10 S&P 500 Stocks That Outperformed Bitcoin in 2024

7. Howmet Aerospace Inc. (NYSE:HWM)

1-Year Price Performance: 111.41%

Number of Hedge Fund Holders: 45

Howmet Aerospace Inc. (NYSE:HWM) is an American aerospace company that develops critical solutions for the aerospace, defense, and transportation sectors. Its diversified range includes engine components, fastening systems, engineering structures, and forged wheels, which play an important role in military applications.

On February 14, BofA reaffirmed its Buy rating on Howmet Aerospace, with a price objective of $135. The firm assigned its rating based on a number of factors influencing Howmet Aerospace’s financial performance and market outlook, including the company exceeding expectations with an adjusted EPS of $0.74, owing primarily to strong operating profits in key segments such as Fastening Systems and Engineered Structures. Furthermore, the company anticipates sustained growth in the aftermarket and engine spares markets, as well as a cautious increase in production rates. Moreover, Howmet’s decision to raise its dividend by 25%, from $0.08 to $0.10 per share, shows confidence in its future cash flow generation.

Delaware Ivy Core Equity Fund stated the following regarding Howmet Aerospace Inc. (NYSE:HWM) in its Q3 2024 investor letter:

“Howmet Aerospace Inc. (NYSE:HWM) – Though recovery in large airplane manufacturing is uneven due to supply constraints (affecting both Boeing and Airbus), this manufacturer of airframe and jet-engine components was a prime beneficiary of higher production rates across the industry in addition to higher content per engine. Second-quarter earnings surprised materially to the upside.”