Allspring Global Investments Holdings LLC Lowers Stake in Curtiss-Wright Corporation $CW

Key Points

• Allspring Global Investments cut its Curtiss-Wright stake by 11.7% in the first quarter, though it still held 282,464 shares valued at about $196.9 million. Institutional investors remain heavily involved, owning 82.71% of the company.
• Insider selling was reported in June, including CEO Lynn M. Bamford and VP Gary A. Ogilby, with total insider sales of 3,119 shares worth about $2.26 million over the last quarter.
• Curtiss-Wright beat earnings and revenue expectations in its latest quarter, posting EPS of $3.48 versus $3.32 expected and revenue of $913.69 million, while also paying a quarterly dividend of $0.24 per share.

Allspring Global Investments Holdings LLC decreased its position in shares of Curtiss-Wright Corporation (NYSE:CW - Free Report) by 11.7% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 282,464 shares of the aerospace company's stock after selling 37,343 shares during the period. Allspring Global Investments Holdings LLC owned 0.77% of Curtiss-Wright worth $196,875,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of CW. Aware Super Pty Ltd as trustee of Aware Super purchased a new stake in Curtiss-Wright in the 1st quarter valued at about $5,400,000. Illinois Municipal Retirement Fund boosted its position in shares of Curtiss-Wright by 11.8% in the first quarter. Illinois Municipal Retirement Fund now owns 5,977 shares of the aerospace company's stock worth $4,071,000 after acquiring an additional 629 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. boosted its position in shares of Curtiss-Wright by 39.0% in the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 6,899 shares of the aerospace company's stock worth $4,699,000 after acquiring an additional 1,935 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt purchased a new stake in Curtiss-Wright in the first quarter valued at approximately $163,000. Finally, Sanctuary Advisors LLC increased its position in Curtiss-Wright by 10.3% during the first quarter. Sanctuary Advisors LLC now owns 5,958 shares of the aerospace company's stock worth $4,058,000 after purchasing an additional 555 shares during the last quarter. Institutional investors and hedge funds own 82.71% of the company's stock.

Insider Activity

In other Curtiss-Wright news, CEO Lynn M. Bamford sold 2,500 shares of the company's stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $721.72, for a total value of $1,804,300.00. Following the completion of the transaction, the chief executive officer owned 48,134 shares in the company, valued at $34,739,270.48. This represents a 4.94% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Gary A. Ogilby sold 399 shares of the company's stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $721.95, for a total value of $288,058.05. Following the completion of the transaction, the vice president owned 2,172 shares of the company's stock, valued at approximately $1,568,075.40. This represents a 15.52% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 3,119 shares of company stock worth $2,257,998. 0.51% of the stock is currently owned by corporate insiders.

Curtiss-Wright Price Performance

Curtiss-Wright stock opened at $715.44 on Friday. The firm has a fifty day moving average of $746.60 and a 200-day moving average of $700.26. Curtiss-Wright Corporation has a 52-week low of $463.00 and a 52-week high of $808.16. The company has a quick ratio of 1.05, a current ratio of 1.52 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $26.43 billion, a P/E ratio of 52.41, a PEG ratio of 3.45 and a beta of 0.86.

Curtiss-Wright (NYSE:CW - Get Free Report) last posted its earnings results on Thursday, May 7th. The aerospace company reported $3.48 earnings per share for the quarter, beating the consensus estimate of $3.32 by $0.16. Curtiss-Wright had a net margin of 14.17% and a return on equity of 20.00%. The business had revenue of $913.69 million for the quarter, compared to analyst estimates of $863.83 million. During the same quarter in the previous year, the business posted $2.82 EPS. The business's quarterly revenue was up 13.4% on a year-over-year basis. As a group, analysts predict that Curtiss-Wright Corporation will post 15.18 EPS for the current year.

Curtiss-Wright Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, July 6th. Stockholders of record on Monday, June 15th were given a $0.24 dividend. The ex-dividend date of this dividend was Monday, June 15th. This represents a $0.96 annualized dividend and a dividend yield of 0.1%. Curtiss-Wright's dividend payout ratio is presently 7.62%.

Analyst Ratings Changes

A number of equities analysts have weighed in on CW shares. Weiss Ratings downgraded shares of Curtiss-Wright from a "buy (b)" rating to a "buy (b-)" rating in a research note on Thursday, July 2nd. Citigroup upped their price objective on Curtiss-Wright from $775.00 to $793.00 and gave the stock a "neutral" rating in a report on Wednesday, July 1st. Stifel Nicolaus set a $724.00 target price on Curtiss-Wright in a research report on Friday, May 8th. Morgan Stanley reiterated an "overweight" rating and issued a $860.00 target price on shares of Curtiss-Wright in a report on Wednesday. Finally, Robert W. Baird set a $870.00 price target on Curtiss-Wright in a research report on Friday, May 8th. Three investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $766.33.

Curtiss-Wright Company Profile

Curtiss-Wright Corporation NYSE: CW is a diversified, global engineering company that designs, manufactures and services highly engineered products and integrated systems for the aerospace, defense, and industrial markets. Its offerings span a range of electromechanical, motion control and flow control technologies, including flight control and actuation systems, sensors and avionics components, pumps and valves, power conversion and heat exchangers, and platform integration solutions for marine and ground systems.

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