Covenant Asset Management LLC Sells 1,101 Shares of Howmet Aerospace Inc. (NYSE:HWM)

Covenant Asset Management LLC cut its stake in Howmet Aerospace Inc. (NYSE:HWM) by 2.2% during the fourth quarter, HoldingsChannel reports. The firm owned 48,692 shares of the company’s stock after selling 1,101 shares during the period. Howmet Aerospace accounts for about 0.8% of Covenant Asset Management LLC’s holdings, making the stock its 17th largest position. Covenant Asset Management LLC’s holdings in Howmet Aerospace were worth $5,325,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently added to or reduced their stakes in HWM. R Squared Ltd purchased a new position in shares of Howmet Aerospace during the fourth quarter worth approximately $26,000. RiverPark Advisors LLC bought a new stake in Howmet Aerospace during the 3rd quarter valued at $26,000. Hollencrest Capital Management purchased a new stake in shares of Howmet Aerospace in the 3rd quarter worth $30,000. Global Trust Asset Management LLC purchased a new position in shares of Howmet Aerospace during the fourth quarter valued at $33,000. Finally, Hanson & Doremus Investment Management purchased a new position in shares of Howmet Aerospace during the fourth quarter valued at $34,000. Hedge funds and other institutional investors own 90.46% of the company’s stock.

Analyst Upgrades and Downgrades

HWM has been the topic of a number of research reports. Robert W. Baird raised their target price on shares of Howmet Aerospace from $113.00 to $144.00 and gave the company an “outperform” rating in a research report on Thursday, November 7th. Bank of America boosted their price objective on shares of Howmet Aerospace from $100.00 to $135.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Sanford C. Bernstein lifted their price target on Howmet Aerospace from $113.00 to $127.00 and gave the company an “outperform” rating in a report on Monday, October 21st. UBS Group upped their price objective on Howmet Aerospace from $103.00 to $120.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Finally, Susquehanna raised their price objective on Howmet Aerospace from $120.00 to $132.00 and gave the company a “positive” rating in a research report on Thursday, November 7th. One research analyst has rated the stock with a sell rating, two have given a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, Howmet Aerospace currently has a consensus rating of “Moderate Buy” and an average price target of $117.76.

Howmet Aerospace Stock Performance

Shares of HWM stock opened at $133.66 on Friday. The business has a fifty day moving average of $118.75 and a 200 day moving average of $107.74. Howmet Aerospace Inc. has a 1 year low of $62.70 and a 1 year high of $133.92. The company has a debt-to-equity ratio of 0.76, a current ratio of 2.24 and a quick ratio of 0.98. The firm has a market capitalization of $54.30 billion, a price-to-earnings ratio of 51.02, a price-to-earnings-growth ratio of 1.45 and a beta of 1.50.

Howmet Aerospace (NYSE:HWM) last released its earnings results on Thursday, February 13th. The company reported $0.74 EPS for the quarter, topping analysts’ consensus estimates of $0.71 by $0.03. Howmet Aerospace had a return on equity of 24.50% and a net margin of 14.81%. As a group, research analysts expect that Howmet Aerospace Inc. will post 2.66 earnings per share for the current year.

Howmet Aerospace Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 25th. Stockholders of record on Friday, February 7th will be paid a $0.10 dividend. The ex-dividend date is Friday, February 7th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.30%. This is a positive change from Howmet Aerospace’s previous quarterly dividend of $0.08. Howmet Aerospace’s dividend payout ratio is presently 12.21%.

About Howmet Aerospace

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.