Alexander & Baldwin, Inc. (NYSE:ALEX) Sees Large Drop in Short Interest

Alexander & Baldwin, Inc. (NYSE:ALEX) was the recipient of a large decrease in short interest in the month of October. As of October 31st, there was short interest totalling 510,300 shares, a decrease of 9.1% from the October 15th total of 561,300 shares. Approximately 0.7% of the shares of the stock are sold short. Based on an average trading volume of 317,200 shares, the days-to-cover ratio is presently 1.6 days.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on ALEX shares. Alliance Global Partners assumed coverage on shares of Alexander & Baldwin in a research note on Thursday, August 8th. They set a “buy” rating and a $22.00 price objective on the stock. StockNews.com raised Alexander & Baldwin from a “hold” rating to a “buy” rating in a report on Friday. Finally, Piper Sandler reiterated an “overweight” rating and set a $23.00 price target (up previously from $22.00) on shares of Alexander & Baldwin in a report on Friday, October 25th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, Alexander & Baldwin has an average rating of “Moderate Buy” and a consensus price target of $21.67.

Hedge Funds Weigh In On Alexander & Baldwin

Institutional investors and hedge funds have recently modified their holdings of the business. GAMMA Investing LLC lifted its position in shares of Alexander & Baldwin by 103.3% during the 3rd quarter. GAMMA Investing LLC now owns 1,494 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 759 shares during the period. Rothschild Investment LLC acquired a new position in shares of Alexander & Baldwin during the second quarter valued at about $35,000. Allspring Global Investments Holdings LLC acquired a new position in shares of Alexander & Baldwin during the first quarter valued at about $41,000. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Alexander & Baldwin by 34.8% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,818 shares of the financial services provider’s stock worth $54,000 after purchasing an additional 727 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. grew its stake in shares of Alexander & Baldwin by 19.9% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 3,447 shares of the financial services provider’s stock valued at $66,000 after buying an additional 572 shares during the period. 91.29% of the stock is currently owned by institutional investors.

Alexander & Baldwin Trading Down 0.4 %

Shares of ALEX stock traded down $0.08 during mid-day trading on Monday, hitting $19.22. The company’s stock had a trading volume of 215,928 shares, compared to its average volume of 321,820. The company has a market cap of $1.40 billion, a PE ratio of 30.98 and a beta of 1.26. The company’s fifty day simple moving average is $19.09 and its 200-day simple moving average is $18.19. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.35 and a current ratio of 0.35. Alexander & Baldwin has a 52 week low of $15.53 and a 52 week high of $20.30.

Alexander & Baldwin Company Profile

Alexander & Baldwin, Inc (NYSE: ALEX) (A&B) is the only publicly-traded real estate investment trust to focus exclusively on Hawai’i commercial real estate and is the state’s largest owner of grocery-anchored, neighborhood shopping centers. A&B owns, operates and manages approximately 3.9 million square feet of commercial space in Hawai’i, including 22 retail centers, 13 industrial assets and four office properties, as well as 142.0 acres of ground lease assets.