Howmet Aerospace Inc. $HWM Position Cut by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments cut its Howmet Aerospace stake by 49.4% in the third quarter, selling 222,199 shares and retaining 227,506 shares valued at about $52 million.
• Howmet reported quarterly EPS of $1.46, above the $1.37 consensus, while revenue rose 29.4% year over year to $2.70 billion.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $295.81; the company also declared a quarterly dividend of $0.14 per share.

Allspring Global Investments Holdings LLC lessened its position in Howmet Aerospace Inc. (NYSE:HWM - Free Report) by 49.4% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 227,506 shares of the company's stock after selling 222,199 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.06% of Howmet Aerospace worth $51,958,000 as of its most recent filing with the SEC.

Other hedge funds also recently bought and sold shares of the company. Premier Path Wealth Partners LLC grew its holdings in shares of Howmet Aerospace by 1.0% in the 2nd quarter. Premier Path Wealth Partners LLC now owns 3,812 shares of the company's stock valued at $1,025,000 after buying an additional 37 shares during the period. Bartlett & CO. Wealth Management LLC increased its position in shares of Howmet Aerospace by 55.1% in the 2nd quarter. Bartlett & CO. Wealth Management LLC now owns 107 shares of the company's stock valued at $29,000 after buying an additional 38 shares in the last quarter. Raleigh Capital Management Inc. raised its stake in Howmet Aerospace by 4.3% during the 2nd quarter. Raleigh Capital Management Inc. now owns 1,094 shares of the company's stock worth $294,000 after buying an additional 45 shares during the period. Anchyra Partners LLC lifted its holdings in Howmet Aerospace by 1.0% during the second quarter. Anchyra Partners LLC now owns 4,359 shares of the company's stock worth $1,172,000 after acquiring an additional 45 shares in the last quarter. Finally, Greenleaf Trust lifted its holdings in Howmet Aerospace by 1.0% during the second quarter. Greenleaf Trust now owns 5,085 shares of the company's stock worth $1,367,000 after acquiring an additional 49 shares in the last quarter. 90.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft increased their price target on Howmet Aerospace from $338.00 to $343.00 and gave the stock a "buy" rating in a report on Friday, August 7th. Sanford C. Bernstein reaffirmed an "outperform" rating and set a $298.00 price target (down from $328.00) on shares of Howmet Aerospace in a research report on Wednesday, October 7th. BTIG Research cut their price objective on Howmet Aerospace from $340.00 to $280.00 and set a "buy" rating on the stock in a report on Monday, November 2nd. Wells Fargo & Company decreased their price objective on Howmet Aerospace from $315.00 to $255.00 and set an "equal weight" rating for the company in a research report on Wednesday, September 30th. Finally, JPMorgan Chase & Co. increased their target price on Howmet Aerospace from $310.00 to $350.00 and gave the stock an "overweight" rating in a research note on Monday, August 10th. One analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, Howmet Aerospace presently has a consensus rating of "Moderate Buy" and an average target price of $295.81.

Howmet Aerospace Trading Up 1.3%

NYSE HWM opened at $219.01 on Wednesday. Howmet Aerospace Inc. has a 12 month low of $183.52 and a 12 month high of $310.00. The company has a current ratio of 1.86, a quick ratio of 0.90 and a debt-to-equity ratio of 0.70. The stock has a 50 day moving average of $221.90 and a 200-day moving average of $248.18. The company has a market cap of $87.09 billion, a PE ratio of 42.74, a PEG ratio of 1.58 and a beta of 1.31.

Howmet Aerospace (NYSE:HWM - Get Free Report) last issued its earnings results on Thursday, October 29th. The company reported $1.46 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.37 by $0.09. Howmet Aerospace had a net margin of 21.10% and a return on equity of 36.44%. The company had revenue of $2.70 billion for the quarter, compared to analysts' expectations of $2.59 billion. During the same period in the prior year, the firm earned $0.95 EPS. Howmet Aerospace's quarterly revenue was up 29.4% compared to the same quarter last year. On average, equities research analysts anticipate that Howmet Aerospace Inc. will post 5.49 EPS for the current fiscal year.

Howmet Aerospace Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 25th. Shareholders of record on Friday, November 6th will be given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend is Friday, November 6th. Howmet Aerospace's payout ratio is 10.96%.

About Howmet Aerospace

Howmet Aerospace designs and manufactures engineered metal products for the aerospace, commercial transportation and industrial markets. Its products include components for aircraft engines and airframes, fastening systems, and forged aluminum wheels for commercial trucks. The company operates through businesses focused on engine products, fastening systems, engineered structures and forged wheels. Its components and systems are used by aerospace manufacturers and suppliers, as well as customers in transportation and other industrial sectors.

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