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

Alexander & Baldwin, Inc. (NYSE:ALEX) was the target of a significant 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. Based on an average daily volume of 317,200 shares, the days-to-cover ratio is presently 1.6 days. Currently, 0.7% of the shares of the stock are short sold.

Institutional Trading of Alexander & Baldwin

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC acquired a new stake in shares of Alexander & Baldwin in the 1st quarter valued at approximately $41,000. BNP Paribas Financial Markets grew its stake in shares of Alexander & Baldwin by 18.7% in the first quarter. BNP Paribas Financial Markets now owns 46,859 shares of the financial services provider’s stock valued at $772,000 after buying an additional 7,383 shares in the last quarter. Janney Montgomery Scott LLC increased its stake in shares of Alexander & Baldwin by 42.9% during the 1st quarter. Janney Montgomery Scott LLC now owns 14,552 shares of the financial services provider’s stock worth $240,000 after purchasing an additional 4,366 shares during the last quarter. ProShare Advisors LLC raised its stake in Alexander & Baldwin by 7.3% in the first quarter. ProShare Advisors LLC now owns 14,626 shares of the financial services provider’s stock valued at $241,000 after buying an additional 1,001 shares during the period. Finally, State Board of Administration of Florida Retirement System raised its stake in Alexander & Baldwin by 56.6% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 32,437 shares of the financial services provider’s stock valued at $534,000 after acquiring an additional 11,730 shares during the period. Institutional investors and hedge funds own 91.29% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Alexander & Baldwin Price Performance

Shares of NYSE ALEX traded down $0.08 during midday trading on Monday, reaching $19.22. 215,928 shares of the company traded hands, compared to its average volume of 321,820. The firm has a market cap of $1.40 billion, a PE ratio of 30.98 and a beta of 1.26. Alexander & Baldwin has a 12 month low of $15.53 and a 12 month high of $20.30. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.35 and a current ratio of 0.35. The stock’s 50-day simple moving average is $19.09 and its 200-day simple moving average is $18.19.

About Alexander & Baldwin

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.