Renaissance Investment Group LLC Acquires 15,144 Shares of Howmet Aerospace Inc. (NYSE:HWM)

Key Points

• Renaissance Investment Group LLC increased its stake in Howmet Aerospace Inc. by 27.4%, owning 70,335 shares worth approximately $9.1 million as of its last filing.
• Insiders at Howmet Aerospace have sold a significant number of shares, with 831,250 shares sold valued at $130.5 million over the last ninety days, indicating a potential trend in insider trading.
• Howmet Aerospace recently reported earnings of $0.86 per share, exceeding analyst expectations, and generated $1.94 billion in revenue for the quarter, reflecting a 5.5% increase year-over-year.

Renaissance Investment Group LLC boosted its position in shares of Howmet Aerospace Inc. (NYSE:HWM - Free Report) by 27.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 70,335 shares of the company's stock after buying an additional 15,144 shares during the period. Howmet Aerospace makes up approximately 2.2% of Renaissance Investment Group LLC's investment portfolio, making the stock its 22nd largest position. Renaissance Investment Group LLC's holdings in Howmet Aerospace were worth $9,125,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD lifted its holdings in shares of Howmet Aerospace by 0.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 13,213,937 shares of the company's stock worth $1,445,210,000 after acquiring an additional 80,972 shares during the last quarter. Janus Henderson Group PLC raised its holdings in Howmet Aerospace by 10.3% during the 4th quarter. Janus Henderson Group PLC now owns 10,947,354 shares of the company's stock worth $1,197,315,000 after purchasing an additional 1,026,130 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Howmet Aerospace by 3.2% during the 4th quarter. Geode Capital Management LLC now owns 9,810,797 shares of the company's stock worth $1,070,267,000 after buying an additional 308,574 shares during the period. Capital World Investors grew its position in shares of Howmet Aerospace by 13.3% during the 4th quarter. Capital World Investors now owns 4,855,273 shares of the company's stock worth $531,021,000 after buying an additional 570,567 shares during the period. Finally, Northern Trust Corp grew its position in shares of Howmet Aerospace by 10.5% during the 4th quarter. Northern Trust Corp now owns 3,676,908 shares of the company's stock worth $402,143,000 after buying an additional 349,384 shares during the period. 90.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on HWM. UBS Group raised their price objective on Howmet Aerospace from $120.00 to $155.00 and gave the company a "neutral" rating in a research note on Friday, May 2nd. Susquehanna boosted their price objective on Howmet Aerospace from $170.00 to $210.00 and gave the stock a "positive" rating in a report on Monday, July 14th. Truist Financial upped their target price on Howmet Aerospace from $161.00 to $192.00 and gave the stock a "buy" rating in a research note on Thursday, June 12th. Morgan Stanley upped their target price on Howmet Aerospace from $170.00 to $210.00 and gave the stock an "overweight" rating in a research note on Thursday, July 17th. Finally, Vertical Research reiterated a "buy" rating on shares of Howmet Aerospace in a research report on Thursday. Five analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, Howmet Aerospace currently has a consensus rating of "Moderate Buy" and an average price target of $150.44.

Howmet Aerospace Stock Performance

HWM traded up $5.13 during trading on Friday, reaching $184.90. The company's stock had a trading volume of 3,392,133 shares, compared to its average volume of 3,085,082. Howmet Aerospace Inc. has a 52-week low of $85.39 and a 52-week high of $193.26. The company's fifty day moving average price is $177.97 and its 200-day moving average price is $148.69. The company has a market capitalization of $74.64 billion, a price-to-earnings ratio of 60.31, a price-to-earnings-growth ratio of 2.82 and a beta of 1.43. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.07 and a current ratio of 2.30.

Howmet Aerospace (NYSE:HWM - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The company reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.87 by $0.04. Howmet Aerospace had a return on equity of 27.25% and a net margin of 16.64%. The company had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $1.99 billion. During the same period in the previous year, the firm posted $0.67 EPS. Howmet Aerospace's revenue was up 9.2% on a year-over-year basis. On average, equities analysts forecast that Howmet Aerospace Inc. will post 3.27 earnings per share for the current fiscal year.

Howmet Aerospace Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 25th. Stockholders of record on Friday, August 8th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.3%. This is a boost from Howmet Aerospace's previous quarterly dividend of $0.10. The ex-dividend date is Friday, August 8th. Howmet Aerospace's payout ratio is 15.64%.

Insider Activity

In other news, VP Barbara Lou Shultz sold 1,250 shares of the firm's stock in a transaction on Monday, May 5th. The shares were sold at an average price of $155.17, for a total transaction of $193,962.50. Following the transaction, the vice president owned 23,044 shares in the company, valued at approximately $3,575,737.48. This trade represents a 5.15% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Neil Edward Marchuk sold 30,000 shares of the business's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $158.53, for a total transaction of $4,755,900.00. Following the completion of the transaction, the executive vice president owned 131,859 shares in the company, valued at approximately $20,903,607.27. This trade represents a 18.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 831,250 shares of company stock worth $130,517,863 over the last three months. Corporate insiders own 1.04% of the company's stock.

About Howmet Aerospace

Howmet Aerospace Inc provides advanced engineered solutions for the aerospace and transportation industries in the United States, Japan, France, Germany, the United Kingdom, Mexico, Italy, Canada, Poland, China, and internationally. It operates through four segments: Engine Products, Fastening Systems, Engineered Structures, and Forged Wheels.