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

Alexander & Baldwin, Inc. (NYSE:ALEX) was the target of a significant decrease in short interest during the month of September. As of September 30th, there was short interest totalling 620,000 shares, a decrease of 15.9% from the September 15th total of 737,400 shares. Based on an average daily volume of 381,400 shares, the days-to-cover ratio is currently 1.6 days. Approximately 0.9% of the company’s stock are short sold.

Alexander & Baldwin Stock Performance

Shares of ALEX traded down $0.15 during midday trading on Monday, reaching $18.52. The stock had a trading volume of 184,867 shares, compared to its average volume of 328,761. The firm has a 50 day simple moving average of $19.21 and a 200-day simple moving average of $17.69. Alexander & Baldwin has a one year low of $15.53 and a one year high of $20.30. The firm has a market cap of $1.34 billion, a PE ratio of 30.57 and a beta of 1.26. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 0.47.

Alexander & Baldwin Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, October 7th. Stockholders of record on Friday, September 20th were given a $0.2225 dividend. This represents a $0.89 dividend on an annualized basis and a dividend yield of 4.81%. The ex-dividend date of this dividend was Friday, September 20th. This is an increase from Alexander & Baldwin’s previous quarterly dividend of $0.22. Alexander & Baldwin’s dividend payout ratio (DPR) is 145.90%.

Institutional Trading of Alexander & Baldwin

Hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC lifted its stake 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 worth $29,000 after buying an additional 759 shares during the last quarter. Central Pacific Bank Trust Division acquired a new stake in shares of Alexander & Baldwin during the 1st quarter worth about $32,000. Rothschild Investment LLC acquired a new stake in shares of Alexander & Baldwin during the 2nd quarter worth about $35,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of Alexander & Baldwin during the 1st quarter worth about $41,000. Finally, Quarry LP lifted its stake in shares of Alexander & Baldwin by 577.4% during the 2nd quarter. Quarry LP now owns 5,047 shares of the financial services provider’s stock worth $86,000 after buying an additional 4,302 shares during the last quarter. Institutional investors and hedge funds own 91.29% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Alliance Global Partners assumed coverage on shares of Alexander & Baldwin in a report on Thursday, August 8th. They set a “buy” rating and a $22.00 target price for the company. Piper Sandler raised shares of Alexander & Baldwin from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $17.00 to $22.00 in a research report on Friday, July 26th. One analyst has rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Alexander & Baldwin currently has a consensus rating of “Moderate Buy” and an average target price of $21.33.

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.