Redhawk Wealth Advisors Inc. has taken a significant step by acquiring a new position in Howmet Aerospace Inc. (NYSE: HWM) during the third quarter of 2023. According to its latest Form 13F filing with the Securities and Exchange Commission, Redhawk purchased 4,655 shares of Howmet’s stock, valued at approximately $913,000.
This move by Redhawk comes amid a broader trend of institutional investors adjusting their stakes in Howmet Aerospace. For instance, Shell Asset Management Co. significantly increased its holdings by 135.6% during the second quarter, now owning 12,420 shares valued at $2.31 million. Voya Investment Management LLC also raised its position by 9.1% in the third quarter, bringing its total to 1,247,220 shares worth approximately $244.74 million.
Institutional investment in Howmet has shown robust growth, with Forsta AP Fonden increasing its stake by 27.7%, and Vanguard Group Inc. lifting its holdings by 1.4%. Westfield Capital Management Co. LP also made headlines by boosting its share count by 68.8%, now holding 1,915,955 shares valued at $356.62 million. These movements highlight a strong institutional interest, with hedge funds and other institutional investors now owning 90.46% of Howmet’s stock.
Howmet Aerospace’s stock performance has been noteworthy. On November 10, 2023, shares opened at $203.24, with a 12-month low of $105.04 and a high of $211.95. The company’s current ratio stands at 2.35, while its quick ratio is 1.14 and debt-to-equity ratio is 0.63. With a market capitalization of $81.71 billion, Howmet has a price-to-earnings (P/E) ratio of 57.09 and a price-to-earnings-growth (PEG) ratio of 2.27.
Dividend Announcement and Analyst Ratings
In addition to its stock performance, Howmet Aerospace recently declared a quarterly dividend of $0.12 per share, paid on November 25, 2023. Shareholders of record as of November 7, 2023, received this dividend, representing an annualized total of $0.48 and a dividend yield of 0.2%. The company’s dividend payout ratio (DPR) is currently 13.48%, reflecting a commitment to returning value to shareholders.
Analysts have been optimistic about Howmet’s prospects. On November 10, 2023, JPMorgan Chase & Co. raised its price target from $190.00 to $227.00, maintaining an “overweight” rating for the stock. Additionally, TD Cowen increased its price target from $210.00 to $240.00, also recommending a “buy” rating.
A comprehensive analysis indicates a consensus rating of “Moderate Buy” for Howmet Aerospace, with one analyst issuing a “Strong Buy” rating, sixteen recommending a Buy, and four suggesting a Hold. The average target price among analysts is set at $218.75, showcasing a solid outlook for the company.
About Howmet Aerospace
Howmet Aerospace Inc. specializes in manufacturing and repairing engineered metal products for aerospace, transportation, and industrial markets. Its diverse product portfolio includes precision castings, forged components, engineered fasteners, and complex parts for turbine engines and airframes. The company also offers aftermarket services, including component repair and parts distribution, catering to a global customer base of original equipment manufacturers (OEMs) and aftermarket operators.
Manufacturing and service facilities are strategically located across North America, Europe, and Asia, allowing Howmet to effectively support its extensive network of clients in the aerospace and industrial sectors.
In summary, the recent acquisition by Redhawk Wealth Advisors and the activity of other institutional investors indicate a growing confidence in Howmet Aerospace’s market position and financial stability.
