Gotham Asset Management LLC has increased its stake in Howmet Aerospace Inc. by 2.7% during the third quarter of 2024. According to a recent filing with the Securities and Exchange Commission (SEC), the fund now holds 211,111 shares of Howmet’s stock after acquiring an additional 5,455 shares during the quarter. The value of Gotham’s holdings in Howmet Aerospace amounts to approximately $41.4 million as of this latest disclosure.
This move comes amid a broader trend of institutional investors adjusting their positions in Howmet Aerospace. Notably, Norges Bank established a new position in the company during the second quarter, investing about $1.63 billion. Additionally, JPMorgan Chase & Co. increased its stake by 30.1% in the same period, now owning 31,806,624 shares valued at around $5.92 billion after purchasing an additional 7,356,077 shares.
Similarly, American Century Companies Inc. bolstered its investment by 51.8%, bringing its total to 3,635,999 shares valued at approximately $676.8 million. Furthermore, Invesco Ltd. raised its stake by 12.2%, owning 7,367,438 shares worth about $1.45 billion after acquiring an additional 801,093 shares. Finally, Westfield Capital Management Co. LP increased its position by 68.8%, now holding 1,915,955 shares valued at around $356.6 million. Collectively, institutional investors and hedge funds control 90.46% of Howmet’s stock.
Insider Transactions and Stock Performance
In other developments, Howmet Aerospace has seen significant insider trading activity. On February 18, 2024, Executive Vice President Neil Edward Marchuk sold 45,150 shares at an average price of $251.70, amounting to a total of $11.36 million. Following this transaction, Marchuk retains 107,008 shares valued at approximately $26.93 million, representing a 29.67% decrease in his ownership.
Additionally, Vice President Barbara Lou Shultz sold 1,000 shares on February 26, 2024, for a total of $260,000. Post-sale, Shultz owns 23,874 shares valued at $6.21 million, reflecting a 4.02% decrease in her holdings. Currently, insiders hold 1.12% of the company’s stock.
Financial Overview and Market Performance
Howmet Aerospace’s stock opened at $236.76 on the latest trading day. The firm boasts a 50-day moving average price of $233.28 and a 200-day moving average of $208.95. The company’s market capitalization stands at $94.93 billion, with a price-to-earnings ratio of 63.82 and a price-to-earnings-growth ratio of 2.19. The stock has fluctuated between a 1-year low of $105.04 and a 1-year high of $267.31.
Howmet Aerospace reported its quarterly earnings on February 12, 2024, revealing an earnings per share (EPS) of $1.05, surpassing analysts’ expectations of $0.97 by $0.08. The company also reported a revenue of $2.17 billion, exceeding forecasts of $2.12 billion, marking a year-over-year revenue growth of 14.6%. Howmet’s return on equity stands at 30.41%, while its net margin is 18.27%.
Looking forward, Howmet Aerospace has provided guidance for the first quarter of 2026, forecasting an EPS of between $1.090 and $1.110, with full-year guidance set between $4.350 and $4.550. Analysts anticipate that the company will report an EPS of $3.27 for the current fiscal year.
In addition, Howmet Aerospace recently announced a quarterly dividend of $0.12 per share, which was paid on February 25, 2024. Investors of record as of February 6, 2024 received this dividend, representing an annualized payout of $0.48 and a yield of 0.2%. The company’s payout ratio currently stands at 12.94%.
Howmet Aerospace Inc. specializes in the design, manufacture, and repair of engineered metal products for diverse markets, including aerospace, transportation, and industrial sectors. Its product range encompasses precision castings, engineered fasteners, and complex components for turbine engines, among others. The company also offers aftermarket services to support both commercial and military customers globally.
