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

Alexander & Baldwin, Inc. (NYSE:ALEX) saw a significant drop in short interest in the month of October. As of October 15th, there was short interest totalling 561,300 shares, a drop of 9.5% from the September 30th total of 620,000 shares. Currently, 0.8% of the shares of the company are short sold. Based on an average daily volume of 354,700 shares, the short-interest ratio is presently 1.6 days.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ALEX. Private Management Group Inc. acquired a new stake in shares of Alexander & Baldwin in the 1st quarter valued at approximately $2,289,000. Clearbridge Investments LLC boosted its holdings in shares of Alexander & Baldwin by 24.4% during the 1st quarter. Clearbridge Investments LLC now owns 623,284 shares of the financial services provider’s stock valued at $10,265,000 after acquiring an additional 122,286 shares in the last quarter. Wakefield Asset Management LLLP bought a new stake in Alexander & Baldwin during the 2nd quarter worth $948,000. Reinhart Partners LLC. increased its holdings in Alexander & Baldwin by 2.9% in the 3rd quarter. Reinhart Partners LLC. now owns 2,553,912 shares of the financial services provider’s stock worth $49,035,000 after purchasing an additional 72,240 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its position in 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 purchasing an additional 7,383 shares during the last quarter. 91.29% of the stock is currently owned by institutional investors and hedge funds.

Alexander & Baldwin Price Performance

Alexander & Baldwin stock traded down $0.05 during trading hours on Friday, reaching $18.56. 111,003 shares of the stock were exchanged, compared to its average volume of 323,010. The stock has a 50 day moving average of $19.13 and a two-hundred day moving average of $17.91. The company has a market cap of $1.35 billion, a P/E ratio of 30.03 and a beta of 1.26. The company has a current ratio of 0.35, a quick ratio of 0.53 and a debt-to-equity ratio of 0.47. Alexander & Baldwin has a twelve month low of $15.53 and a twelve month high of $20.30.

Analyst Ratings Changes

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

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.