Is Hanesbrands (HBI) Outperforming Other Consumer Discretionary Stocks This Year?
Investors focused on the Consumer Discretionary space have likely heard of Hanesbrands (HBI), but is the stock performing well in comparison to the rest of its sector peers? A quick glance at the company's year-to-date performance in comparison to the rest of the Consumer Discretionary sector should help us answer this question.
Hanesbrands is a member of the Consumer Discretionary sector. This group includes 237 individual stocks and currently holds a Zacks Sector Rank of #13. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.
The Zacks Rank is a successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader market over the next one to three months. HBI is currently sporting a Zacks Rank of #1 (Strong Buy).
The Zacks Consensus Estimate for HBI's full-year earnings has moved 142.78% higher within the past quarter. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Based on the most recent data, HBI has returned 7.81% so far this year. At the same time, Consumer Discretionary stocks have lost an average of 2.87%. This means that Hanesbrands is performing better than its sector in terms of year-to-date returns.
Looking more specifically, HBI belongs to the Textile - Apparel industry, a group that includes 20 individual stocks and currently sits at #209 in the Zacks Industry Rank. This group has lost an average of 11.02% so far this year, so HBI is performing better in this area.
HBI will likely be looking to continue its solid performance, so investors interested in Consumer Discretionary stocks should continue to pay close attention to the company.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.