Alexander & Baldwin (NYSE:ALEX) Upgraded to "Buy" at StockNews.com

Alexander & Baldwin (NYSE:ALEX - Get Free Report) was upgraded by equities researchers at StockNews.com from a "hold" rating to a "buy" rating in a research report issued to clients and investors on Monday.

A number of other research firms also recently issued reports on ALEX. 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. Alliance Global Partners started coverage on shares of Alexander & Baldwin in a research note on Thursday, August 8th. They set a "buy" rating and a $22.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, Alexander & Baldwin currently has a consensus rating of "Moderate Buy" and a consensus target price of $21.67.

Alexander & Baldwin Stock Performance

ALEX traded up $0.18 during mid-day trading on Monday, reaching $18.92. 278,544 shares of the company traded hands, compared to its average volume of 324,345. The company's fifty day moving average price is $19.14 and its 200-day moving average price is $17.86. The stock has a market capitalization of $1.37 billion, a P/E ratio of 31.02 and a beta of 1.26. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 0.47. Alexander & Baldwin has a 52-week low of $15.53 and a 52-week high of $20.30.

Hedge Funds Weigh In On Alexander & Baldwin

Large investors have recently added to or reduced their stakes in the company. Louisiana State Employees Retirement System boosted its stake in shares of Alexander & Baldwin by 1.7% in the second quarter. Louisiana State Employees Retirement System now owns 36,500 shares of the financial services provider's stock worth $619,000 after acquiring an additional 600 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its stake in Alexander & Baldwin by 34.8% in 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 during the period. Van ECK Associates Corp grew its holdings in Alexander & Baldwin by 7.0% during the 2nd quarter. Van ECK Associates Corp now owns 11,136 shares of the financial services provider's stock valued at $189,000 after buying an additional 733 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Alexander & Baldwin by 103.3% during the third quarter. GAMMA Investing LLC now owns 1,494 shares of the financial services provider's stock valued at $29,000 after buying an additional 759 shares during the last quarter. Finally, Texas Permanent School Fund Corp raised its position in shares of Alexander & Baldwin by 1.3% during the first quarter. Texas Permanent School Fund Corp now owns 63,483 shares of the financial services provider's stock valued at $1,046,000 after buying an additional 822 shares during the last quarter. Hedge funds and other institutional investors own 91.29% of the company's stock.

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.

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