Is Hanesbrands (HBI) Stock Outpacing Its Consumer Discretionary Peers This Year?
Investors looking at Consumer Discretionary stocks are always searching for top-performing companies in the sector. HanesBrands (HBI) is a stock that has caught the attention of many investors. How does its recent performance compare to the overall sector? Let’s delve into its year-to-date performance.
HanesBrands is part of the Consumer Discretionary group, which consists of 283 companies and currently ranks #8 in the Zacks Sector Rank. The Zacks Sector Rank evaluates 16 different sector groups based on the average Zacks Rank of individual stocks within each group, listing them from best to worst.
HanesBrands currently holds a Zacks Rank of #1 (Strong Buy), which is a system that focuses on earnings estimates and revisions to identify stocks with potential to outperform the market in the short to medium term.
Over the past quarter, analysts have raised the Zacks Consensus Estimate for HBI’s full-year earnings by 3%, indicating stronger sentiment and an improved earnings outlook for the stock.
Year-to-date, HBI has gained about 11.7%, outperforming the average return of -1% for Consumer Discretionary companies. Another stock in the sector, Caleres Inc. (CAL), has also outperformed with a year-to-date return of 10.4%.
Caleres Inc. has a consensus EPS estimate for the current year that has increased by 0.6% in the past three months, and currently holds a Zacks Rank #2 (Buy).
HanesBrands operates in the Textile – Apparel industry, which includes 21 stocks and ranks at #99 in the Zacks Industry Rank. The industry has seen an average loss of 19.2% so far this year, making HBI’s performance stand out.
On the other hand, Caleres Inc. is in the Shoes and Retail Apparel industry, which comprises 12 stocks and ranks at #38. The industry has seen a decrease of -8.9% since the start of the year.
Investors interested in Consumer Discretionary stocks should keep a close eye on HanesBrands and Caleres Inc. as they continue to show strong performance.