Curtiss-Wright (NYSE:CW) Sets New 1-Year Low After Analyst Downgrade

Curtiss-Wright Corporation (NYSE:CW)’s share price reached a new 52-week low during trading on Tuesday after Stifel Nicolaus lowered their price target on the stock from $700.00 to $518.00. Stifel Nicolaus currently has a hold rating on the stock. Curtiss-Wright traded as low as $485.80 and last traded at $493.7160, with a volume of 126,490 shares changing hands. The stock had previously closed at $497.11.

A number of other equities research analysts have also issued reports on the company. Piper Sandler assumed coverage on Curtiss-Wright in a research note on Wednesday, September 2nd. They issued a “neutral” rating and a $665.00 target price on the stock. Wall Street Zen lowered shares of Curtiss-Wright from a “buy” rating to a “hold” rating in a report on Saturday, August 15th. Morgan Stanley reduced their target price on shares of Curtiss-Wright from $860.00 to $625.00 and set an “overweight” rating on the stock in a report on Friday. Citigroup decreased their price target on shares of Curtiss-Wright from $793.00 to $622.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 7th. Finally, Weiss Ratings downgraded shares of Curtiss-Wright from a “buy (b)” rating to a “buy (b-)” rating in a report on Friday, September 4th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $686.25.

Insider Buying and Selling at Curtiss-Wright

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in shares of Curtiss-Wright during the second quarter valued at about $3,448,649,000. Concurrent Investment Advisors LLC increased its position in shares of Curtiss-Wright by 220.1% during the second quarter. Concurrent Investment Advisors LLC now owns 3,073 shares of the aerospace company’s stock worth $2,329,000 after acquiring an additional 2,113 shares during the last quarter. Pacer Advisors Inc. increased its position in shares of Curtiss-Wright by 114.8% during the fourth quarter. Pacer Advisors Inc. now owns 10,759 shares of the aerospace company’s stock worth $5,931,000 after acquiring an additional 5,749 shares during the last quarter. Nicholas Investment Partners LP acquired a new position in shares of Curtiss-Wright in the second quarter worth about $4,737,000. Finally, Amundi lifted its stake in shares of Curtiss-Wright by 47.6% in the second quarter. Amundi now owns 154,668 shares of the aerospace company’s stock worth $117,201,000 after acquiring an additional 49,907 shares in the last quarter. 82.71% of the stock is owned by institutional investors and hedge funds.

Curtiss-Wright Stock Performance

The company has a quick ratio of 1.12, a current ratio of 1.60 and a debt-to-equity ratio of 0.27. The company has a 50 day moving average of $575.63 and a 200 day moving average of $678.88. The firm has a market cap of $18.32 billion, a price-to-earnings ratio of 34.15, a PEG ratio of 2.26 and a beta of 0.88.

Curtiss-Wright (NYSE:CW) last released its quarterly earnings results on Thursday, August 6th. The aerospace company reported $3.72 earnings per share for the quarter, topping analysts’ consensus estimates of $3.62 by $0.10. The business had revenue of $924.01 million during the quarter, compared to the consensus estimate of $926.17 million. Curtiss-Wright had a net margin of 14.81% and a return on equity of 20.49%. The business’s quarterly revenue was up 5.4% compared to the same quarter last year. During the same quarter last year, the company earned $3.23 earnings per share. As a group, equities research analysts expect that Curtiss-Wright Corporation will post 15.31 EPS for the current fiscal year.

Curtiss-Wright Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 9th. Investors of record on Friday, September 25th were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, September 25th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.2%. This is a boost from Curtiss-Wright’s previous quarterly dividend of $0.24. Curtiss-Wright’s payout ratio is currently 7.16%.

About Curtiss-Wright

Curtiss-Wright Corporation (NYSE: CW) is a diversified industrial company that provides highly engineered products and services to the aerospace, defense, commercial nuclear power, and general industrial markets. The company designs and manufactures equipment used in applications that require reliable performance in demanding operating environments.

Its products and technologies include motion-control systems, valves, pumps, actuation equipment, sensors, data-acquisition systems, embedded computing products, and aircraft structural components.