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Howmet Aerospace Inc. , headquartered in Pittsburgh, Pennsylvania, provides advanced engineered solutions for the aerospace and transportation industries. Valued at $38.8 billion by market cap, the company offers engines, fasteners, and structures, as well as forged wheels.
Companies worth $10 billion or more are generally described as “large-cap stocks,” and HWM perfectly fits that description, with its market cap exceeding this mark, underscoring its size, influence, and dominance within the aerospace & defense industry. HWM boasts robust financials driven by its dominance in aerospace, defense, and industrial markets. Its expertise in lightweight metals engineering and manufacturing secures key supplier status for aircraft engines and turbines. HWM's innovative products, such as advanced airfoils and specialized fasteners, meet stringent aerospace requirements, enhancing performance and efficiency.
Despite its notable strength, HWM slipped 3.6% from its 52-week high of $98.15, achieved on Aug. 28. Over the past three months, HWM stock has gained 18.2%, outperforming the Dow Jones Industrials Average’s ($DOWI) 7.3% gains during the same time frame.
In the longer term, shares of HWM rose 74.8% on a YTD basis and climbed 102.6% over the past 52 weeks, outperforming DOWI’s YTD gains of 10.4% and 20.2% returns over the last year.
To confirm the long-term bullish trend, HWM has been trading above its 200-day moving average since November 2023. It has been trading above its 50-day moving average since the end of July.
HWM’s impressive price action can be attributed to significant revenue growth in the commercial aerospace market driven by performance in their engine products and engineered structures segments. Additionally, positive forecasts for the industry, fueled by high demand and OEM backlogs, have boosted investor confidence.
On Jul. 30, HWM shares closed up more than 13% after reporting its Q2 results. Its adjusted EPS of $0.67 beat Wall Street expectations of $0.60. The company’s revenue was $1.9 billion, topping Wall Street forecasts of $1.8 billion. For Q3, HWM expects its adjusted EPS to be between $0.63 and $0.65. The company expects revenue to be between $1.85 billion and $1.87 billion.
HWM’s rival, TransDigm Group Incorporated (TDG), has lagged behind the HWM, with a 36% uptick on a YTD basis and 59.1% gains over the past 52 weeks.
Wall Street analysts are highly bullish on HWM’s prospects. The stock has a consensus “Strong Buy” rating from the 20 analysts covering it, and the mean price target of $102.45 suggests a potential upside of 8.3% from current price levels.
On the date of publication, Neha Panjwani did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.
AECOM ACM has been selected by Northern Ireland Water (NI Water) to provide a range of services under its IF182 Professional Services Framework. This prestigious appointment underscores AECOM's long-standing partnership with NI Water, aiming to deliver sustainable water and wastewater infrastructure solutions.
NI Water is responsible for supplying 605 million liters of drinking water daily and treating 362 million liters of wastewater. To meet the region’s growing demand for reliable water services and environmental sustainability, NI Water is executing ambitious capital programs.
AECOM will play a crucial role in two areas of the framework. In Lot 1, ACM will manage civil and mechanical, electrical, instrumentation, control, and automation site supervision services. In Lot 3, it will handle feasibility studies, design, project management, and climate change management.
The deal spans four years, with the possibility of extension by an additional four years. ACM has a strong track record with NI Water, including the Kinnegar Wastewater Treatment Works and Sydenham Pumping Station upgrades. Collaborating with construction partners in a 'One Team' approach, AECOM delivers design services for key projects under NI Water’s £1.2bn Living with Water Program.
ACM’s Backlog Growth Raises Hope for the Future
AECOM has been witnessing robust prospects in each of its segments. Currently, it has a good visibility of a strong backlog and pipelines for the upcoming quarters. Impressively, state and local budgets are robust and private sector clients are also investing to restore capacity and adapt to water and energy transition impacts. This apart, growth in the U.K. water market is poised to accelerate in the next five years due to the expected near doubling of AMP8 funding, where ACM has existing experience with nearly every large water utility involved.
Owing to the improving global scenario, which is fostering infrastructural demand around the globe, there has been an increase in demand for ACM’s services. This improving trend is reflected in the company’s backlog levels.
As of the fiscal second-quarter end, the total backlog was $23.74 billion compared with $22.98 billion reported in the prior-year period. The current backlog level includes 54.8% contracted backlog growth. The design business backlog grew 6.3% to $22.29 billion. The metric was driven by a near-record win rate and continued strong end-market trends.
The company’s net service revenues or NSR — defined as revenues excluding subcontractor and other direct costs — have been benefiting from strength across core transportation, water and environment markets. NSR for the fiscal second quarter rose 8% year over year, marking the 13th consecutive quarter of accelerating organic growth.
Shares of AECOM have gained 11.2% in the past three months compared with the Zacks Engineering - R and D Services industry’s growth of 3.8%. The ongoing contract wins are likely to boost its prospects in the forthcoming quarters. Also, increasing infrastructural spending trends across the world are encouraging for ACM.
ACM’s Zacks Rank & Key Picks
ACM currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the same space are:
Sterling Infrastructure, Inc. STRL presently sports a Zacks Rank #1 (Strong Buy). Sterling Infrastructure has a trailing four-quarter earnings surprise of 17.4%, on average. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for STRL’s 2024 sales and EPS indicates a rise of 9.7% and 26.6%, respectively, from the prior-year levels.
Howmet Aerospace Inc. HWM presently carries a Zacks Rank #2 (Buy). HWM has a trailing four-quarter earnings surprise of 10.9%, on average.
The Zacks Consensus Estimate for HWM’s 2024 sales and EPS indicates a rise of 12.6% and 40.8%, respectively, from the prior-year levels.
M-tron Industries, Inc. MPTI currently carries a Zacks Rank #2. It has topped earnings estimates in three of the trailing four quarters and missed once, with an average surprise of 9.2%.
The Zacks Consensus Estimate for MPTI’s 2024 sales and EPS indicates a rise of 16.1% and 76.6%, respectively, from prior-year levels.
Zacks Investment Research
KBR, Inc. KBR has secured a 60-month, $140 million recompete Information Analysis Center Multiple Award Contract task order from the U.S. Air Force. As a trusted partner, KBR will provide critical engineering tasks to ensure the operational safety, suitability, and effectiveness of systems under the Air Force Life Cycle Management Center (AFLCMC).
KBR’s experts will continue conducting research and analyses to enhance reliability, maintainability, and life cycle management, among other key areas, at Hill Air Force Base in Utah and other locations. The company will also support the F-16, A-10, and T-38 System Program Offices in their digital transformation efforts through digital material management initiatives.
In addition, KBR will provide systems engineering and integration for critical programs such as the A-10 Ground Collision Avoidance System, the F-16's Secure Mission Data System and JARVIS programs. Leveraging its rapid prototyping capabilities, KBR will develop prototypes for essential safety hardware, including the T-38 Canopy Transparency.
KBR’s Solid Backlog Raises Hope for Future
KBR’s strong project momentum stems from its resilient business model and efficiency-driven initiatives. The increasing global emphasis on national security, energy security, energy transition, and climate change has provided significant tailwinds. With over five decades of design engineering expertise across industries, KBR remains a leader in decarbonization efforts, utilizing innovative processes and low-carbon technologies to effectively reduce emissions.
In the second quarter of 2024, KBR received $2.1 billion in bookings and options in highly strategic areas, with a trailing 12-month book-to-bill of 1x. Total revenues increased 6% to $1.86 billion year over year. The upside was backed by growth across Sustainable Technology Solutions (STS), as well as the Government Solutions’ (GS) new and on-contract growth across International, Defense & Intel, and Science and Space, partially offset by contraction in Readiness & Sustainment due to Ukraine funding delays.
As of June 28, 2024, the total backlog (including award options of $3.332 billion) was $20.1 billion compared with $21.73 billion at 2023-end. Of the total backlog, GS booked was $12.89 billion. The STS segment contributed $3.92 billion to the total backlog.
KBR’s Stock Performance
Shares of this company have lost 3.5% in the past three months against the Zacks Engineering - R and D Services industry’s 3.9% growth. Although shares of the company have underperformed its industry, new and on-contract growth across its GS businesses and increased demand for sustainable services and technology are likely to be beneficial in the upcoming period.
Backed by its solid performance in the first half and improving global demand for its services, KBR raised its adjusted earnings per share (EPS) projection to the range of $3.15-$3.30 from $3.10-$3.30 expected earlier.
The Zacks Consensus Estimate for KBR’s 2024 EPS has moved up by a cent to $3.25 in the past 30 days, which reflects 11.7% year-over-year growth on a 9.6% increase in revenues.
KBR’s Zacks Rank & Key Picks
Currently, KBR carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the same space are:
Sterling Infrastructure, Inc. STRL presently sports a Zacks Rank #1 (Strong Buy). Sterling Infrastructure has a trailing four-quarter earnings surprise of 17.4%, on average. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for STRL’s 2024 sales and EPS indicates a rise of 9.7% and 26.6%, respectively, from the prior-year levels.
Howmet Aerospace Inc. HWM presently carries a Zacks Rank #2 (Buy). HWM has a trailing four-quarter earnings surprise of 10.9%, on average.
The Zacks Consensus Estimate for HWM’s 2024 sales and EPS indicates a rise of 12.6% and 40.8%, respectively, from the prior-year levels.
M-tron Industries, Inc. MPTI currently carries a Zacks Rank #2. It has topped earnings estimates in three of the trailing four quarters and missed once, with an average surprise of 9.2%.
The Zacks Consensus Estimate for MPTI’s 2024 sales and EPS indicates a rise of 16.1% and 76.6%, respectively, from prior-year levels.
Zacks Investment Research
The latest trading session saw Howmet (HWM) ending at $95.28, denoting a +1.11% adjustment from its last day's close. The stock outperformed the S&P 500, which registered a daily gain of 0.54%. Meanwhile, the Dow experienced a rise of 0.72%, and the technology-dominated Nasdaq saw an increase of 0.65%.
Prior to today's trading, shares of the maker of engineered products for the aerospace and other industries had lost 1.41% over the past month. This has lagged the Construction sector's gain of 5.07% and the S&P 500's gain of 4.86% in that time.
Market participants will be closely following the financial results of Howmet in its upcoming release. In that report, analysts expect Howmet to post earnings of $0.65 per share. This would mark year-over-year growth of 41.3%. Meanwhile, the latest consensus estimate predicts the revenue to be $1.86 billion, indicating a 11.89% increase compared to the same quarter of the previous year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $2.59 per share and revenue of $7.48 billion, indicating changes of +40.76% and +12.58%, respectively, compared to the previous year.
Any recent changes to analyst estimates for Howmet should also be noted by investors. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Howmet is holding a Zacks Rank of #1 (Strong Buy) right now.
Investors should also note Howmet's current valuation metrics, including its Forward P/E ratio of 36.38. For comparison, its industry has an average Forward P/E of 21.49, which means Howmet is trading at a premium to the group.
We can also see that HWM currently has a PEG ratio of 1.41. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. As of the close of trade yesterday, the Engineering - R and D Services industry held an average PEG ratio of 1.43.
The Engineering - R and D Services industry is part of the Construction sector. Currently, this industry holds a Zacks Industry Rank of 94, positioning it in the top 38% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
Zacks Investment Research
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