State of Alaska Department of Revenue Sells 12,136 Shares of Hanesbrands Inc. (NYSE:HBI)

The State of Alaska Department of Revenue recently sold 12,136 shares of Hanesbrands Inc. (NYSE: HBI) for a total of $5,089,740. Hanesbrands is a leading global marketer and producer of apparel, hosiery, and footwear products. The company operates in three segments: Apparel North America, Apparel Europe, and Hosiery.

The sale of the shares was made on behalf of the Alaska Permanent Fund, which is the state's sovereign wealth fund. The fund was established in 1976 to manage the state's oil and gas revenues and invest them for the long-term benefit of the state and its residents.

The sale of Hanesbrands shares was part of a larger portfolio rebalancing effort by the Alaska Permanent Fund, which aims to maintain a diversified investment portfolio that aligns with its long-term financial goals. The fund has previously sold shares of other companies in the consumer goods sector, including Procter & Gamble and Coca-Cola.

It's worth noting that the sale of Hanesbrands shares does not necessarily reflect any negative view of the company or its performance. Rather, it is simply a strategic decision by the Alaska Permanent Fund to rebalance its portfolio in line with its long-term investment objectives.