HBI Crosses Above Average Analyst Target Wednesday, August 9, 11:21 AM ET, by Market News Video Staff In recent trading, shares of HanesBrands Inc (HBI) have crossed above the average analyst 12-month ...
There's an old saying on Wall Street about insider buying: there are many possible reasons to sell a stock, but only one reason to buy. Back on May 13, HanesBrands Inc's Group Pres., Global Innerwear, Joseph W. Cavaliere, invested $256,543.00 into 13,675 shares of HBI, for a cost per share of $18.76. Bargain hunters tend to pay particular attention to insider buys like this one, because presumably the only reason an insider would take their hard-earned cash and use it to buy stock of their company in the open market, is that they expect to make money.
In trading on Wednesday, bargain hunters could buy shares of HanesBrands Inc (NYSE:HBI) and achieve a cost basis even cheaper than Cavaliere, with shares changing hands as low as $18.72 per share. It should be noted that Cavaliere has collected $0.15/share in dividends since the time of their purchase, so they are currently up 0.6% on their purchase from a total return basis. HanesBrands Inc shares are currently trading off about 1.5% on the day. The chart below shows the one year performance of HBI shares, versus its 200 day moving average:
Looking at the chart above, HBI's low point in its 52 week range is $10.275 per share, with $22.815 as the 52 week high point — that compares with a last trade of $18.96. By comparison, below is a table showing the prices at which HBI insider buying was recorded over the last six months:
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