Zacks Investment Research Upgrades Howmet Aerospace (NYSE:HWM) to “Buy”

Howmet Aerospace (NYSE:HWM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday, Zacks.com reports. The brokerage presently has a $21.00 target price on the stock. Zacks Investment Research‘s target price would indicate a potential upside of 11.82% from the company’s previous close.

According to Zacks, “Howmet Aerospace Inc. is a provider of advanced engineered solutions for the aerospace and transportation industries. The Company’s primary businesses focus on jet engine components, aerospace fastening systems and titanium structural parts for aerospace and defense applications, as well as forged wheels for commercial transportation. Howmet Aerospace Inc., formerly known as Arconic Inc, is based in Pittsburgh, Pennsylvania. “

Several other brokerages have also recently weighed in on HWM. JPMorgan Chase & Co. upped their price target on Howmet Aerospace from $16.00 to $20.00 and gave the company an “overweight” rating in a research report on Friday, September 11th. They noted that the move was a valuation call. Argus cut Howmet Aerospace from a “buy” rating to a “hold” rating and set a $18.00 price target on the stock. in a research report on Tuesday, August 18th. Barclays upgraded Howmet Aerospace from an “underweight” rating to an “overweight” rating and set a $22.00 price target on the stock in a research report on Thursday, September 10th. Credit Suisse Group upped their price objective on shares of Howmet Aerospace from $19.00 to $21.00 and gave the stock an “outperform” rating in a research report on Monday. Finally, Cowen restated a “hold” rating and issued a $17.00 price objective on shares of Howmet Aerospace in a research report on Thursday, August 6th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Howmet Aerospace currently has a consensus rating of “Buy” and a consensus target price of $19.83.

Shares of Howmet Aerospace stock opened at $18.78 on Tuesday. Howmet Aerospace has a 52-week low of $9.87 and a 52-week high of $34.27. The firm has a 50-day moving average price of $17.11. The company has a market cap of $8.19 billion, a PE ratio of 15.92 and a beta of 1.64. The company has a quick ratio of 1.22, a current ratio of 2.23 and a debt-to-equity ratio of 1.38.

Howmet Aerospace (NYSE:HWM) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.12 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.06 by $0.06. Howmet Aerospace had a return on equity of 21.09% and a net margin of 4.58%. The firm had revenue of $1.25 billion for the quarter, compared to analysts’ expectations of $1.12 billion. The firm’s quarterly revenue was down 31.1% on a year-over-year basis. Research analysts predict that Howmet Aerospace will post 0.66 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently modified their holdings of the business. Fjarde AP Fonden Fourth Swedish National Pension Fund purchased a new stake in Howmet Aerospace in the first quarter worth approximately $757,000. US Bancorp DE purchased a new stake in Howmet Aerospace in the second quarter worth approximately $334,000. World Asset Management Inc purchased a new stake in Howmet Aerospace in the second quarter worth approximately $256,000. Cibc World Markets Corp purchased a new stake in Howmet Aerospace in the second quarter worth approximately $2,330,000. Finally, Comerica Bank purchased a new stake in Howmet Aerospace in the second quarter worth approximately $1,428,000. 87.90% of the stock is owned by institutional investors and hedge funds.

Howmet Aerospace Company Profile

Howmet Aerospace Inc provides advanced engineered solutions for the aerospace and transportation industries. It offers jet engine components, aerospace fastening systems, and titanium structural parts for mission-critical performance and efficiency in aerospace and defense applications, as well as forged wheels for commercial transportation.

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