Curtiss-Wright (NYSE:CW) Hits New 1-Year High Following Better-Than-Expected Earnings

Shares of Curtiss-Wright Co. (NYSE:CW) hit a new 52-week high on Thursday following a better than expected earnings announcement. The stock traded as high as $263.24 and last traded at $261.98, with a volume of 47386 shares trading hands. The stock had previously closed at $256.98.

The aerospace company reported $1.99 earnings per share for the quarter, topping analysts’ consensus estimates of $1.75 by $0.24. Curtiss-Wright had a net margin of 12.78% and a return on equity of 17.10%. The firm had revenue of $713.17 million for the quarter, compared to the consensus estimate of $664.01 million. During the same period in the prior year, the firm earned $1.53 EPS. The company’s revenue was up 13.0% compared to the same quarter last year.

Curtiss-Wright Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were paid a $0.20 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $0.80 annualized dividend and a dividend yield of 0.30%. Curtiss-Wright’s payout ratio is currently 8.24%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CW. Stifel Nicolaus upped their price target on shares of Curtiss-Wright from $255.00 to $272.00 and gave the stock a “buy” rating in a research note on Wednesday, April 17th. Robert W. Baird boosted their price target on Curtiss-Wright from $246.00 to $300.00 and gave the company an “outperform” rating in a research note on Monday, April 8th. Morgan Stanley upped their price objective on Curtiss-Wright from $260.00 to $284.00 and gave the stock an “overweight” rating in a research note on Friday. Truist Financial raised their target price on shares of Curtiss-Wright from $240.00 to $252.00 and gave the stock a “hold” rating in a research note on Friday. Finally, StockNews.com downgraded Curtiss-Wright from a “strong-buy” rating to a “buy” rating in a research report on Saturday, April 27th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $277.00.

Insider Transactions at Curtiss-Wright

In other Curtiss-Wright news, CFO K Christopher Farkas sold 925 shares of the company’s stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $243.55, for a total transaction of $225,283.75. Following the sale, the chief financial officer now directly owns 10,052 shares in the company, valued at $2,448,164.60. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, COO Kevin Rayment sold 1,070 shares of the business’s stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $243.50, for a total transaction of $260,545.00. Following the completion of the sale, the chief operating officer now directly owns 28,329 shares of the company’s stock, valued at $6,898,111.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO K Christopher Farkas sold 925 shares of Curtiss-Wright stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $243.55, for a total transaction of $225,283.75. Following the sale, the chief financial officer now directly owns 10,052 shares of the company’s stock, valued at approximately $2,448,164.60. The disclosure for this sale can be found here. Insiders have sold 12,451 shares of company stock valued at $3,030,512 in the last ninety days. Corporate insiders own 0.67% of the company’s stock.

Institutional Investors Weigh In On Curtiss-Wright

Several hedge funds have recently made changes to their positions in CW. Rehmann Capital Advisory Group boosted its position in Curtiss-Wright by 12.3% during the 1st quarter. Rehmann Capital Advisory Group now owns 2,008 shares of the aerospace company’s stock valued at $514,000 after acquiring an additional 220 shares in the last quarter. Central Pacific Bank Trust Division acquired a new stake in Curtiss-Wright during the 1st quarter worth about $460,000. Whittier Trust Co. of Nevada Inc. lifted its holdings in shares of Curtiss-Wright by 5.3% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 23,010 shares of the aerospace company’s stock worth $5,889,000 after purchasing an additional 1,163 shares during the period. Whittier Trust Co. boosted its holdings in shares of Curtiss-Wright by 3.4% in the 1st quarter. Whittier Trust Co. now owns 53,204 shares of the aerospace company’s stock valued at $13,617,000 after acquiring an additional 1,741 shares during the last quarter. Finally, Nordea Investment Management AB boosted its holdings in Curtiss-Wright by 0.6% in the first quarter. Nordea Investment Management AB now owns 31,678 shares of the aerospace company’s stock valued at $8,102,000 after purchasing an additional 196 shares during the last quarter. 82.71% of the stock is currently owned by hedge funds and other institutional investors.

Curtiss-Wright Price Performance

The company has a market capitalization of $10.27 billion, a price-to-earnings ratio of 27.62 and a beta of 1.18. The firm has a 50-day simple moving average of $248.39 and a two-hundred day simple moving average of $228.06. The company has a current ratio of 2.13, a quick ratio of 1.50 and a debt-to-equity ratio of 0.45.

Curtiss-Wright Company Profile

Curtiss-Wright Corporation, together with its subsidiaries, provides engineered products, solutions, and services mainly to aerospace and defense, commercial power, process, and industrial markets worldwide. It operates through three segments: Aerospace & Industrial, Defense Electronics, and Naval & Power.