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Steven Cohen Increases Position in HanesBrands Inc. by 601.27%

August 01, 2011 | About:
Steven Cohen increased his positions in HanesBrands (NYSE:HBI) by 601.27% at the average price of $30.65 on Aug. 1, 2011, as reported in the latest 13G filings by Steven Cohen. He owns 4,469,243 shares. The stock price has changed by -1%.

HanesBrands Inc. is a marketer of innerwear, outerwear and hosiery apparel under strong consumer brands, including Hanes, Champion, Playtex, Bali, Just My Size, barely there and Wonderbra. HanesBrands has a market cap of $2.94 billion; its shares were traded at around $30.51 with a P/E ratio of 12.66 and P/S ratio of 0.68.

Wilbur Ross owns 353,152 shares as of 03/31/2011, an increase of 128.21% from the previous quarter. This position accounts for 0.66% of the $1.44 billion portfolio of Invesco Private Capital, Inc James Barrow owns 3,824,590 shares as of March 31, 2011, which accounts for 0.21% of the $49.52 billion portfolio of Barrow, Hanley, Mewhinney & Strauss. John Keeley owns 1,497,615 shares as of March 31, 2011, which accounts for 0.62% of the $6.54 billion portfolio of Keeley Fund Management.

HanesBrands recently reported strong net sales growth and comparable diluted earnings per share in the second quarter of 2011, in line with company expectations. Diluted EPS for the second quarter was $0.87, the same as a year ago when EPS benefited by $0.20 from a lower income tax rate. Net sales for the second quarter increased nearly 14 percent to $1.23 billion, with sales gains in all business segments and particularly strong growth in the Outerwear and International segments.

“We continued our strong start in 2011 and are performing in line with our growth expectations,” Hanes Chairman and Chief Executive Officer Richard A. Noll said. “Our brand strength, international expansion and acquisition contributions have driven six consecutive quarters of accelerating sales growth. We are leveraging this sales growth with our low-cost global supply chain and tight control of selling, general and administrative costs.”

Controller, CAO Dale W. Boyles sold 4,200 shares of HBI stock on 04/26/2011 at the average price of 31.12. Dale W. Boyles owns at least 19,298 shares after this. The price of the stock has decreased by 1.96% since. Director Lee A. Chaden sold 10,000 shares of HBI stock on 04/25/2011 at the average price of 31.19. Lee A. Chaden owns at least 54,406 shares after this. The price of the stock has decreased by 2.18% since. Other insiders have also decreased their positions in the company.

Rating: 2.3/5 (8 votes)


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