Zurcher Kantonalbank Zurich Cantonalbank Purchases 6,239 Shares of Hexcel Co. (HXL)
Zurcher Kantonalbank Zurich Cantonalbank raised its position in Hexcel Co. (NYSE:HXL) by 16.7% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 43,682 shares of the aerospace company’s stock after purchasing an additional 6,239 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Hexcel were worth $2,900,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Private Capital Group LLC increased its position in shares of Hexcel by 1,522.4% in the first quarter. Private Capital Group LLC now owns 2,028 shares of the aerospace company’s stock valued at $131,000 after acquiring an additional 1,903 shares during the last quarter. Contravisory Investment Management Inc. acquired a new stake in shares of Hexcel in the second quarter valued at about $148,000. BNP Paribas Arbitrage SA increased its position in shares of Hexcel by 441.6% in the second quarter. BNP Paribas Arbitrage SA now owns 2,237 shares of the aerospace company’s stock valued at $148,000 after acquiring an additional 1,824 shares during the last quarter. Glen Harbor Capital Management LLC increased its position in shares of 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 acquiring an additional 770 shares during the last quarter. Finally, First Mercantile Trust Co. acquired a new stake in shares of Hexcel in the first quarter valued at about $191,000. 98.10% of the stock is currently owned by hedge funds and other institutional investors.
In other Hexcel news, Director Jeffrey A. Graves purchased 1,550 shares of Hexcel stock in a transaction that occurred on Friday, July 27th. The stock was acquired at an average price of $69.00 per share, for a total transaction of $106,950.00. Following the completion of the acquisition, the director now owns 3,000 shares of the company’s stock, valued at approximately $207,000. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Robert George Hennemuth sold 17,885 shares of Hexcel 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 transaction, the insider now owns 47,279 shares of the company’s stock, valued at approximately $3,331,278.34. The disclosure for this sale can be found here. Company insiders own 1.30% of the company’s stock.
Hexcel (NYSE:HXL) last posted its quarterly earnings results on Monday, July 23rd. The aerospace company reported $0.75 EPS for the quarter, hitting analysts’ consensus estimates of $0.75. Hexcel had a return on equity of 17.56% and a net margin of 13.78%. The business had revenue of $547.50 million during the quarter, compared to analysts’ expectations of $541.92 million. During the same quarter last year, the company posted $0.67 earnings per share. Hexcel’s quarterly revenue was up 11.4% on a year-over-year basis. analysts anticipate that Hexcel Co. will post 3.03 earnings per share for the current year.
Hexcel declared that its board has approved a share repurchase program on Monday, May 7th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the aerospace company to reacquire up to 8.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which was paid on Friday, August 10th. Investors of record on Friday, August 3rd were issued a dividend of $0.15 per share. The ex-dividend date was Thursday, August 2nd. This represents a $0.60 dividend on an annualized basis and a yield of 0.87%. This is a boost from Hexcel’s previous quarterly dividend of $0.13. Hexcel’s dividend payout ratio (DPR) is presently 22.39%.
A number of research firms recently issued reports on HXL. UBS Group began coverage on Hexcel in a research report on Wednesday, August 15th. They issued a “sell” rating and a $65.00 target price on the stock. Stephens set a $80.00 target price on Hexcel and gave the company a “buy” rating in a research report on Wednesday, July 25th. Canaccord Genuity reaffirmed a “buy” rating and issued a $80.00 target price on shares of Hexcel in a research report on Monday, July 23rd. Cowen reaffirmed a “buy” rating and issued a $75.00 target price on shares of Hexcel in a research report on Tuesday, June 12th. Finally, Credit Suisse Group lifted their target price on Hexcel from $67.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, April 25th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the stock. Hexcel presently has an average rating of “Hold” and an average target price of $73.17.
Hexcel Company Profile
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.
Want to see what other hedge funds are holding HXL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Hexcel Co. (NYSE:HXL).
Receive News & Ratings for Hexcel Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Hexcel and related companies with MarketBeat.com's FREE daily email newsletter.