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Mackenzie Financial Corp Sells 132,861 Shares of Howmet Aerospace Inc. (NYSE:HWM)

Howmet Aerospace logo with Aerospace background

Key Points

  • Mackenzie Financial Corp has significantly reduced its stake in Howmet Aerospace Inc., selling 132,861 shares and lowering its ownership by 77.3% to 38,983 shares, which are valued at approximately $5 million.
  • Howmet Aerospace's recent quarterly earnings exceeded expectations, reporting earnings per share of $0.91 against an anticipated $0.87, with revenues of $2.05 billion, a 9.2% increase year-over-year.
  • The company has increased its quarterly dividend from $0.10 to $0.12 per share, representing an annualized dividend of $0.48 and a yield of 0.3%, set to be paid on August 25th.
  • MarketBeat previews top five stocks to own in September.

Mackenzie Financial Corp reduced its position in Howmet Aerospace Inc. (NYSE:HWM - Free Report) by 77.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 38,983 shares of the company's stock after selling 132,861 shares during the quarter. Mackenzie Financial Corp's holdings in Howmet Aerospace were worth $5,057,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. CVA Family Office LLC lifted its position in Howmet Aerospace by 15.7% during the first quarter. CVA Family Office LLC now owns 605 shares of the company's stock valued at $78,000 after purchasing an additional 82 shares during the last quarter. Mount Lucas Management LP lifted its position in Howmet Aerospace by 3.2% during the first quarter. Mount Lucas Management LP now owns 2,661 shares of the company's stock valued at $345,000 after purchasing an additional 82 shares during the last quarter. MassMutual Private Wealth & Trust FSB lifted its position in Howmet Aerospace by 4.9% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 1,971 shares of the company's stock valued at $256,000 after purchasing an additional 92 shares during the last quarter. Nilsine Partners LLC lifted its position in Howmet Aerospace by 3.9% during the first quarter. Nilsine Partners LLC now owns 2,461 shares of the company's stock valued at $319,000 after purchasing an additional 93 shares during the last quarter. Finally, Argentarii LLC lifted its holdings in shares of Howmet Aerospace by 1.1% in the 1st quarter. Argentarii LLC now owns 9,054 shares of the company's stock worth $1,175,000 after acquiring an additional 98 shares during the last quarter. 90.46% of the stock is currently owned by institutional investors.

Insider Activity

In other Howmet Aerospace news, EVP Neil Edward Marchuk sold 30,000 shares of the company'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 transaction, the executive vice president owned 131,859 shares in the company, valued at approximately $20,903,607.27. This represents a 18.53% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO John C. Plant sold 800,000 shares of the company's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $156.96, for a total transaction of $125,568,000.00. Following the transaction, the chief executive officer owned 236,544 shares in the company, valued at $37,127,946.24. This represents a 77.18% decrease in their position. The disclosure for this sale can be found here. 1.12% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on HWM shares. Morgan Stanley boosted their price objective on shares of Howmet Aerospace from $170.00 to $210.00 and gave the stock an "overweight" rating in a report on Thursday, July 17th. Northcoast Research upgraded shares of Howmet Aerospace from a "sell" rating to a "neutral" rating in a report on Wednesday, April 9th. Vertical Research restated a "buy" rating on shares of Howmet Aerospace in a report on Thursday. Barclays lifted their target price on shares of Howmet Aerospace from $140.00 to $190.00 and gave the stock an "overweight" rating in a research note on Monday. Finally, BTIG Research reissued a "buy" rating on shares of Howmet Aerospace in a research report on Monday, May 5th. Four analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $160.80.

Check Out Our Latest Stock Analysis on Howmet Aerospace

Howmet Aerospace Stock Down 1.8%

Howmet Aerospace stock traded down $3.31 during mid-day trading on Monday, reaching $180.95. The stock had a trading volume of 3,728,762 shares, compared to its average volume of 2,917,817. The company has a market capitalization of $72.95 billion, a price-to-earnings ratio of 57.22, a PEG ratio of 2.58 and a beta of 1.48. The company has a 50-day moving average price of $178.35 and a two-hundred day moving average price of $149.51. Howmet Aerospace Inc. has a one year low of $85.39 and a one year high of $193.26. The company has a debt-to-equity ratio of 0.65, a current ratio of 2.31 and a quick ratio of 1.08.

Howmet Aerospace (NYSE:HWM - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The company reported $0.91 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.87 by $0.04. The company had revenue of $2.05 billion for the quarter, compared to analysts' expectations of $1.99 billion. Howmet Aerospace had a net margin of 18.09% and a return on equity of 28.17%. Howmet Aerospace's revenue was up 9.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.67 EPS. On average, analysts expect that Howmet Aerospace Inc. will post 3.27 EPS for the current fiscal year.

Howmet Aerospace Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, August 25th. Shareholders of record on Friday, August 8th will be paid a dividend of $0.12 per share. The ex-dividend date is Friday, August 8th. This represents a $0.48 annualized dividend and a yield of 0.3%. This is an increase from Howmet Aerospace's previous quarterly dividend of $0.10. Howmet Aerospace's dividend payout ratio (DPR) is currently 11.70%.

Howmet Aerospace Company Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Howmet Aerospace (NYSE:HWM)

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