Short Interest in Alexander & Baldwin, Inc. (NYSE:ALEX) Declines By 9.5%

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

Alexander & Baldwin Trading Up 0.2 %

Alexander & Baldwin stock traded up $0.04 during mid-day trading on Wednesday, reaching $19.02. 310,250 shares of the company traded hands, compared to its average volume of 324,085. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.53 and a quick ratio of 0.53. Alexander & Baldwin has a 52-week low of $15.53 and a 52-week high of $20.30. The firm has a market capitalization of $1.38 billion, a price-to-earnings ratio of 31.11 and a beta of 1.26. The firm’s 50 day moving average price is $19.14 and its 200 day moving average price is $17.90.

Hedge Funds Weigh In On Alexander & Baldwin

Several large investors have recently made changes to their positions in the business. Private Management Group Inc. bought a new position in shares of Alexander & Baldwin in the first quarter worth approximately $2,289,000. Clearbridge Investments LLC boosted its position in shares of Alexander & Baldwin by 24.4% during the first quarter. Clearbridge Investments LLC now owns 623,284 shares of the financial services provider’s stock valued at $10,265,000 after buying an additional 122,286 shares during the last quarter. Wakefield Asset Management LLLP bought a new stake in Alexander & Baldwin in the 2nd quarter worth about $948,000. Reinhart Partners LLC. raised its position 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 buying an additional 72,240 shares during the last quarter. Finally, BNP Paribas Financial Markets lifted its stake in Alexander & Baldwin by 18.7% during the 1st quarter. BNP Paribas Financial Markets now owns 46,859 shares of the financial services provider’s stock valued at $772,000 after acquiring an additional 7,383 shares during the period. 91.29% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on ALEX. Alliance Global Partners began coverage on Alexander & Baldwin in a research note on Thursday, August 8th. They set a “buy” rating and a $22.00 price objective for the company. StockNews.com raised Alexander & Baldwin from a “hold” rating to a “buy” rating in a report on Monday. 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 report on Friday, October 25th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $21.67.

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.