Top 5 Stock Picks of Peter Avellone’s Cartenna Capital

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1. Howmet Aerospace Inc. (NYSE: HWM)

Avellone’s Stake Value: $16,546,000
Percentage of Peter Avellone’s 13F Portfolio: 4.73%
Number of Hedge Fund Holders: 47

Howmet Aerospace Inc. (NYSE: HWM) is an international provider of sophisticated engineering solutions for the aerospace and transportation industries. Howmet Aerospace Inc. (NYSE: HWM) ranks first on the list of top 10 stock picks of Peter Avellone’s Cartenna Capital. Howmet Aerospace Inc. (NYSE: HWM) shares have returned 79.92% to investors over the course of the past 12 months.

On August 19, Howmet Aerospace Inc. (NYSE: HWM) announced that it issued 3.000% notes due 2029, whose principal amount is $700 million. The proceeds will be used for general corporate purposes and to fund the purchase price for up to $600 million of outstanding 6.875% Notes due 2025. On August 4, Howmet Aerospace Inc. (NYSE: HWM) declared earnings for the second quarter of 2021. It posted earnings per share of $0.22, beating the estimates by $0.00. Revenue for the second quarter was $1.20 billion, down 4.63% YoY, missing the anticipation by $20.90 million. 

Peter Avellone’s Cartenna Capital holds 480,000 shares in Howmet Aerospace Inc. (NYSE: HWM), worth $16.55 million, representing 4.73% of their portfolio. Cartenna Capital has increased its stake in the firm by 22% in the second quarter of 2021. Howmet Aerospace Inc. (NYSE: HWM) saw a decrease in hedge fund sentiment recently, as Insider Monkey’s data shows that 47 hedge funds held stake in the company in the second quarter of 2021, compared to 51 funds in the quarter earlier.

In its fourth-quarter 2020 investor letter, FPA Crescent Fund mentioned Howmet Aerospace Inc. (NYSE: HWM). Here is what the fund said: 

“Howmet saw its stock price decline by around two-thirds from their Q1 2020 highs. Howmet’s price increased about three times from its low and ended the year at its all-time high. The value of its necessary and large market share business did not fluctuate as much as its stock price.”

You can also take a peek at Billionaire Paul Tudor Jones’ Top 10 Stock Picks and Latest Portfolio and Jorge Paulo Lemann’s Top 10 Stock Picks 

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