Curtiss-Wright Corp. (CW) Cut to “Sell” at Zacks Investment Research
Curtiss-Wright Corp. (NYSE:CW) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Monday.
According to Zacks, “CURTISS-WRIGHT CORP. produces precision components for the aerospace, industrial and marine companies. Aerospace components consist of control and actuation systems. Co. also provides shot-perring & heat treating for industrial markets and the target rock subsidiary produces engineered valves for the United States Navy. “
Several other equities research analysts have also recently commented on CW. William Blair began coverage on Curtiss-Wright Corp. in a research note on Wednesday, August 3rd. They issued a “market perform” rating and a $92.00 target price for the company. Deutsche Bank AG reissued a “buy” rating and issued a $95.00 target price (up from $89.00) on shares of Curtiss-Wright Corp. in a research note on Monday, June 13th.
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Shares of Curtiss-Wright Corp. (NYSE:CW) traded up 0.56% during midday trading on Monday, reaching $88.36. The company had a trading volume of 199,922 shares. The firm has a market cap of $3.93 billion, a P/E ratio of 23.00 and a beta of 1.27. The company’s 50-day moving average is $89.25 and its 200-day moving average is $84.00. Curtiss-Wright Corp. has a 52-week low of $62.57 and a 52-week high of $92.08.
Curtiss-Wright Corp. (NYSE:CW) last issued its quarterly earnings data on Wednesday, July 27th. The company reported $0.88 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.81 by $0.07. Curtiss-Wright Corp. had a return on equity of 14.15% and a net margin of 8.21%. The firm earned $532.80 million during the quarter, compared to the consensus estimate of $523.84 million. During the same quarter in the previous year, the company posted $0.83 EPS. The business’s revenue for the quarter was down 2.2% compared to the same quarter last year. Equities research analysts expect that Curtiss-Wright Corp. will post $4.10 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 21st. Stockholders of record on Friday, October 7th will be paid a $0.13 dividend. The ex-dividend date of this dividend is Wednesday, October 5th. This represents a $0.52 annualized dividend and a dividend yield of 0.59%. Curtiss-Wright Corp.’s dividend payout ratio (DPR) is currently 13.58%.
In related news, VP Tom P. Quinly sold 8,500 shares of Curtiss-Wright Corp. stock in a transaction on Thursday, August 18th. The stock was sold at an average price of $89.78, for a total transaction of $763,130.00. Following the completion of the sale, the vice president now directly owns 27,258 shares of the company’s stock, valued at $2,447,223.24. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director John B. Nathman sold 6,000 shares of Curtiss-Wright Corp. stock in a transaction on Friday, September 2nd. The stock was sold at an average price of $90.77, for a total value of $544,620.00. Following the sale, the director now directly owns 5,455 shares of the company’s stock, valued at $495,150.35. The disclosure for this sale can be found here. 1.70% of the stock is owned by insiders.
Large investors have recently made changes to their positions in the company. Adage Capital Partners GP L.L.C. boosted its stake in shares of Curtiss-Wright Corp. by 141.8% in the first quarter. Adage Capital Partners GP L.L.C. now owns 635,740 shares of the company’s stock worth $48,106,000 after buying an additional 372,806 shares during the period. Nuveen Asset Management LLC raised its position in Curtiss-Wright Corp. by 408.1% in the first quarter. Nuveen Asset Management LLC now owns 17,179 shares of the company’s stock valued at $1,300,000 after buying an additional 13,798 shares in the last quarter. Renaissance Technologies LLC raised its position in Curtiss-Wright Corp. by 431.4% in the first quarter. Renaissance Technologies LLC now owns 223,700 shares of the company’s stock valued at $16,927,000 after buying an additional 181,600 shares in the last quarter. Kennedy Capital Management Inc. raised its position in Curtiss-Wright Corp. by 269.8% in the first quarter. Kennedy Capital Management Inc. now owns 181,067 shares of the company’s stock valued at $13,701,000 after buying an additional 132,105 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its position in Curtiss-Wright Corp. by 48.0% in the first quarter. Goldman Sachs Group Inc. now owns 1,139,569 shares of the company’s stock valued at $86,231,000 after buying an additional 369,843 shares in the last quarter. 77.11% of the stock is owned by institutional investors and hedge funds.
About Curtiss-Wright Corp.
Curtiss-Wright Corporation is a provider of engineered products and services to the commercial, defense, energy and industrial markets. The Company operates through three segments: Commercial/Industrial, which provides a diversified offering of engineered products and services supporting applications primarily across the commercial aerospace and general industrial markets; Defense, which consists of businesses that primarily provide products to the defense markets and to the commercial aerospace market, and Power, which consists of businesses that primarily provide products to the power generation markets and to the naval defense market.
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