Howmet Aerospace Inc. (NYSE:HWM (BMV:HWM)) Executive Vice President of Human Resources, Neil Edward Marchuk, has sold a significant portion of his company stock, according to a recent filing with the U.S. Securities and Exchange Commission. The transaction, which took place on June 3, involved the sale of 32,614 shares of Howmet Aerospace common stock at an average price of $84.26, resulting in a total transaction value of approximately $2.75 million.
Investors tracking insider activity may note that the exact prices at which the shares were sold ranged from $84.16 to $84.38. This range represents a weighted average, indicating that the stock was sold in multiple transactions at varying prices within this bracket. Following the sale, Marchuk's remaining direct holdings in the company stand at 217,687 shares.
It is also noted that an additional 10 shares of Howmet Aerospace are held indirectly by Marchuk in a revocable trust, where he serves as both trustee and beneficiary. As trustee, Marchuk retains voting and investment power over these shares.
This transaction comes as part of the routine disclosures that executives of publicly traded companies are required to make regarding their ownership stakes. Shareholders and potential investors often scrutinize such sales for insights into executive confidence in the company's future prospects.
Howmet Aerospace, headquartered in Pittsburgh, Pennsylvania, is a global leader in advanced engineered solutions for the aerospace and transportation industries. The company's shares are publicly traded on the New York Stock Exchange under the ticker symbol HWM.
The SEC filing was signed on behalf of Marchuk by Margaret Lam, Assistant Secretary (Attorney-in-Fact) of Howmet Aerospace, on June 4, 2024.
InvestingPro Insights
Amidst the news of Howmet Aerospace Inc.'s (NYSE:HWM) Executive Vice President of Human Resources, Neil Edward Marchuk, selling a significant number of company shares, investors may be keen to understand the financial outlook of the company. According to InvestingPro, Howmet Aerospace is currently trading at a high earnings multiple, with a P/E Ratio (Adjusted) of 40.11 as of the last twelve months leading up to Q1 2024. Despite this high valuation, the company has been experiencing notable revenue growth, with an increase of 15.47% over the same period.
On the upside, Howmet Aerospace has demonstrated a strong track record, with a year-to-date price total return of 52.27% as of the data available. This performance is further highlighted by a substantial six-month price total return of 55.76%, showcasing the company's robust growth in the short term. Additionally, Howmet Aerospace has been consistent in rewarding its shareholders, raising its dividend for 3 consecutive years, with the most recent dividend growth at 25.0%.
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