Howmet Aerospace Inc. $HWM Stock Position Cut by Commonwealth Equity Services LLC

Key Points

• Commonwealth Equity Services cut its Howmet Aerospace position by 11.2% in the third quarter, selling 15,203 shares and retaining 121,113 shares valued at about $27.4 million. Institutional investors own 90.46% of the stock.
• Howmet reported quarterly EPS of $1.46, topping the $1.37 consensus, while revenue rose 29.4% year over year to $2.70 billion.
• Analyst sentiment remains broadly positive: MarketBeat reports a “Moderate Buy” average rating and a $295.81 average price target, despite some analysts recently lowering their targets.

Commonwealth Equity Services LLC decreased its position in Howmet Aerospace Inc. (NYSE:HWM - Free Report) by 11.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 121,113 shares of the company's stock after selling 15,203 shares during the quarter. Commonwealth Equity Services LLC's holdings in Howmet Aerospace were worth $27,393,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of HWM. BlackRock Inc. acquired a new position in shares of Howmet Aerospace during the second quarter worth about $12,318,939,000. State Street Corp grew its holdings in shares of Howmet Aerospace by 3.3% during the second quarter. State Street Corp now owns 18,933,928 shares of the company's stock worth $5,090,576,000 after buying an additional 612,866 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of Howmet Aerospace by 1.7% during the first quarter. Bank of America Corp DE now owns 10,728,447 shares of the company's stock worth $2,472,478,000 after buying an additional 177,533 shares in the last quarter. Jupiter Topco LLC bought a new position in shares of Howmet Aerospace during the second quarter worth about $2,065,086,000. Finally, Bank of New York Mellon Corp acquired a new stake in Howmet Aerospace in the 2nd quarter valued at approximately $1,099,765,000. 90.46% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Wells Fargo & Company cut their target price on Howmet Aerospace from $315.00 to $255.00 and set an "equal weight" rating on the stock in a research note on Wednesday, September 30th. Deutsche Bank Aktiengesellschaft upped their price target on Howmet Aerospace from $338.00 to $343.00 and gave the stock a "buy" rating in a research report on Friday, August 7th. Weiss Ratings raised shares of Howmet Aerospace from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, August 19th. Zacks Research downgraded shares of Howmet Aerospace from a "strong-buy" rating to a "hold" rating in a report on Friday, October 9th. Finally, Susquehanna cut their price objective on shares of Howmet Aerospace from $340.00 to $275.00 and set a "positive" rating on the stock in a research report on Friday, October 30th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $295.81.

Howmet Aerospace Price Performance

Shares of NYSE HWM opened at $205.79 on Monday. The stock has a market capitalization of $81.83 billion, a price-to-earnings ratio of 40.27, a PEG ratio of 1.50 and a beta of 1.31. The business has a 50-day moving average of $223.40 and a 200-day moving average of $248.22. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.86 and a quick ratio of 0.90. Howmet Aerospace Inc. has a fifty-two week low of $183.52 and a fifty-two week high of $310.00.

Howmet Aerospace (NYSE:HWM - Get Free Report) last released 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 return on equity of 36.44% and a net margin of 21.10%. The business had revenue of $2.70 billion for the quarter, compared to the consensus estimate of $2.59 billion. During the same quarter in the previous year, the business earned $0.95 earnings per share. Howmet Aerospace's quarterly revenue was up 29.4% on a year-over-year basis. As a group, sell-side analysts predict that Howmet Aerospace Inc. will post 5.49 earnings per share for the current fiscal year.

Howmet Aerospace Dividend Announcement

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

Howmet Aerospace became an independent company in 2020 following its separation from Arconic.

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