Virginia Retirement Systems ET AL trimmed its stake in shares of Hexcel Co. (NYSE:HXL) by 5.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 29,000 shares of the aerospace company’s stock after selling 1,700 shares during the period. Virginia Retirement Systems ET AL’s holdings in Hexcel were worth $1,925,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Private Capital Group LLC lifted its holdings in shares of Hexcel by 1,522.4% during the first quarter. Private Capital Group LLC now owns 2,028 shares of the aerospace company’s stock valued at $131,000 after purchasing an additional 1,903 shares during the last quarter. Contravisory Investment Management Inc. purchased a new stake in shares of Hexcel during the second quarter valued at $148,000. BNP Paribas Arbitrage SA lifted its holdings in shares of Hexcel by 441.6% during the second quarter. BNP Paribas Arbitrage SA now owns 2,237 shares of the aerospace company’s stock valued at $148,000 after purchasing an additional 1,824 shares during the last quarter. Glen Harbor Capital Management LLC lifted its holdings in shares of Hexcel by 35.7% during the first quarter. Glen Harbor Capital Management LLC now owns 2,926 shares of the aerospace company’s stock valued at $189,000 after purchasing an additional 770 shares during the last quarter. Finally, First Mercantile Trust Co. purchased a new stake in shares of Hexcel during the first quarter valued at $191,000. 98.61% of the stock is owned by institutional investors and hedge funds.
In other news, Director Jeffrey A. Graves purchased 1,550 shares of the business’s stock in a transaction dated Friday, July 27th. The stock was bought at an average cost of $69.00 per share, with a total value of $106,950.00. Following the purchase, the director now directly owns 3,000 shares of the company’s stock, valued at $207,000. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Robert George Hennemuth sold 17,885 shares of the firm’s stock in a transaction dated Tuesday, May 29th. The stock was sold at an average price of $70.46, for a total value of $1,260,177.10. Following the sale, the insider now directly owns 47,279 shares of the company’s stock, valued at $3,331,278.34. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by corporate insiders.
Hexcel (NYSE:HXL) last announced its quarterly earnings data on Monday, July 23rd. The aerospace company reported $0.75 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.75. The firm had revenue of $547.50 million during the quarter, compared to the consensus estimate of $541.92 million. Hexcel had a return on equity of 17.56% and a net margin of 13.78%. The business’s revenue for the quarter was up 11.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.67 EPS. research analysts forecast that Hexcel Co. will post 3.03 earnings per share for the current year.
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 shares. This buyback authorization permits the aerospace company to repurchase up to 8.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 10th. Investors of record on Friday, August 3rd were paid a $0.15 dividend. This is an increase from Hexcel’s previous quarterly dividend of $0.13. This represents a $0.60 annualized dividend and a yield of 0.88%. The ex-dividend date of this dividend was Thursday, August 2nd. Hexcel’s dividend payout ratio is currently 22.39%.
Several brokerages have recently commented on HXL. Cowen reaffirmed a “buy” rating and set a $75.00 target price on shares of Hexcel in a report on Tuesday, April 24th. UBS Group assumed coverage on Hexcel in a research note on Wednesday. They issued a “sell” rating for the company. Canaccord Genuity raised Hexcel from a “hold” rating to a “buy” rating and set a $70.00 price objective for the company in a research note on Thursday, July 5th. Zacks Investment Research raised Hexcel from a “sell” rating to a “hold” rating in a research note on Friday, April 27th. Finally, KeyCorp increased their price objective on Hexcel from $72.00 to $74.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 25th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $73.91.
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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