Hexcel (HXL) to Buyback $300 million in Stock

Hexcel (NYSE:HXL) declared that its Board of Directors has approved a stock repurchase program, which permits the company to repurchase $300 million in outstanding shares on Thursday, February 9th, EventVestor reports. This repurchase authorization permits the aerospace company to buy up to 6.4% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

Hexcel (NYSE:HXL) traded down 0.28% during trading on Wednesday, reaching $49.76. 979,773 shares of the company’s stock were exchanged. The stock’s 50 day moving average price is $52.29 and its 200 day moving average price is $51.70. Hexcel has a 52-week low of $38.87 and a 52-week high of $55.91. The firm has a market cap of $4.52 billion, a P/E ratio of 18.02 and a beta of 0.99.

Hexcel (NYSE:HXL) last posted its quarterly earnings data on Wednesday, April 19th. The aerospace company reported $0.60 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.63 by $0.03. The company had revenue of $478.80 million during the quarter, compared to the consensus estimate of $522.29 million. Hexcel had a return on equity of 19.67% and a net margin of 12.46%. The firm’s revenue for the quarter was down 3.8% on a year-over-year basis. During the same quarter last year, the company posted $0.59 earnings per share. Equities research analysts anticipate that Hexcel will post $2.69 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 9th. Shareholders of record on Tuesday, May 2nd were given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 0.88%. The ex-dividend date of this dividend was Friday, April 28th. Hexcel’s payout ratio is currently 16.60%.

Several research analysts have recently issued reports on HXL shares. Bank of America Corp upgraded shares of Hexcel from a “neutral” rating to a “buy” rating and set a $65.00 price objective on the stock in a report on Monday, February 6th. Zacks Investment Research upgraded shares of Hexcel from a “hold” rating to a “buy” rating and set a $59.00 price objective on the stock in a report on Tuesday, February 14th. Canaccord Genuity restated a “hold” rating and set a $52.00 price objective on shares of Hexcel in a report on Friday, March 17th. Finally, Cowen and Company reiterated a “buy” rating and set a $57.00 target price on shares of Hexcel in a research report on Wednesday, April 19th. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $55.78.

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In other news, insider Thierry Merlot sold 4,774 shares of the stock in a transaction that occurred on Thursday, March 2nd. The stock was sold at an average price of $55.29, for a total transaction of $263,954.46. Following the completion of the sale, the insider now owns 16,182 shares of the company’s stock, valued at $894,702.78. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Wayne C. Pensky sold 10,249 shares of the stock in a transaction that occurred on Thursday, March 2nd. The shares were sold at an average price of $55.32, for a total value of $566,974.68. Following the sale, the chief financial officer now directly owns 94,313 shares of the company’s stock, valued at approximately $5,217,395.16. The disclosure for this sale can be found here. 1.80% of the stock is owned by company insiders.

Hexcel Company Profile

Hexcel Corporation is a composites company. The Company develops, manufactures, and markets lightweight, structural materials, including carbon fibers, specialty reinforcements, prepregs and other fiber-reinforced matrix materials, honeycomb, adhesives, engineered honeycomb and structures, for use in Commercial Aerospace, Space and Defense and Industrial markets.

5 Day Chart for NYSE:HXL

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