Royal Bank Of Canada Issues Pessimistic Forecast for Woodward (NASDAQ:WWD) Stock Price

Woodward (NASDAQ:WWD) had its target price reduced by investment analysts at Royal Bank Of Canada from $430.00 to $380.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has an “outperform” rating on the technology company’s stock. Royal Bank Of Canada‘s price target would suggest a potential upside of 25.04% from the stock’s previous close.

WWD has been the topic of several other reports. Weiss Ratings reissued a “buy (b)” rating on shares of Woodward in a research report on Thursday, October 15th. Melius Research cut Woodward from a “buy” rating to a “hold” rating and set a $388.00 price objective on the stock. in a research note on Monday, September 14th. TD Cowen reduced their target price on Woodward from $420.00 to $380.00 and set a “hold” rating on the stock in a report on Friday, October 9th. Truist Financial lifted their price objective on shares of Woodward from $415.00 to $420.00 and gave the stock a “buy” rating in a report on Tuesday, August 4th. Finally, Guggenheim began coverage on shares of Woodward in a research note on Monday, September 14th. They set a “buy” rating and a $404.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, Woodward presently has an average rating of “Moderate Buy” and an average price target of $413.82.

Woodward Price Performance

NASDAQ:WWD traded down $0.10 on Wednesday, reaching $303.90. The stock had a trading volume of 69,677 shares, compared to its average volume of 705,397. The firm’s fifty day moving average is $331.13 and its two-hundred day moving average is $364.37. Woodward has a 12-month low of $253.52 and a 12-month high of $450.92.

Woodward (NASDAQ:WWD) last released its earnings results on Wednesday, July 29th. The technology company reported $2.52 EPS for the quarter, beating the consensus estimate of $2.44 by $0.08. The business had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.11 billion. The business’s revenue for the quarter was up 21.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.76 earnings per share. Research analysts expect that Woodward will post 9.46 EPS for the current year.

Insider Activity at Woodward

In related news, EVP Shawn McLevige sold 2,150 shares of Woodward stock in a transaction on Friday, July 31st. The stock was sold at an average price of $356.82, for a total value of $767,163.00. Following the transaction, the executive vice president directly owned 3,098 shares in the company, valued at $1,105,428.36. The trade was a 40.97% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.71% of the stock is owned by insiders.

Institutional Investors Weigh In On Woodward

Several hedge funds have recently bought and sold shares of the business. Varenne Capital Partners purchased a new position in Woodward during the second quarter valued at approximately $36,830,000. Tribune Investment Group LP purchased a new stake in Woodward in the 2nd quarter worth approximately $5,752,000. BlackRock Inc. purchased a new stake in Woodward in the 2nd quarter worth approximately $2,984,684,000. Ceredex Value Advisors LLC purchased a new stake in Woodward in the 2nd quarter worth approximately $24,101,000. Finally, Assenagon Asset Management S.A. acquired a new stake in shares of Woodward during the 2nd quarter valued at $57,599,000. 81.18% of the stock is owned by hedge funds and other institutional investors.

Woodward Company Profile

Woodward, Inc is an independent designer, manufacturer and service provider of control systems and components for the aerospace and industrial markets. The company develops technologies that help manage the flow of fuel, air, and other fluids, as well as mechanical and electrical energy, in engines and other power-generation systems.

Its aerospace products include fuel pumps and metering systems, engine controls, actuators, air valves, and electric power-management systems for commercial aircraft, business aviation, military aircraft, helicopters, and space applications.