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

Shares of Hexcel Co. (NYSE:HXL) shot up 3.4% during trading on Tuesday after the company announced better than expected quarterly earnings. The company traded as high as $66.98 and last traded at $65.75. 351,852 shares changed hands during 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, topping the consensus estimate of $0.46 by $0.01. The business had revenue of $457.00 million for the quarter, compared to the consensus estimate of $457.07 million. Hexcel had a return on equity of 9.55% and a net margin of 5.78%. The business’s revenue was up 8.9% on a year-over-year basis. During the same quarter last year, the business posted $0.38 EPS.

Hexcel Announces Dividend

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

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Stifel Nicolaus cut their target price on Hexcel from $86.00 to $84.00 and set a “buy” rating on the stock in a research note on Tuesday, July 2nd. BMO Capital Markets cut their target price on Hexcel from $71.00 to $70.00 and set a “market perform” rating on the stock in a research note on Monday, September 30th. UBS Group cut their target price on Hexcel from $73.00 to $71.00 and set a “neutral” rating on the stock in a research note on Monday, July 1st. Royal Bank of Canada cut Hexcel from an “outperform” rating to a “sector perform” rating and lowered their price target for the company from $76.00 to $68.00 in a research report on Wednesday, August 14th. Finally, Truist Financial lowered their price target on Hexcel from $78.00 to $76.00 and set a “buy” rating on the stock in a research report on Friday, October 18th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, Hexcel presently has an average rating of “Hold” and an average target price of $73.08.

Hedge Funds Weigh In On Hexcel

A number of hedge funds have recently modified their holdings of HXL. Fidelis Capital Partners LLC acquired a new position in shares of Hexcel in the 1st quarter worth $36,000. Centerpoint Advisors LLC grew its holdings in shares of 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 buying an additional 223 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. purchased a new position in shares of Hexcel during the first quarter valued at $54,000. Eastern Bank purchased a new position in shares of Hexcel during the third quarter valued at $62,000. Finally, GAMMA Investing LLC grew its holdings in shares of 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 buying an additional 276 shares in the last quarter. 95.47% of the stock is currently owned by institutional investors and hedge funds.

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 firm has a market cap of $5.35 billion, a PE ratio of 55.01, a P/E/G ratio of 1.38 and a beta of 1.29. The business has a fifty day moving average price of $61.59 and a two-hundred day moving average price of $64.34.

About Hexcel

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.