Woodward (NASDAQ:WWD) Releases Quarterly Earnings Results, Beats Estimates By $0.53 EPS

Woodward (NASDAQ:WWD) issued its earnings results on Monday. The technology company reported $2.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.64 by $0.53, FiscalAI reports. The business had revenue of $996.45 million during the quarter, compared to the consensus estimate of $901.92 million. Woodward had a net margin of 12.39% and a return on equity of 17.68%.

Woodward Price Performance

Shares of WWD traded up $9.41 during mid-day trading on Monday, reaching $327.25. The company had a trading volume of 990,966 shares, compared to its average volume of 535,007. The company has a market capitalization of $19.63 billion, a price-to-earnings ratio of 45.51, a P/E/G ratio of 2.66 and a beta of 1.02. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.36 and a current ratio of 2.08. The company’s 50 day simple moving average is $310.89 and its 200 day simple moving average is $273.14. Woodward has a 1-year low of $146.82 and a 1-year high of $339.10.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on WWD shares. Jefferies Financial Group increased their price objective on shares of Woodward from $350.00 to $375.00 and gave the company a “buy” rating in a research report on Friday, January 16th. Weiss Ratings restated a “buy (b)” rating on shares of Woodward in a report on Wednesday, January 21st. Melius Research raised Woodward from a “hold” rating to a “buy” rating in a report on Monday, January 5th. Deutsche Bank Aktiengesellschaft increased their price objective on Woodward from $360.00 to $400.00 and gave the stock a “buy” rating in a research report on Monday, December 22nd. Finally, UBS Group upped their price target on shares of Woodward from $345.00 to $378.00 and gave the company a “buy” rating in a research note on Thursday, January 15th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $323.89.

Insider Activity at Woodward

In other Woodward news, COO Thomas G. Cromwell sold 5,000 shares of the business’s stock in a transaction on Monday, December 15th. The shares were sold at an average price of $297.88, for a total transaction of $1,489,400.00. Following the sale, the chief operating officer owned 15,135 shares of the company’s stock, valued at approximately $4,508,413.80. The trade was a 24.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director John D. Cohn sold 3,000 shares of the company’s stock in a transaction dated Wednesday, November 26th. The stock was sold at an average price of $296.33, for a total value of $888,990.00. Following the completion of the transaction, the director directly owned 21,575 shares of the company’s stock, valued at approximately $6,393,319.75. The trade was a 12.21% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 40,000 shares of company stock valued at $11,908,210 in the last quarter. Insiders own 0.71% of the company’s stock.

Hedge Funds Weigh In On Woodward

Several institutional investors have recently added to or reduced their stakes in WWD. State Street Corp increased its stake in shares of Woodward by 3.5% in the 3rd quarter. State Street Corp now owns 2,388,758 shares of the technology company’s stock valued at $603,663,000 after acquiring an additional 80,538 shares in the last quarter. Invesco Ltd. increased its stake in Woodward by 122.0% in the third quarter. Invesco Ltd. now owns 905,578 shares of the technology company’s stock valued at $228,849,000 after purchasing an additional 497,722 shares in the last quarter. Bank of America Corp DE increased its stake in Woodward by 2.2% in the third quarter. Bank of America Corp DE now owns 887,938 shares of the technology company’s stock valued at $224,391,000 after purchasing an additional 18,821 shares in the last quarter. AQR Capital Management LLC raised its holdings in shares of Woodward by 52.0% during the third quarter. AQR Capital Management LLC now owns 499,221 shares of the technology company’s stock valued at $124,186,000 after purchasing an additional 170,826 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Woodward by 1.3% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 394,130 shares of the technology company’s stock worth $99,597,000 after purchasing an additional 5,242 shares in the last quarter. 81.18% of the stock is owned by institutional investors and hedge funds.

Woodward declared that its board has approved a share repurchase program on Thursday, November 20th that authorizes the company to repurchase $1.80 billion in shares. This repurchase authorization authorizes the technology company to reacquire up to 11.6% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Woodward Company Profile

Woodward, Inc (NASDAQ: WWD) is a global leader in the design, manufacture and service of control systems and components for the aerospace and industrial markets. Founded in 1870 and headquartered in Fort Collins, Colorado, the company specializes in motion control, fuel systems, actuation, and digital control solutions. Its offerings enable precision management of flow, pressure and motion in critical applications ranging from aircraft engines and power turbines to hydraulic systems.

Woodward’s product portfolio is organized into two primary segments: Aerospace and Industrial.