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

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 changed hands during 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.

A number of other equities research analysts have also issued reports on HIBB. Williams Trading restated a “hold” rating and issued a $73.00 target price on shares of Hibbett in a research note on Monday, March 18th. Monness Crespi & Hardt reissued a “neutral” rating on shares of Hibbett in a research note on Tuesday. Telsey Advisory Group upped their price target on shares of Hibbett from $74.00 to $87.50 and gave the company a “market perform” rating in a research report on Tuesday. Finally, Benchmark restated a “hold” rating on shares of Hibbett in a research note on Wednesday. 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 company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $72.29.

Institutional Trading of Hibbett

A number of large investors have recently added to or reduced their stakes in HIBB. SG Americas Securities LLC bought a new position in Hibbett during the third quarter worth about $286,000. Everence Capital Management Inc. bought a new position in Hibbett during the 3rd quarter worth approximately $244,000. Maryland State Retirement & Pension System bought a new position in Hibbett during the 3rd quarter worth approximately $223,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Hibbett by 80.9% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,699 shares of the company’s stock valued at $176,000 after acquiring an additional 1,654 shares in the last quarter. Finally, TD Asset Management Inc bought a new stake in shares of Hibbett in the 3rd quarter valued at $356,000. Institutional investors and hedge funds own 94.08% of the company’s stock.

Hibbett Stock Performance

The company has a market cap of $1.02 billion, a P/E ratio of 10.52, a price-to-earnings-growth ratio of 1.18 and a beta of 1.75. The firm’s 50 day moving average price is $74.40 and its two-hundred day moving average price is $65.63.

Hibbett (NASDAQ:HIBB) last announced its quarterly earnings results on Friday, March 15th. The company reported $2.55 EPS for the quarter, beating analysts’ consensus estimates of $2.54 by $0.01. The business 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 quarterly revenue was up 1.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.91 EPS. As a group, analysts forecast that Hibbett, Inc. will post 8.21 EPS for the current fiscal year.

Hibbett Announces Dividend

The company also recently disclosed 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 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.