HOWMET AEROSPACE INC. $42 is a hold. The company (New York symbol HWM; Manufacturing & Industry sector; Shares outstanding: 412.3 million; Market cap: $17.3 billion; Price-to-sales ratio: 2.9; Dividend yield: 0.4%; TSINetwork Rating: Average; www.howmet.com) makes a range of industrial parts, from jet engine components and fasteners to forged aluminum wheels.
Howmet’s revenue in the fourth quarter of 2022 rose 17.7%, to $1.51 billion from $1.29 billion a year earlier. That gain is due to strong demand for commercial aerospace equipment as easing COVID-19 restrictions spurred air travel volumes. Savings from a restructuring plan lifted earnings by 26.7%, to $0.38 a share from $0.30.
The stock now trades at 25.8 times the $1.63 a share Howmet will probably earn in 2023. That’s a somewhat high multiple for a cyclical industrial firm facing higher costs for raw materials and labour. The $0.16 dividend yields 0.4%.
Howmet Aerospace is a hold. hold…
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