Delta Apparel (NYSEAMERICAN:DLA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.
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. “
Shares of DLA traded down $0.19 on Wednesday, hitting $19.81. The company’s stock had a trading volume of 3,000 shares, compared to its average volume of 12,300. Delta Apparel has a fifty-two week low of $16.11 and a fifty-two week high of $20.91.
Delta Apparel (NYSEAMERICAN:DLA) last released its earnings results on Thursday, November 15th. The textile maker reported $0.43 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.22 by $0.21. The firm had revenue of $92.92 million during the quarter, compared to the consensus estimate of $96.11 million.
Delta Apparel announced that its board has approved a stock buyback plan on Tuesday, September 18th that permits the company to repurchase $10.00 million in outstanding shares. This repurchase authorization permits the textile maker to buy up to 7.8% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Algert Global LLC lifted its stake in Delta Apparel by 34.4% in the 3rd quarter. Algert Global LLC now owns 14,494 shares of the textile maker’s stock valued at $258,000 after acquiring an additional 3,706 shares in the last quarter. Millennium Management LLC bought a new stake in Delta Apparel in the 2nd quarter valued at approximately $1,990,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Delta Apparel in the 3rd quarter valued at approximately $261,000. Putnam Investments LLC bought a new stake in Delta Apparel in the 3rd quarter valued at approximately $1,600,000. Finally, Paloma Partners Management Co bought a new stake in Delta Apparel in the 2nd quarter valued at approximately $623,000.
About Delta Apparel
Delta Apparel, Inc, through its subsidiaries, designs, manufactures, sources, and markets a portfolio of lifestyle basics and branded active wear apparel, headwear, and related accessory products in the United States and internationally. The company operates through two segments, Branded and Basics. It provides various casual and athletic products for men, women, juniors, youth, and children through various distribution channels and distribution tiers, including department stores, sporting goods and outdoor retailers, specialty stores, boutiques, mid and mass channels, e-retailers, and the U.S.
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