Pinnacle Associates Ltd. Sells 56,148 Shares of Hexcel Corporation (NYSE:HXL)

Key Points

• Pinnacle Associates Ltd. reduced its stake in Hexcel Corporation by 23.3%, selling 56,148 shares and now owning approximately 0.23% of the company.
• Several brokerages have downgraded Hexcel's stock ratings and adjusted price targets, with the average target now at $59.22 and a consensus rating of "Hold."
• Hexcel has declared a quarterly dividend of $0.17, with a payout ratio of 62.96%, to be paid on August 15th to shareholders of record.

Pinnacle Associates Ltd. lowered its stake in Hexcel Corporation (NYSE:HXL - Free Report) by 23.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 184,454 shares of the aerospace company's stock after selling 56,148 shares during the quarter. Pinnacle Associates Ltd. owned approximately 0.23% of Hexcel worth $10,101,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of HXL. NBC Securities Inc. bought a new stake in shares of Hexcel during the first quarter worth approximately $61,000. Parvin Asset Management LLC bought a new stake in shares of Hexcel during the fourth quarter worth approximately $66,000. Farther Finance Advisors LLC boosted its holdings in shares of Hexcel by 71.2% during the first quarter. Farther Finance Advisors LLC now owns 1,200 shares of the aerospace company's stock worth $66,000 after acquiring an additional 499 shares during the period. Huntington National Bank boosted its holdings in shares of Hexcel by 21.4% during the fourth quarter. Huntington National Bank now owns 1,159 shares of the aerospace company's stock worth $73,000 after acquiring an additional 204 shares during the period. Finally, Brown Brothers Harriman & Co. boosted its holdings in shares of Hexcel by 61.8% during the fourth quarter. Brown Brothers Harriman & Co. now owns 1,272 shares of the aerospace company's stock worth $80,000 after acquiring an additional 486 shares during the period. Institutional investors and hedge funds own 95.47% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on HXL. BMO Capital Markets lowered their price target on shares of Hexcel from $72.00 to $52.00 and set a "market perform" rating for the company in a report on Wednesday, April 23rd. Truist Financial lowered their price target on shares of Hexcel from $73.00 to $67.00 and set a "buy" rating for the company in a report on Wednesday, April 23rd. Royal Bank Of Canada lowered their price target on shares of Hexcel from $70.00 to $62.00 and set an "outperform" rating for the company in a report on Wednesday, April 23rd. Wall Street Zen downgraded shares of Hexcel from a "buy" rating to a "hold" rating in a report on Sunday, April 27th. Finally, Barclays lowered their price target on shares of Hexcel from $75.00 to $68.00 and set an "equal weight" rating for the company in a report on Tuesday, April 1st. One analyst has rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $59.22.

Hexcel Stock Down 1.9%

HXL traded down $1.21 during midday trading on Friday, reaching $61.15. The company's stock had a trading volume of 2,636,817 shares, compared to its average volume of 1,065,833. The firm has a market capitalization of $4.92 billion, a price-to-earnings ratio of 56.62, a PEG ratio of 2.11 and a beta of 1.28. The company has a current ratio of 2.59, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. Hexcel Corporation has a 1 year low of $45.28 and a 1 year high of $71.05. The stock's 50-day moving average is $56.39 and its 200-day moving average is $57.64.

Hexcel (NYSE:HXL - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The aerospace company reported $0.50 EPS for the quarter, beating analysts' consensus estimates of $0.46 by $0.04. Hexcel had a net margin of 4.69% and a return on equity of 9.77%. The firm had revenue of $489.90 million for the quarter, compared to analysts' expectations of $482.20 million. During the same quarter in the prior year, the company posted $0.60 earnings per share. The business's revenue for the quarter was down 2.1% on a year-over-year basis. As a group, research analysts expect that Hexcel Corporation will post 2.14 EPS for the current year.

Hexcel Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Friday, August 8th will be given a $0.17 dividend. The ex-dividend date of this dividend is Friday, August 8th. This represents a $0.68 annualized dividend and a yield of 1.11%. Hexcel's payout ratio is presently 62.96%.

Hexcel Profile

Hexcel Corporation develops, manufactures, and markets carbon fibers, structural reinforcements, honeycomb structures, resins, and composite materials and parts for use in commercial aerospace, space and defense, and industrial applications. It operates through two segments, Composite Materials and Engineered Products.