Howmet Aerospace Inc. $HWM Shares Purchased by Elite Wealth Management Inc.

Elite Wealth Management Inc. raised its holdings in Howmet Aerospace Inc. (NYSE:HWM) by 95.0% during the third quarter, Holdings Channel reports. The institutional investor owned 61,987 shares of the company’s stock after buying an additional 30,205 shares during the quarter. Howmet Aerospace makes up about 2.7% of Elite Wealth Management Inc.’s holdings, making the stock its 9th largest position. Elite Wealth Management Inc.’s holdings in Howmet Aerospace were worth $14,020,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. BlackRock Inc. bought a new stake in shares of Howmet Aerospace during the second quarter worth about $12,318,939,000. State Street Corp raised its holdings in shares of Howmet Aerospace by 3.3% in the 2nd quarter. State Street Corp now owns 18,933,928 shares of the company’s stock worth $5,090,576,000 after acquiring an additional 612,866 shares during the last quarter. Bank of America Corp DE raised its holdings in shares of Howmet Aerospace by 1.7% in the 1st quarter. Bank of America Corp DE now owns 10,728,447 shares of the company’s stock worth $2,472,478,000 after acquiring an additional 177,533 shares during the last quarter. Jupiter Topco LLC bought a new position in Howmet Aerospace in the 2nd quarter valued at about $2,065,086,000. Finally, Bank of New York Mellon Corp bought a new position in Howmet Aerospace in the 2nd quarter valued at about $1,099,765,000. 90.46% of the stock is currently owned by institutional investors and hedge funds.

Howmet Aerospace Stock Performance

NYSE HWM opened at $205.79 on Monday. Howmet Aerospace Inc. has a 1 year low of $183.52 and a 1 year high of $310.00. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.86 and a quick ratio of 0.90. The firm has a market cap of $81.83 billion, a price-to-earnings ratio of 40.27, a PEG ratio of 1.50 and a beta of 1.31. The company has a fifty day moving average price of $223.40 and a 200-day moving average price of $248.22.

Howmet Aerospace (NYSE:HWM) last announced its earnings results on Thursday, October 29th. The company reported $1.46 EPS for the quarter, beating the consensus estimate of $1.37 by $0.09. Howmet Aerospace had a net margin of 21.10% and a return on equity of 36.44%. The company had revenue of $2.70 billion during the quarter, compared to the consensus estimate of $2.59 billion. During the same quarter in the prior year, the company posted $0.95 earnings per share. The firm’s revenue for the quarter was up 29.4% on a year-over-year basis. As a group, equities research analysts predict that Howmet Aerospace Inc. will post 5.49 EPS for the current fiscal year.

Howmet Aerospace Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 25th. Shareholders of record on Friday, November 6th will be given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend is Friday, November 6th. Howmet Aerospace’s dividend payout ratio is presently 10.96%.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Morgan Stanley reiterated an “overweight” rating and set a $335.00 price target on shares of Howmet Aerospace in a research note on Monday, August 10th. TD Cowen decreased their price objective on Howmet Aerospace from $320.00 to $280.00 and set a “buy” rating for the company in a report on Friday, October 9th. Weiss Ratings raised Howmet Aerospace from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, August 19th. Sanford C. Bernstein restated an “outperform” rating and issued a $298.00 target price (down from $328.00) on shares of Howmet Aerospace in a report on Wednesday, October 7th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on Howmet Aerospace from $338.00 to $343.00 and gave the company a “buy” rating in a report on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $295.81.

About Howmet Aerospace

Howmet Aerospace designs and manufactures engineered metal products for the aerospace, commercial transportation and industrial markets. Its products include components for aircraft engines and airframes, fastening systems, and forged aluminum wheels for commercial trucks.

The company operates through businesses focused on engine products, fastening systems, engineered structures and forged wheels. Its components and systems are used by aerospace manufacturers and suppliers, as well as customers in transportation and other industrial sectors.

Howmet Aerospace became an independent company in 2020 following its separation from Arconic.