Shares of Hexcel Corporation (HXL) are surging 5.59% in pre-market trading on Thursday, following the company's announcement of a substantial share repurchase program. The aerospace materials manufacturer has taken decisive steps to boost shareholder value, driving investor enthusiasm.

On October 22, Hexcel revealed that it had entered into accelerated share repurchase (ASR) agreements to buy back $350 million worth of its common stock. Additionally, the company's board of directors approved an extra $600 million authorization for share repurchases, bringing the total potential buyback to an impressive $950 million. This aggressive move signals management's confidence in the company's financial health and future prospects.

While the stock experiences a significant uptick, analysts remain divided on Hexcel's outlook. BMO Capital maintained a Hold rating on the stock with a price target of $67.00, while Truist Financial reiterated a Buy rating. The divergent views suggest that while the share repurchase program is positively received, there may be other factors at play in the company's long-term performance that warrant careful consideration by investors.