Stone Ridge Asset Management LLC lowered its stake in shares of Curtiss-Wright Corp. (NYSE:CW) by 54.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,625 shares of the aerospace company’s stock after selling 7,857 shares during the period. Stone Ridge Asset Management LLC’s holdings in Curtiss-Wright were worth $677,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds also recently added to or reduced their stakes in the company. FMR LLC acquired a new position in Curtiss-Wright during the third quarter worth about $103,000. First Republic Investment Management Inc. acquired a new position in Curtiss-Wright during the third quarter worth about $205,000. Burney Co. raised its position in Curtiss-Wright by 14.6% during the fourth quarter. Burney Co. now owns 2,040 shares of the aerospace company’s stock worth $208,000 after acquiring an additional 260 shares during the last quarter. Whittier Trust Co. of Nevada Inc. raised its position in Curtiss-Wright by 11.0% during the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 2,113 shares of the aerospace company’s stock worth $216,000 after acquiring an additional 210 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in Curtiss-Wright by 7.0% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,805 shares of the aerospace company’s stock worth $286,000 after acquiring an additional 183 shares during the last quarter. 77.17% of the stock is currently owned by hedge funds and other institutional investors.
In related news, CEO David Charles Adams sold 9,944 shares of the company’s stock in a transaction that occurred on Thursday, February 7th. The shares were sold at an average price of $115.01, for a total transaction of $1,143,659.44. Following the completion of the transaction, the chief executive officer now owns 97,093 shares of the company’s stock, valued at $11,166,665.93. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Harry Jakubowitz sold 684 shares of the company’s stock in a transaction that occurred on Thursday, February 7th. The stock was sold at an average price of $115.03, for a total transaction of $78,680.52. Following the transaction, the vice president now directly owns 21,137 shares of the company’s stock, valued at approximately $2,431,389.11. The disclosure for this sale can be found here. In the last three months, insiders sold 30,681 shares of company stock valued at $3,542,880. Company insiders own 0.87% of the company’s stock.
NYSE:CW opened at $112.89 on Monday. The company has a quick ratio of 1.34, a current ratio of 1.96 and a debt-to-equity ratio of 0.50. The company has a market capitalization of $4.83 billion, a PE ratio of 17.72, a PEG ratio of 2.33 and a beta of 1.28. Curtiss-Wright Corp. has a 1-year low of $95.23 and a 1-year high of $143.38.
Curtiss-Wright (NYSE:CW) last posted its quarterly earnings data on Tuesday, February 26th. The aerospace company reported $1.90 earnings per share for the quarter, beating analysts’ consensus estimates of $1.75 by $0.15. The business had revenue of $648.62 million during the quarter, compared to analyst estimates of $688.52 million. Curtiss-Wright had a net margin of 11.43% and a return on equity of 17.91%. The company’s revenue was up 6.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.52 earnings per share. Research analysts anticipate that Curtiss-Wright Corp. will post 6.92 earnings per share for the current fiscal year.
Curtiss-Wright declared that its Board of Directors has approved a stock repurchase program on Wednesday, December 12th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the aerospace company to buy up to 2.2% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 11th. Stockholders of record on Thursday, March 28th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.53%. The ex-dividend date is Wednesday, March 27th. Curtiss-Wright’s dividend payout ratio is presently 9.42%.
A number of equities analysts have issued reports on the stock. Zacks Investment Research cut shares of Curtiss-Wright from a “hold” rating to a “sell” rating in a research report on Thursday, February 28th. ValuEngine cut shares of Curtiss-Wright from a “hold” rating to a “sell” rating in a research report on Friday, March 15th. Bank of America cut shares of Curtiss-Wright from a “buy” rating to a “neutral” rating and set a $135.00 target price for the company. in a research report on Friday, March 1st. They noted that the move was a valuation call. Finally, Robert W. Baird boosted their price objective on shares of Curtiss-Wright from $123.00 to $140.00 and gave the company an “outperform” rating in a research report on Thursday, February 28th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $132.14.
Curtiss-Wright Corporation, together with its subsidiaries, designs, manufactures, and overhauls precision components, and engineered products and services primarily to the aerospace, defense, general industrial, and power generation markets worldwide. The company operates through three segments: Commercial/Industrial, Defense, and Power.
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