Zacks Investment Research upgraded shares of Delta Apparel, Inc. (NYSEMKT:DLA) from a strong sell rating to a hold rating in a research note published on Tuesday.
According to Zacks, “DELTA APPAREL is a vertical manufacturer of knitwear products for the entire family. Our company purchases cotton direct from the field and through a stringently controlled process produces finished apparel for the domestic and international market place. The products we manufacture are sold under our brands of Delta Pro-Weight, Delta Magnum Weight, Healthknit and Quail Hollow Sportswear. In addition, Delta Apparel, Inc. also produces finished products for America’s leading retailers, corporate industry programs and sports licensed apparel marketers. “
Several other equities research analysts have also issued reports on the stock. ValuEngine upgraded shares of Delta Apparel from a hold rating to a buy rating in a research note on Friday, September 1st. Roth Capital set a $24.00 price objective on shares of Delta Apparel and gave the stock a buy rating in a research note on Wednesday, August 2nd.
Shares of Delta Apparel (NYSEMKT:DLA) opened at 21.32 on Tuesday. The company has a 50 day moving average of $20.69 and a 200 day moving average of $19.84. Delta Apparel has a 1-year low of $14.85 and a 1-year high of $23.47. The firm has a market cap of $159.64 million, a price-to-earnings ratio of 15.80 and a beta of 0.07.
Delta Apparel (NYSEMKT:DLA) last posted its quarterly earnings data on Tuesday, August 1st. The textile maker reported $0.57 earnings per share for the quarter, missing the consensus estimate of $0.68 by ($0.11). The firm had revenue of $104.28 million for the quarter, compared to analyst estimates of $100.44 million. Delta Apparel had a return on equity of 11.49% and a net margin of 4.28%. On average, equities analysts forecast that Delta Apparel will post $1.25 earnings per share for the current fiscal year.
Delta Apparel declared that its Board of Directors has authorized a share buyback program on Monday, September 18th that permits the company to buyback $10.00 million in outstanding shares. This buyback authorization permits the textile maker to repurchase up to 6.1% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Renaissance Technologies LLC acquired a new stake in Delta Apparel in the first quarter valued at $291,000. Bank of America Corp DE grew its position in shares of Delta Apparel by 20.2% in the 1st quarter. Bank of America Corp DE now owns 22,407 shares of the textile maker’s stock valued at $395,000 after acquiring an additional 3,765 shares during the period. California Public Employees Retirement System grew its position in shares of Delta Apparel by 26.4% in the 1st quarter. California Public Employees Retirement System now owns 29,700 shares of the textile maker’s stock valued at $524,000 after acquiring an additional 6,200 shares during the period. Bank of New York Mellon Corp grew its position in shares of Delta Apparel by 6.6% in the 1st quarter. Bank of New York Mellon Corp now owns 31,671 shares of the textile maker’s stock valued at $558,000 after acquiring an additional 1,970 shares during the period. Finally, Bragg Financial Advisors Inc grew its position in shares of Delta Apparel by 0.8% in the 1st quarter. Bragg Financial Advisors Inc now owns 68,444 shares of the textile maker’s stock valued at $1,207,000 after acquiring an additional 570 shares during the period.
About Delta Apparel
Delta Apparel, Inc is an apparel design, marketing, manufacturing and sourcing company. The Company operates through two segments: branded and basics. The branded segment consists of its business units, which are focused on specialized apparel garments and headwear. Its products are marketed under its lifestyle brands of Salt Life, Soffe and COAST, as well as other labels.
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