Associated Banc Corp Acquires New Stake in Woodward, Inc. $WWD

Key Points

• Associated Banc Corp acquired 61,163 Woodward shares in the third quarter, worth about $20.1 million and representing 0.10% of the company.
• Institutional investors and hedge funds own 81.18% of Woodward. Shares opened at $332.69, and the company’s analyst consensus is “Moderate Buy,” with a $413.82 average price target.
• Woodward declared a quarterly dividend of $0.32 per share, equivalent to $1.28 annually and a 0.4% yield.

Associated Banc Corp acquired a new position in shares of Woodward, Inc. (NASDAQ:WWD - Free Report) in the third quarter, according to its most recent disclosure with the SEC. The firm acquired 61,163 shares of the technology company's stock, valued at approximately $20,098,000. Associated Banc Corp owned 0.10% of Woodward at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Bard Associates Inc. purchased a new position in Woodward during the 2nd quarter worth $28,000. Washington Trust Advisors Inc. acquired a new stake in shares of Woodward during the 2nd quarter valued at approximately $33,000. Pension & Wealth Management Advisors Inc. purchased a new stake in Woodward during the third quarter worth $34,000. Elevation Wealth Partners LLC boosted its position in shares of Woodward by 550.0% in the 2nd quarter. Elevation Wealth Partners LLC now owns 91 shares of the technology company's stock worth $39,000 after buying an additional 77 shares in the last quarter. Finally, Parallel Advisors LLC lifted its holdings in shares of Woodward by 82.5% in the first quarter. Parallel Advisors LLC now owns 115 shares of the technology company's stock valued at $41,000 after purchasing an additional 52 shares in the last quarter. 81.18% of the stock is owned by institutional investors and hedge funds.

Woodward Stock Up 4.1%

Shares of NASDAQ:WWD opened at $332.69 on Wednesday. The company has a market capitalization of $19.65 billion, a price-to-earnings ratio of 37.01, a price-to-earnings-growth ratio of 1.67 and a beta of 0.91. The company has a 50 day moving average of $327.75 and a two-hundred day moving average of $364.10. Woodward, Inc. has a 52-week low of $253.52 and a 52-week high of $450.92. The company has a quick ratio of 1.14, a current ratio of 1.65 and a debt-to-equity ratio of 0.25.

Woodward Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Investors of record on Thursday, November 19th will be issued a $0.32 dividend. The ex-dividend date of this dividend is Thursday, November 19th. This represents a $1.28 dividend on an annualized basis and a yield of 0.4%. Woodward's dividend payout ratio is currently 14.24%.

Analyst Upgrades and Downgrades

WWD has been the topic of several recent research reports. Jefferies Financial Group reduced their price objective on Woodward from $450.00 to $420.00 and set a "buy" rating on the stock in a research report on Friday, October 2nd. Wells Fargo & Company decreased their price target on shares of Woodward from $440.00 to $430.00 and set an "overweight" rating on the stock in a report on Wednesday, September 30th. Truist Financial boosted their target price on Woodward from $415.00 to $420.00 and gave the stock a "buy" rating in a report on Tuesday, August 4th. Weiss Ratings reiterated a "buy (b)" rating on shares of Woodward in a report on Thursday, October 15th. Finally, Royal Bank Of Canada lowered their price target on Woodward from $430.00 to $380.00 and set an "outperform" rating for the company in a report on Wednesday, October 28th. One research 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 stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $413.82.

Woodward 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.

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