New York State Common Retirement Fund lessened its position in Hexcel Co. (NYSE:HXL) by 7.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 597,176 shares of the aerospace company’s stock after selling 49,866 shares during the quarter. New York State Common Retirement Fund owned approximately 0.71% of Hexcel worth $33,442,000 at the end of the most recent reporting period.
Several other hedge funds have also recently bought and sold shares of the stock. Nelson Van Denburg & Campbell Wealth Management Group LLC purchased a new stake in shares of Hexcel in the 1st quarter valued at $643,000. GW&K Investment Management LLC raised its holdings in shares of Hexcel by 13.8% in the 1st quarter. GW&K Investment Management LLC now owns 704,667 shares of the aerospace company’s stock valued at $39,462,000 after buying an additional 85,396 shares during the period. Russell Investments Group Ltd. raised its holdings in shares of Hexcel by 41.6% in the 1st quarter. Russell Investments Group Ltd. now owns 29,412 shares of the aerospace company’s stock valued at $1,645,000 after buying an additional 8,647 shares during the period. Trillium Asset Management LLC raised its holdings in shares of Hexcel by 6.5% in the 1st quarter. Trillium Asset Management LLC now owns 278,704 shares of the aerospace company’s stock valued at $15,607,000 after buying an additional 16,943 shares during the period. Finally, Woodley Farra Manion Portfolio Management Inc. purchased a new stake in shares of Hexcel in the 1st quarter valued at $19,858,000. Hedge funds and other institutional investors own 98.19% of the company’s stock.
Several brokerages have weighed in on HXL. Wells Fargo & Company upped their price target on Hexcel from $49.00 to $60.00 and gave the stock an “equal weight” rating in a report on Thursday, April 15th. Barclays upgraded Hexcel from an “underweight” rating to an “equal weight” rating and upped their price target for the stock from $57.00 to $64.00 in a report on Tuesday, March 16th. Credit Suisse Group upped their price target on Hexcel from $40.00 to $44.00 and gave the stock an “underperform” rating in a report on Wednesday, April 14th. Canaccord Genuity upped their price target on Hexcel from $48.00 to $56.00 and gave the stock a “hold” rating in a report on Monday, April 26th. Finally, The Goldman Sachs Group restated a “sell” rating and set a $43.00 price target on shares of Hexcel in a report on Thursday, April 1st. Five equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $46.27.
Hexcel (NYSE:HXL) last announced its earnings results on Sunday, April 18th. The aerospace company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.06. The firm had revenue of $310.30 million during the quarter, compared to analysts’ expectations of $300.48 million. Hexcel had a negative return on equity of 2.80% and a negative net margin of 1.94%. The business’s revenue was down 42.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.64 EPS. As a group, research analysts forecast that Hexcel Co. will post 0.23 EPS for the current year.
In related news, insider Thierry Merlot sold 1,580 shares of the company’s stock in a transaction dated Thursday, April 29th. The stock was sold at an average price of $56.26, for a total value of $88,890.80. Following the completion of the sale, the insider now directly owns 34,025 shares of the company’s stock, valued at approximately $1,914,246.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.39% of the stock is owned by corporate insiders.
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 automotive, marine, and trains.
Further Reading: Gross Domestic Product (GDP)
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