Allspring Global Investments Holdings LLC Reduces Position in Howmet Aerospace Inc. (NYSE:HWM)

Allspring Global Investments Holdings LLC lessened its position in shares of Howmet Aerospace Inc. (NYSE:HWM) by 2.1% during the second quarter, HoldingsChannel reports. The institutional investor owned 138,254 shares of the company’s stock after selling 2,969 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Howmet Aerospace were worth $10,733,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Cultivar Capital Inc. purchased a new position in shares of Howmet Aerospace in the 2nd quarter valued at approximately $26,000. Versant Capital Management Inc grew its stake in shares of Howmet Aerospace by 1,209.1% in the 2nd quarter. Versant Capital Management Inc now owns 432 shares of the company’s stock valued at $34,000 after purchasing an additional 399 shares during the last quarter. Whittier Trust Co. grew its stake in shares of Howmet Aerospace by 81.4% in the 1st quarter. Whittier Trust Co. now owns 508 shares of the company’s stock valued at $35,000 after purchasing an additional 228 shares during the last quarter. AlphaCentric Advisors LLC purchased a new position in shares of Howmet Aerospace in the 2nd quarter valued at approximately $36,000. Finally, West Oak Capital LLC purchased a new position in shares of Howmet Aerospace in the 2nd quarter valued at approximately $39,000. Hedge funds and other institutional investors own 90.46% of the company’s stock.

Insider Transactions at Howmet Aerospace

In other news, EVP Neil Edward Marchuk sold 70,637 shares of Howmet Aerospace stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $96.94, for a total value of $6,847,550.78. Following the completion of the sale, the executive vice president now owns 92,687 shares of the company’s stock, valued at $8,985,077.78. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, EVP Neil Edward Marchuk sold 70,637 shares of Howmet Aerospace stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $96.94, for a total value of $6,847,550.78. Following the completion of the sale, the executive vice president now owns 92,687 shares of the company’s stock, valued at $8,985,077.78. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Ken Giacobbe sold 154,909 shares of Howmet Aerospace stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $96.58, for a total value of $14,961,111.22. Following the completion of the sale, the chief financial officer now directly owns 155,135 shares of the company’s stock, valued at approximately $14,982,938.30. The disclosure for this sale can be found here. Insiders sold a total of 258,160 shares of company stock valued at $24,556,718 over the last three months. 1.12% of the stock is currently owned by insiders.

Howmet Aerospace Stock Performance

NYSE HWM opened at $96.96 on Friday. Howmet Aerospace Inc. has a fifty-two week low of $42.94 and a fifty-two week high of $98.15. The stock has a market cap of $39.58 billion, a price-to-earnings ratio of 46.84, a price-to-earnings-growth ratio of 1.58 and a beta of 1.45. The business has a fifty day moving average of $86.31 and a 200-day moving average of $77.00. The company has a quick ratio of 0.92, a current ratio of 1.53 and a debt-to-equity ratio of 0.68.

Howmet Aerospace (NYSE:HWM) last released its quarterly earnings results on Tuesday, July 30th. The company reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Howmet Aerospace had a return on equity of 23.02% and a net margin of 13.15%. The company had revenue of $1.88 billion during the quarter, compared to analysts’ expectations of $1.83 billion. During the same period in the previous year, the firm posted $0.44 earnings per share. The business’s revenue for the quarter was up 14.1% compared to the same quarter last year. As a group, analysts predict that Howmet Aerospace Inc. will post 2.6 earnings per share for the current fiscal year.

Howmet Aerospace Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 26th. Stockholders of record on Friday, August 9th were issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.33%. This is a boost from Howmet Aerospace’s previous quarterly dividend of $0.05. The ex-dividend date was Friday, August 9th. Howmet Aerospace’s payout ratio is 15.46%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on HWM shares. Truist Financial lifted their target price on Howmet Aerospace from $88.00 to $105.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Benchmark raised their price target on Howmet Aerospace from $53.00 to $85.00 and gave the company a “buy” rating in a report on Friday, July 12th. Royal Bank of Canada raised their price target on Howmet Aerospace from $90.00 to $105.00 and gave the company an “outperform” rating in a report on Wednesday, July 31st. The Goldman Sachs Group raised their price target on Howmet Aerospace from $77.00 to $87.00 and gave the company a “buy” rating in a report on Friday, May 3rd. Finally, JPMorgan Chase & Co. raised their price target on Howmet Aerospace from $83.00 to $105.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $90.67.

Howmet Aerospace Company Profile

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.