Hexcel (NYSE:HXL) Shares Up 3.4% After Earnings Beat

Hexcel Co. (NYSE:HXL)’s share price shot up 3.4% on Tuesday following a stronger than expected earnings report. The stock traded as high as $66.98 and last traded at $65.75. 351,852 shares changed hands during mid-day trading, a decline of 59% from the average session volume of 862,886 shares. The stock had previously closed at $63.60.

The aerospace company reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. The firm had revenue of $457.00 million during the quarter, compared to analysts’ expectations of $457.07 million. Hexcel had a return on equity of 9.55% and a net margin of 5.78%. The business’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.38 earnings per share.

Hexcel Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 8th. Shareholders of record on Friday, November 1st will be given a $0.15 dividend. The ex-dividend date is Friday, November 1st. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.93%. Hexcel’s dividend payout ratio is currently 51.28%.

Wall Street Analysts Forecast Growth

HXL has been the subject of a number of analyst reports. Truist Financial reduced their price target on Hexcel from $78.00 to $76.00 and set a “buy” rating for the company in a research report on Friday, October 18th. Stifel Nicolaus reduced their price target on Hexcel from $86.00 to $84.00 and set a “buy” rating for the company in a research report on Tuesday, July 2nd. Deutsche Bank Aktiengesellschaft reduced their price target on Hexcel from $65.00 to $62.00 and set a “hold” rating for the company in a research report on Thursday, October 3rd. Royal Bank of Canada cut Hexcel from an “outperform” rating to a “sector perform” rating and reduced their price target for the stock from $76.00 to $68.00 in a research report on Wednesday, August 14th. Finally, Vertical Research cut Hexcel from a “buy” rating to a “hold” rating and set a $65.00 price target for the company. in a research report on Thursday, October 10th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, Hexcel currently has a consensus rating of “Hold” and an average target price of $73.08.

Hedge Funds Weigh In On Hexcel

Several institutional investors and hedge funds have recently added to or reduced their stakes in HXL. Fidelis Capital Partners LLC bought a new position in Hexcel during the first quarter valued at about $36,000. Centerpoint Advisors LLC increased its stake in Hexcel by 44.6% during the first quarter. Centerpoint Advisors LLC now owns 723 shares of the aerospace company’s stock valued at $53,000 after acquiring an additional 223 shares during the period. Harel Insurance Investments & Financial Services Ltd. bought a new position in Hexcel during the first quarter valued at about $54,000. Eastern Bank bought a new position in Hexcel during the third quarter valued at about $62,000. Finally, GAMMA Investing LLC increased its stake in Hexcel by 34.8% during the second quarter. GAMMA Investing LLC now owns 1,068 shares of the aerospace company’s stock valued at $67,000 after acquiring an additional 276 shares during the period. 95.47% of the stock is currently owned by institutional investors.

Hexcel Stock Up 1.2 %

The company has a debt-to-equity ratio of 0.51, a current ratio of 2.75 and a quick ratio of 1.55. The stock has a market capitalization of $5.35 billion, a P/E ratio of 55.01, a price-to-earnings-growth ratio of 1.38 and a beta of 1.29. The firm has a 50 day moving average of $61.59 and a 200-day moving average of $64.34.

Hexcel Company 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.