares of Hibbett during the fourth quarter valued at about $75,000. Stonegate Investment Group LLC bought a new position in shares of Hibbett during the first quarter valued at about $203,000. Virtu Financial LLC bought a new position in shares of Hibbett during the fourth quarter valued at about $201,000. Finally, 1492 Capital Management LLC bought a new position in shares of Hibbett during the fourth quarter valued at about $209,000. 94.08% of the stock is owned by institutional investors.

Hibbett Stock Down 0.5 %

The stock’s fifty day moving average price is $74.92 and its two-hundred day moving average price is $65.92. The company has a market capitalization of $1.02 billion, a PE ratio of 10.51, a price-to-earnings-growth ratio of 1.40 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 for the quarter, topping analysts’ consensus estimates of $2.54 by $0.01. The company had revenue of $466.60 million during the quarter, compared to analyst estimates of $477.42 million. Hibbett had a net margin of 5.97% and a return on equity of 25.72%. Hibbett’s revenue for the quarter was up 1.8% on a year-over-year basis. During the same period in the prior year, the business posted $2.91 earnings per share. On average, equities research analysts forecast that Hibbett, Inc. will post 8.26 EPS for the current year.

Hibbett Announces Dividend

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

Hibbett Company Profile

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.