Panagora Asset Management Inc. Boosts Stock Holdings in Howmet Aerospace Inc. (NYSE:HWM)

Posted by Defense World Staff on Jun 10th, 2023

Panagora Asset Management Inc. grew its position in shares of Howmet Aerospace Inc. (NYSE:HWM – Get Rating) by 228.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 102,637 shares of the company’s stock after purchasing an additional 71,407 shares during the quarter. Panagora Asset Management Inc.’s holdings in Howmet Aerospace were worth $4,045,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Mizuho Securities Co. Ltd. purchased a new position in shares of Howmet Aerospace during the 4th quarter valued at approximately $25,000. Massmutual Trust Co. FSB ADV grew its stake in Howmet Aerospace by 189.2% in the 4th quarter. Massmutual Trust Co. FSB ADV now owns 642 shares of the company’s stock valued at $25,000 after acquiring an additional 420 shares during the period. Allworth Financial LP grew its stake in Howmet Aerospace by 92.5% in the 4th quarter. Allworth Financial LP now owns 1,082 shares of the company’s stock valued at $41,000 after acquiring an additional 520 shares during the period. Shell Asset Management Co. grew its stake in Howmet Aerospace by 29.6% in the 4th quarter. Shell Asset Management Co. now owns 1,328 shares of the company’s stock valued at $52,000 after acquiring an additional 303 shares during the period. Finally, Exos TFP Holdings LLC acquired a new stake in Howmet Aerospace in the 3rd quarter valued at $45,000. 91.49% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on HWM shares. Morgan Stanley lifted their price target on shares of Howmet Aerospace from $47.00 to $49.00 and gave the company an “overweight” rating in a research note on Wednesday, February 15th. Benchmark raised shares of Howmet Aerospace from a “hold” rating to a “buy” rating and set a $49.00 price target on the stock in a research note on Friday, March 31st. Argus lifted their target price on shares of Howmet Aerospace from $43.00 to $49.00 and gave the stock a “buy” rating in a research note on Tuesday, February 21st. Bank of America lifted their target price on shares of Howmet Aerospace from $45.00 to $52.00 in a research note on Tuesday, May 9th. Finally, Truist Financial lifted their target price on shares of Howmet Aerospace from $39.00 to $42.00 in a research note on Wednesday, May 3rd. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Howmet Aerospace has an average rating of “Moderate Buy” and a consensus price target of $47.91.

Howmet Aerospace Stock Performance

NYSE HWM opened at $45.94 on Friday. The firm has a market capitalization of $18.99 billion, a P/E ratio of 39.95, a P/E/G ratio of 1.64 and a beta of 1.44. Howmet Aerospace Inc. has a 1-year low of $29.84 and a 1-year high of $46.67. The company has a debt-to-equity ratio of 1.08, a current ratio of 2.18 and a quick ratio of 0.99. The business’s 50-day simple moving average is $43.76 and its 200-day simple moving average is $41.42.

Howmet Aerospace (NYSE:HWM – Get Rating) last announced its earnings results on Tuesday, May 2nd. The company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.38 by $0.04. The business had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.49 billion. Howmet Aerospace had a return on equity of 18.39% and a net margin of 8.18%. The company’s revenue was up 21.1% on a year-over-year basis. During the same period last year, the business posted $0.31 EPS. Equities analysts predict that Howmet Aerospace Inc. will post 1.69 EPS for the current year.

Howmet Aerospace Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 25th. Investors of record on Friday, May 5th were issued a dividend of $0.04 per share. The ex-dividend date of this dividend was Thursday, May 4th. This represents a $0.16 annualized dividend and a dividend yield of 0.35%. Howmet Aerospace’s payout ratio is currently 13.91%.

About Howmet Aerospace

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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.