California Public Employees Retirement System lessened its stake in shares of Hexcel Co. (NYSE:HXL – Get Rating) by 5.6% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 176,385 shares of the aerospace company’s stock after selling 10,533 shares during the period. California Public Employees Retirement System’s holdings in Hexcel were worth $9,227,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Canyon Capital Advisors LLC bought a new position in shares of Hexcel in the 1st quarter valued at $53,660,000. BlackRock Inc. increased its stake in shares of Hexcel by 6.0% in the 1st quarter. BlackRock Inc. now owns 8,420,295 shares of the aerospace company’s stock valued at $500,755,000 after purchasing an additional 475,375 shares during the last quarter. Leeward Investments LLC MA bought a new position in shares of Hexcel in the 1st quarter valued at $26,972,000. Earnest Partners LLC increased its stake in shares of Hexcel by 8.5% in the 1st quarter. Earnest Partners LLC now owns 4,749,016 shares of the aerospace company’s stock valued at $282,424,000 after purchasing an additional 372,322 shares during the last quarter. Finally, State Street Corp increased its stake in shares of Hexcel by 11.2% in the 1st quarter. State Street Corp now owns 3,409,631 shares of the aerospace company’s stock valued at $202,771,000 after purchasing an additional 344,711 shares during the last quarter. Institutional investors own 97.56% of the company’s stock.
Analysts Set New Price Targets
Several equities analysts have recently issued reports on the company. StockNews.com assumed coverage on Hexcel in a research note on Wednesday, October 12th. They issued a “hold” rating on the stock. BMO Capital Markets decreased their price target on Hexcel from $66.00 to $61.00 and set a “market perform” rating on the stock in a research note on Tuesday, November 1st. Vertical Research raised their price objective on Hexcel to $60.00 and gave the company an “outperform” rating in a report on Wednesday, July 27th. Royal Bank of Canada raised their price objective on Hexcel from $57.00 to $58.00 and gave the company a “sector perform” rating in a report on Wednesday, October 26th. Finally, Truist Financial downgraded Hexcel from a “buy” rating to a “hold” rating and cut their price objective for the company from $71.00 to $52.00 in a report on Wednesday, October 12th. Eight equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, Hexcel presently has an average rating of “Hold” and a consensus target price of $58.44.
Hexcel Stock Up 2.5 %
Hexcel (NYSE:HXL – Get Rating) last announced its earnings results on Tuesday, October 25th. The aerospace company reported $0.33 EPS for the quarter, hitting the consensus estimate of $0.33. The firm had revenue of $364.70 million for the quarter, compared to the consensus estimate of $398.38 million. Hexcel had a return on equity of 6.01% and a net margin of 7.17%. The business’s quarterly revenue was up 9.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.13 EPS. On average, analysts anticipate that Hexcel Co. will post 1.2 EPS for the current year.
Hexcel Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Monday, November 14th. Shareholders of record on Friday, November 4th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.66%. The ex-dividend date of this dividend was Thursday, November 3rd. Hexcel’s payout ratio is presently 31.50%.
Hexcel Corporation, together with its subsidiaries, develops, manufactures, and markets structural materials for use in commercial aerospace, space and defense, and industrial markets. It operates through 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, honeycomb, molding compounds, tooling materials, polyurethane systems, and laminates that are used in military and commercial aircraft, wind turbine blades, recreational products, and other industrial applications, as well as in automotive, marine, and trains.
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