Millennium Management LLC lifted its position in Hexcel Co. (NYSE:HXL) by 19.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 291,229 shares of the aerospace company’s stock after buying an additional 47,914 shares during the period. Millennium Management LLC owned approximately 0.35% of Hexcel worth $23,918,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds have also recently modified their holdings of HXL. BlackRock Inc. grew its stake in shares of Hexcel by 2.1% during the 2nd quarter. BlackRock Inc. now owns 5,337,971 shares of the aerospace company’s stock valued at $431,737,000 after purchasing an additional 107,771 shares during the period. State Street Corp boosted its holdings in shares of Hexcel by 4.2% in the third quarter. State Street Corp now owns 2,349,102 shares of the aerospace company’s stock worth $192,932,000 after buying an additional 95,400 shares during the last quarter. Eagle Asset Management Inc. grew its position in Hexcel by 1.6% during the third quarter. Eagle Asset Management Inc. now owns 2,340,804 shares of the aerospace company’s stock valued at $192,250,000 after buying an additional 36,932 shares during the period. Carillon Tower Advisers Inc. grew its position in Hexcel by 2.0% during the third quarter. Carillon Tower Advisers Inc. now owns 2,072,076 shares of the aerospace company’s stock valued at $170,180,000 after buying an additional 40,233 shares during the period. Finally, Bank of America Corp DE increased its holdings in Hexcel by 3.1% during the second quarter. Bank of America Corp DE now owns 1,928,260 shares of the aerospace company’s stock valued at $155,958,000 after buying an additional 57,838 shares during the last quarter. 96.43% of the stock is owned by institutional investors.
In other Hexcel news, CEO Nick L. Stanage sold 15,662 shares of the firm’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $85.75, for a total transaction of $1,343,016.50. Following the sale, the chief executive officer now directly owns 256,853 shares of the company’s stock, valued at $22,025,144.75. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 1.40% of the company’s stock.
Shares of NYSE:HXL opened at $78.78 on Tuesday. The company has a market capitalization of $6.72 billion, a P/E ratio of 25.83, a P/E/G ratio of 2.37 and a beta of 1.01. Hexcel Co. has a 1-year low of $53.50 and a 1-year high of $87.00. The firm’s 50 day simple moving average is $77.20 and its two-hundred day simple moving average is $78.87. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.22 and a quick ratio of 1.21.
Hexcel (NYSE:HXL) last announced its quarterly earnings data on Monday, October 21st. The aerospace company reported $0.90 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.88 by $0.02. The firm had revenue of $572.50 million during the quarter, compared to analysts’ expectations of $598.88 million. Hexcel had a net margin of 12.73% and a return on equity of 21.74%. The company’s revenue for the quarter was up 5.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.80 earnings per share. On average, sell-side analysts anticipate that Hexcel Co. will post 3.53 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, November 8th. Shareholders of record on Friday, November 1st were paid a $0.17 dividend. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $0.68 dividend on an annualized basis and a yield of 0.86%. Hexcel’s payout ratio is presently 22.30%.
Several brokerages have recently weighed in on HXL. Goldman Sachs Group cut shares of Hexcel from a “neutral” rating to a “sell” rating and set a $73.00 price target on the stock. in a research note on Friday, August 16th. Bank of America lowered Hexcel from a “buy” rating to an “underperform” rating and reduced their price objective for the stock from $95.00 to $80.00 in a research note on Tuesday, October 1st. Credit Suisse Group reduced their price objective on Hexcel from $79.00 to $78.00 and set a “neutral” rating for the company in a research note on Wednesday, October 23rd. Wells Fargo & Co assumed coverage on Hexcel in a report on Tuesday, October 15th. They issued a “market perform” rating and a $85.00 target price on the stock. Finally, ValuEngine downgraded Hexcel from a “hold” rating to a “sell” rating in a research report on Monday, October 21st. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company’s stock. Hexcel currently has an average rating of “Hold” and a consensus target price of $82.21.
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 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, 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 cars, boats, and trains.
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