Key Points
- Insider sale: VP Meredith Ching sold 700 shares at $20.89 for $14,623, reducing her stake by 0.48% to 145,449 shares after the transaction.
- Dividend increase: Alexander & Baldwin raised its quarterly dividend to $0.35 (from $0.23), an annualized $1.40 yield of about 6.7% with an ex-dividend date of Dec. 19 and payment on Jan. 8.
- Financials and outlook: The company reported Q earnings of $0.20/share vs. $0.28 expected and slightly missed revenue estimates; analysts hold a consensus "Hold" rating with an average target near $20.95 while the stock trades around $20.89.
Alexander & Baldwin Holdings, Inc. (NYSE:ALEX - Get Free Report) VP Meredith Ching sold 700 shares of the business's stock in a transaction that occurred on Wednesday, December 10th. The shares were sold at an average price of $20.89, for a total transaction of $14,623.00. Following the completion of the transaction, the vice president directly owned 145,449 shares of the company's stock, valued at approximately $3,038,429.61. This represents a 0.48% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.
Alexander & Baldwin Trading Up 0.1%
NYSE ALEX traded up $0.03 during mid-day trading on Thursday, reaching $20.89. 245,092 shares of the stock were exchanged, compared to its average volume of 500,294. Alexander & Baldwin Holdings, Inc. has a 1-year low of $15.07 and a 1-year high of $20.97. The business's fifty day simple moving average is $16.37 and its 200 day simple moving average is $17.59. The stock has a market capitalization of $1.52 billion, a PE ratio of 20.68, a PEG ratio of 1.87 and a beta of 1.00. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.38 and a current ratio of 0.38.
Alexander & Baldwin (NYSE:ALEX - Get Free Report) last issued its quarterly earnings results on Friday, October 31st. The financial services provider reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.08). Alexander & Baldwin had a net margin of 33.62% and a return on equity of 7.29%. The business had revenue of $50.25 million during the quarter, compared to analyst estimates of $50.69 million. On average, research analysts anticipate that Alexander & Baldwin Holdings, Inc. will post 1.35 earnings per share for the current fiscal year.
Alexander & Baldwin Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 8th. Investors of record on Friday, December 19th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 6.7%. This is a boost from Alexander & Baldwin's previous quarterly dividend of $0.23. The ex-dividend date is Friday, December 19th. Alexander & Baldwin's dividend payout ratio (DPR) is currently 138.61%.
Wall Street Analysts Forecast Growth
A number of analysts have issued reports on the company. JMP Securities restated a "market perform" rating on shares of Alexander & Baldwin in a report on Tuesday, September 2nd. Piper Sandler cut shares of Alexander & Baldwin from an "overweight" rating to a "neutral" rating and set a $21.00 target price on the stock. in a research report on Tuesday. Weiss Ratings restated a "hold (c)" rating on shares of Alexander & Baldwin in a report on Monday. Industrial Alliance Securities set a $20.85 price target on shares of Alexander & Baldwin in a research report on Wednesday. Finally, Janney Montgomery Scott downgraded shares of Alexander & Baldwin from a "buy" rating to a "neutral" rating and set a $21.00 price target on the stock. in a research note on Wednesday. Five analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $20.95.
Read Our Latest Stock Report on ALEX
Institutional Trading of Alexander & Baldwin
A number of institutional investors have recently modified their holdings of ALEX. Franklin Resources Inc. raised its holdings in Alexander & Baldwin by 33.1% in the second quarter. Franklin Resources Inc. now owns 2,517,438 shares of the financial services provider's stock valued at $44,886,000 after buying an additional 626,289 shares during the period. Nuveen LLC acquired a new stake in shares of Alexander & Baldwin in the first quarter worth $8,116,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Alexander & Baldwin by 288.3% in the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 509,051 shares of the financial services provider's stock worth $9,260,000 after acquiring an additional 377,948 shares in the last quarter. Norges Bank purchased a new position in shares of Alexander & Baldwin in the 2nd quarter valued at $6,359,000. Finally, Millennium Management LLC lifted its holdings in shares of Alexander & Baldwin by 81.8% during the 1st quarter. Millennium Management LLC now owns 737,931 shares of the financial services provider's stock valued at $12,715,000 after acquiring an additional 331,969 shares in the last quarter. Hedge funds and other institutional investors own 91.29% of the company's stock.
About Alexander & Baldwin
(
Get Free Report)
Alexander & Baldwin, Inc engages in the real estate business. It operates through the Commercial Real Estate and Land Operations segments. The Commercial Real Estate segment includes investments and acquisitions, construction and development, and in-house leasing and property management. The Land Operations segment consists of legacy landholdings, assets, and liabilities subject to the company's simplification and monetization effort.
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