Curtiss-Wright (NYSE:CW) Shares Gap Down on Analyst Downgrade

Curtiss-Wright Corporation (NYSE:CW – Get Free Report) gapped down before the market opened on Wednesday after Citigroup lowered their price target on the stock from $793.00 to $622.00. The stock had previously closed at $553.35, but opened at $523.45. Citigroup currently has a neutral rating on the stock. Curtiss-Wright shares last traded at $517.0380, with a volume of 93,425 shares trading hands.

Other analysts have also issued reports about the company. Morgan Stanley reaffirmed an “overweight” rating and set a $860.00 target price on shares of Curtiss-Wright in a report on Wednesday, July 15th. Piper Sandler initiated coverage on Curtiss-Wright in a report on Wednesday, September 2nd. They issued a “neutral” rating and a $665.00 price target for the company. Guggenheim started coverage on Curtiss-Wright in a research report on Monday, September 14th. They issued a “buy” rating and a $786.00 price objective on the stock. Stifel Nicolaus raised their price objective on shares of Curtiss-Wright from $724.00 to $768.00 and gave the stock a “hold” rating in a research note on Monday, July 20th. Finally, Weiss Ratings lowered shares of Curtiss-Wright from a “buy (b)” rating to a “buy (b-)” rating in a report on Friday, September 4th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Curtiss-Wright presently has a consensus rating of “Moderate Buy” and a consensus price target of $746.88.

Check Out Our Latest Stock Analysis on Curtiss-Wright

Insider Buying and Selling

In other news, EVP John C. Watts sold 1,035 shares of the company’s stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $619.46, for a total transaction of $641,141.10. Following the completion of the transaction, the executive vice president directly owned 2,736 shares of the company’s stock, valued at $1,694,842.56. This represents a 27.45% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Larry D. Wyche sold 100 shares of the stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $596.74, for a total value of $59,674.00. Following the transaction, the director owned 1,414 shares in the company, valued at $843,790.36. This trade represents a 6.61% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.51% of the company’s stock.

Institutional Investors Weigh In On Curtiss-Wright

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new stake in shares of Curtiss-Wright in the second quarter valued at about $3,448,649,000. Primecap Management Co. CA acquired a new position in shares of Curtiss-Wright during the 2nd quarter worth about $390,106,000. Bank of New York Mellon Corp acquired a new position in shares of Curtiss-Wright during the 2nd quarter worth about $270,458,000. William Blair Investment Management LLC purchased a new position in Curtiss-Wright in the 2nd quarter valued at about $240,442,000. Finally, First Trust Advisors LP lifted its stake in Curtiss-Wright by 19.9% in the 1st quarter. First Trust Advisors LP now owns 206,021 shares of the aerospace company’s stock valued at $140,325,000 after buying an additional 34,191 shares in the last quarter. Hedge funds and other institutional investors own 82.71% of the company’s stock.

Curtiss-Wright Trading Down 0.1%

The company has a current ratio of 1.60, a quick ratio of 1.12 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $18.78 billion, a price-to-earnings ratio of 34.99, a PEG ratio of 2.30 and a beta of 0.88. The company has a fifty day moving average of $606.69 and a 200-day moving average of $687.42.

Curtiss-Wright (NYSE:CW – Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The aerospace company reported $3.72 EPS for the quarter, topping the consensus estimate of $3.62 by $0.10. The company had revenue of $924.01 million during the quarter, compared to analyst estimates of $926.17 million. Curtiss-Wright had a return on equity of 20.49% and a net margin of 14.81%.Curtiss-Wright’s quarterly revenue was up 5.4% on a year-over-year basis. During the same period in the previous year, the business earned $3.23 EPS. As a group, equities research analysts anticipate that Curtiss-Wright Corporation will post 15.27 earnings per share for the current fiscal year.

Curtiss-Wright Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Friday, September 25th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date is Friday, September 25th. This is an increase from Curtiss-Wright’s previous quarterly dividend of $0.24. Curtiss-Wright’s payout ratio is 7.16%.

About Curtiss-Wright

(Get Free Report)

Curtiss-Wright Corporation is a diversified manufacturer and service provider serving the aerospace, defense, commercial power and industrial markets. The company develops and produces highly engineered components and systems used in applications where reliability, performance and safety are critical.

Its products and services include aircraft and industrial actuation systems, sensors and controls, electronic components, embedded computing systems, data-acquisition equipment, valves, pumps, motors and other flow-control products.

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