Hexcel Co. (HXL) Holdings Reduced by Pinnacle Associates Ltd.
Pinnacle Associates Ltd. lowered its stake in Hexcel Co. (NYSE:HXL) by 3.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 634,773 shares of the aerospace company’s stock after selling 23,890 shares during the quarter. Hexcel comprises about 0.9% of Pinnacle Associates Ltd.’s portfolio, making the stock its 22nd biggest holding. Pinnacle Associates Ltd. owned about 0.73% of Hexcel worth $42,136,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Amalgamated Bank lifted its position in Hexcel by 4.3% in the first quarter. Amalgamated Bank now owns 18,396 shares of the aerospace company’s stock valued at $1,188,000 after buying an additional 752 shares during the last quarter. Glen Harbor Capital Management LLC lifted its position in Hexcel by 35.7% in the first quarter. Glen Harbor Capital Management LLC now owns 2,926 shares of the aerospace company’s stock valued at $189,000 after buying an additional 770 shares during the last quarter. Denver Investment Advisors LLC lifted its position in Hexcel by 6.0% in the first quarter. Denver Investment Advisors LLC now owns 17,319 shares of the aerospace company’s stock valued at $1,119,000 after buying an additional 974 shares during the last quarter. Synovus Financial Corp lifted its position in Hexcel by 6.2% in the first quarter. Synovus Financial Corp now owns 17,025 shares of the aerospace company’s stock valued at $1,105,000 after buying an additional 989 shares during the last quarter. Finally, ELCO Management Co. LLC lifted its position in Hexcel by 1.1% in the second quarter. ELCO Management Co. LLC now owns 100,541 shares of the aerospace company’s stock valued at $6,674,000 after buying an additional 1,080 shares during the last quarter. 98.61% of the stock is currently owned by institutional investors.
Shares of HXL opened at $67.88 on Friday. The stock has a market cap of $6.01 billion, a PE ratio of 25.33, a price-to-earnings-growth ratio of 2.68 and a beta of 1.16. Hexcel Co. has a 1 year low of $51.92 and a 1 year high of $73.42. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.37 and a current ratio of 2.41.
Hexcel announced that its board has authorized a share buyback program on Monday, May 7th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the aerospace company to purchase up to 8.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which was paid on Friday, August 10th. Stockholders of record on Friday, August 3rd were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 0.88%. The ex-dividend date of this dividend was Thursday, August 2nd. This is a boost from Hexcel’s previous quarterly dividend of $0.13. Hexcel’s dividend payout ratio is currently 22.39%.
In related news, insider Robert George Hennemuth sold 17,885 shares of the company’s stock in a transaction that occurred on Tuesday, May 29th. The shares were sold at an average price of $70.46, for a total transaction of $1,260,177.10. Following the sale, the insider now directly owns 47,279 shares in the company, valued at $3,331,278.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jeffrey A. Graves bought 1,550 shares of the business’s stock in a transaction that occurred on Friday, July 27th. The shares were purchased at an average price of $69.00 per share, for a total transaction of $106,950.00. Following the completion of the purchase, the director now directly owns 3,000 shares of the company’s stock, valued at approximately $207,000. The disclosure for this purchase can be found here. 1.30% of the stock is currently owned by corporate insiders.
A number of research analysts have commented on HXL shares. Zacks Investment Research raised shares of Hexcel from a “sell” rating to a “hold” rating in a research report on Friday, April 27th. Jefferies Financial Group set a $69.00 target price on shares of Hexcel and gave the company a “hold” rating in a research report on Tuesday, April 24th. Loop Capital raised shares of Hexcel from a “hold” rating to a “buy” rating and set a $77.00 target price on the stock in a research report on Tuesday, April 24th. Cowen reissued a “buy” rating and set a $75.00 price target on shares of Hexcel in a research report on Tuesday, April 24th. Finally, KeyCorp increased their price target on shares of Hexcel from $72.00 to $74.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 25th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company. Hexcel has a consensus rating of “Hold” and an average price target of $73.17.
Hexcel Corporation, together with its subsidiaries, develops, manufactures, and markets structural materials for use in commercial aerospace, space and defense, and industrial markets. The company operates in two segments, Composite Materials and Engineered Products. The Composite Materials segment manufactures and markets carbon fibers, fabrics and specialty reinforcements, prepregs and other fiber-reinforced matrix materials, structural adhesives, honeycombs, molding compounds, tooling materials, polyurethane systems, and laminates that are used in military and commercial aircraft, wind turbine blade, recreational product, and other industrial applications, as well as in cars, boats, and trains.
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