Barington decries Hanesbrands management: Insider trades & hedge funds weekly

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Here is your Pro Recap of the biggest insider trades and institutional investor headlines you may have missed this week: Barington pushes for changes at Hanesbrands , Jana adds another $2M to Treehouse Foods stake, and the week saw top-brass buys at VF, Axalta Coating Systems, and Asana.

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In a letter to Hanesbrands’ (NYSE:HBI) chairman, Barington called for cost and debt reduction and questioned the leadership’s effectiveness, as reported in real time on InvestingPro.

“We invested in Hanesbrands because we believe in its recognized portfolio of value brands, strong distribution capabilities, and unique vertically integrated operating model,” said James Mitarotonda, chairman of Barington. “However, the Company’s poor execution and performance under current leadership has destroyed substantial shareholder value and left the Company in a precarious position.”

Barington highlighted the company’s declining stock price, urging it to cut SG&A expenses, reduce inventories, improve margins, and consider new management. Hanesbrands responded, expressing commitment to progress and regularly engaging with shareholders, including Barington, to understand their perspectives.

Jana Partners bought an additional 41,500 shares of Treehouse Foods (NYSE:THS), worth over $1.9M.

The fund owns 4,795,414 shares following this latest purchase.

VF (NYSE:VFC) Director Richard Carucci bought 40,000 common shares, worth $763,644, at $19.0911.Carucci owns 162,699.331 shares following the latest purchase.

Axalta Coating Systems (NYSE:AXTA) CEO Chris Villavarayan, purchased 33,710 common shares, worth over $1M, at $29.67. Villavarayan owns 68,150 shares directly following the purchase.

Asana (NYSE:ASAN) CEO Dustin Moskovitz purchased another 160,000 common shares, worth about $34.4M, at $21.27-$21.82. The latest purchase is part of a plan Moskovitz disclosed in March 2023 for him to buy up to 30M shares of common stock before the end of 2023.

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