State of Wisconsin Investment Board Acquires 15,820 Shares of Curtiss-Wright Corp. (NYSE:CW)
State of Wisconsin Investment Board grew its holdings in Curtiss-Wright Corp. (NYSE:CW) by 13.2% in the first quarter, HoldingsChannel reports. The institutional investor owned 135,260 shares of the aerospace company’s stock after acquiring an additional 15,820 shares during the period. State of Wisconsin Investment Board’s holdings in Curtiss-Wright were worth $15,330,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Executive Wealth Management LLC acquired a new stake in shares of Curtiss-Wright during the 4th quarter worth about $38,000. Brand Asset Management Group Inc. increased its position in shares of Curtiss-Wright by 49.6% during the 1st quarter. Brand Asset Management Group Inc. now owns 377 shares of the aerospace company’s stock worth $46,000 after purchasing an additional 125 shares in the last quarter. Quadrant Capital Group LLC increased its position in shares of Curtiss-Wright by 836.5% during the 1st quarter. Quadrant Capital Group LLC now owns 590 shares of the aerospace company’s stock worth $65,000 after purchasing an additional 527 shares in the last quarter. Accurate Investment Solutions Inc. acquired a new stake in shares of Curtiss-Wright during the 1st quarter worth about $68,000. Finally, Riggs Asset Managment Co. Inc. acquired a new stake in shares of Curtiss-Wright during the 1st quarter worth about $69,000. Institutional investors own 76.42% of the company’s stock.
A number of equities research analysts have commented on the stock. ValuEngine raised shares of Curtiss-Wright from a “sell” rating to a “hold” rating in a report on Friday, May 17th. Zacks Investment Research raised shares of Curtiss-Wright from a “hold” rating to a “buy” rating and set a $126.00 price objective on the stock in a report on Wednesday, May 15th. Bank of America lowered shares of Curtiss-Wright from a “buy” rating to a “neutral” rating and set a $135.00 price objective on the stock. in a report on Friday, March 1st. They noted that the move was a valuation call. Finally, Robert W. Baird increased their price objective on shares of Curtiss-Wright from $123.00 to $140.00 and gave the stock an “outperform” rating in a report on Thursday, February 28th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $134.29.
Curtiss-Wright (NYSE:CW) last issued its quarterly earnings data on Wednesday, May 8th. The aerospace company reported $1.30 EPS for the quarter, topping analysts’ consensus estimates of $1.16 by $0.14. Curtiss-Wright had a net margin of 11.78% and a return on equity of 18.68%. The firm had revenue of $578.30 million for the quarter, compared to analyst estimates of $574.76 million. During the same quarter in the prior year, the firm earned $0.98 EPS. The company’s revenue was up 5.6% on a year-over-year basis. As a group, equities analysts predict that Curtiss-Wright Corp. will post 7.13 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 5th. Shareholders of record on Thursday, June 20th will be issued a dividend of $0.17 per share. The ex-dividend date of this dividend is Wednesday, June 19th. This represents a $0.68 dividend on an annualized basis and a yield of 0.59%. This is a positive change from Curtiss-Wright’s previous quarterly dividend of $0.15. Curtiss-Wright’s dividend payout ratio is currently 9.42%.
Curtiss-Wright declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, May 15th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the aerospace company to buy up to 4.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.
In other news, VP Glenn E. Tynan sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $115.00, for a total value of $575,000.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.90% of the stock is owned by corporate insiders.
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Curtiss-Wright Company Profile
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.
Further Reading: Book Value Per Share – BVPS
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