Howmet Aerospace Inc. (NYSE:HWM – Get Rating) – Investment analysts at KeyCorp boosted their Q2 2023 earnings per share estimates for shares of Howmet Aerospace in a note issued to investors on Tuesday, May 2nd. KeyCorp analyst P. Gibbs now forecasts that the company will earn $0.43 per share for the quarter, up from their previous forecast of $0.41. KeyCorp has a “Overweight” rating and a $47.00 price objective on the stock. The consensus estimate for Howmet Aerospace’s current full-year earnings is $1.62 per share. KeyCorp also issued estimates for Howmet Aerospace’s Q3 2023 earnings at $0.42 EPS and Q4 2023 earnings at $0.43 EPS.
A number of other equities research analysts have also recently weighed in on the company. Argus lifted their price objective on Howmet Aerospace from $43.00 to $49.00 and gave the company a “buy” rating in a research note on Tuesday, February 21st. Jefferies Financial Group initiated coverage on Howmet Aerospace in a report on Wednesday, March 22nd. They issued a “buy” rating and a $50.00 price objective on the stock. Benchmark raised Howmet Aerospace from a “hold” rating to a “buy” rating and set a $49.00 target price for the company in a research report on Friday, March 31st. Wells Fargo & Company decreased their price objective on Howmet Aerospace from $50.00 to $48.00 and set an “overweight” rating for the company in a research report on Wednesday, March 22nd. Finally, Truist Financial raised their price objective on Howmet Aerospace from $39.00 to $42.00 in a research note on Wednesday. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $46.30.
Howmet Aerospace Price Performance
Howmet Aerospace (NYSE:HWM – Get Rating) last posted its earnings results on Tuesday, May 2nd. The company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.38 by $0.04. The firm had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.49 billion. Howmet Aerospace had a return on equity of 17.53% and a net margin of 8.28%. Howmet Aerospace’s revenue for the quarter was up 21.1% compared to the same quarter last year. During the same period last year, the company earned $0.31 earnings per share.
Howmet Aerospace Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 25th. Investors of record on Friday, May 5th will be issued a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a yield of 0.37%. The ex-dividend date of this dividend is Thursday, May 4th. Howmet Aerospace’s dividend payout ratio is presently 14.41%.
Insider Buying and Selling at Howmet Aerospace
In other news, EVP Neil Edward Marchuk sold 57,000 shares of the company’s stock in a transaction dated Monday, March 6th. The shares were sold at an average price of $43.61, for a total transaction of $2,485,770.00. Following the completion of the transaction, the executive vice president now owns 286,751 shares of the company’s stock, valued at $12,505,211.11. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Howmet Aerospace news, VP Barbara Lou Shultz sold 4,627 shares of the firm’s stock in a transaction that occurred on Thursday, February 23rd. The shares were sold at an average price of $42.16, for a total value of $195,074.32. Following the transaction, the vice president now directly owns 20,542 shares of the company’s stock, valued at $866,050.72. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Neil Edward Marchuk sold 57,000 shares of Howmet Aerospace stock in a transaction on Monday, March 6th. The stock was sold at an average price of $43.61, for a total transaction of $2,485,770.00. Following the transaction, the executive vice president now directly owns 286,751 shares in the company, valued at $12,505,211.11. The disclosure for this sale can be found here. Corporate insiders own 1.23% of the company’s stock.
Institutional Investors Weigh In On Howmet Aerospace
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in shares of Howmet Aerospace by 1.1% during the 3rd quarter. Vanguard Group Inc. now owns 41,896,484 shares of the company’s stock worth $1,295,859,000 after buying an additional 449,248 shares during the period. Boston Partners grew its holdings in Howmet Aerospace by 2.7% in the third quarter. Boston Partners now owns 21,112,872 shares of the company’s stock worth $655,335,000 after purchasing an additional 563,403 shares during the period. Geode Capital Management LLC grew its holdings in shares of Howmet Aerospace by 3.0% during the fourth quarter. Geode Capital Management LLC now owns 7,638,380 shares of the company’s stock valued at $300,494,000 after buying an additional 221,524 shares during the last quarter. Bessemer Group Inc. lifted its position in shares of Howmet Aerospace by 16.0% during the fourth quarter. Bessemer Group Inc. now owns 6,022,670 shares of the company’s stock valued at $237,353,000 after purchasing an additional 830,354 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of Howmet Aerospace by 9.1% in the fourth quarter. JPMorgan Chase & Co. now owns 4,600,788 shares of the company’s stock valued at $181,317,000 after purchasing an additional 383,703 shares during the period. 91.49% of the stock is currently owned by institutional investors and hedge funds.
About Howmet Aerospace
Howmet Aerospace, Inc engages in provision of engineered solutions for the aerospace and transportation industries. It operates through the following segments: Engine Products, Fastening Systems, Engineered Structures, and Forged Wheels. The Engine Products segment produces investment castings, including airfoils, and seamless rolled rings primarily for aircraft engines (aerospace commercial and defense) and industrial gas turbines.
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