Bank of America Corp DE Takes Position in Curtiss-Wright Corporation $CW

Key Points

• Bank of America acquired 163,744 Curtiss-Wright shares worth approximately $124.1 million, giving it a 0.44% stake. Institutional investors collectively own 82.71% of the company.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $768.25; targets range from $768 to $860.
• Curtiss-Wright exceeded quarterly earnings expectations with EPS of $3.72, while revenue rose 5.4% year over year. The company also increased its quarterly dividend to $0.26 per share.

Bank of America Corp DE acquired a new position in shares of Curtiss-Wright Corporation (NYSE:CW - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 163,744 shares of the aerospace company's stock, valued at approximately $124,078,000. Bank of America Corp DE owned about 0.44% of Curtiss-Wright at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Magnolia Capital Advisors LLC bought a new stake in shares of Curtiss-Wright during the 2nd quarter valued at $382,000. Freestone Grove Partners LP acquired a new position in shares of Curtiss-Wright during the 2nd quarter worth about $8,903,000. Caisse de depot et placement du Quebec bought a new stake in shares of Curtiss-Wright in the 2nd quarter valued at about $34,992,000. Man Group plc bought a new stake in shares of Curtiss-Wright in the 2nd quarter valued at about $11,621,000. Finally, Jupiter Topco LLC acquired a new stake in shares of Curtiss-Wright in the 2nd quarter valued at approximately $2,883,000. Institutional investors and hedge funds own 82.71% of the company's stock.

Insiders Place Their Bets

In other Curtiss-Wright news, EVP John C. Watts sold 1,035 shares of the stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $619.46, for a total transaction of $641,141.10. Following the sale, the executive vice president directly owned 2,736 shares in the company, valued at $1,694,842.56. This represents a 27.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Larry D. Wyche sold 100 shares of the stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $596.74, for a total transaction of $59,674.00. Following the sale, the director owned 1,414 shares in the company, valued at $843,790.36. The trade was a 6.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.51% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

CW has been the topic of several recent analyst reports. Wall Street Zen lowered Curtiss-Wright from a "buy" rating to a "hold" rating in a report on Saturday, August 15th. Citigroup lifted their price target on shares of Curtiss-Wright from $775.00 to $793.00 and gave the company a "neutral" rating in a research note on Wednesday, July 1st. Stifel Nicolaus upped their price target on shares of Curtiss-Wright from $724.00 to $768.00 and gave the company a "hold" rating in a report on Monday, July 20th. Weiss Ratings downgraded Curtiss-Wright from a "buy (b)" rating to a "buy (b-)" rating in a research note on Friday, September 4th. Finally, Morgan Stanley reiterated an "overweight" rating and set a $860.00 price objective on shares of Curtiss-Wright in a report on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $768.25.

Curtiss-Wright Stock Performance

NYSE CW opened at $567.03 on Friday. The firm has a 50-day moving average price of $659.55 and a two-hundred day moving average price of $702.14. Curtiss-Wright Corporation has a 12-month low of $502.00 and a 12-month high of $808.16. The company has a market capitalization of $20.94 billion, a P/E ratio of 39.02, a P/E/G ratio of 2.56 and a beta of 0.84. The company has a quick ratio of 1.12, a current ratio of 1.60 and a debt-to-equity ratio of 0.27.

Curtiss-Wright (NYSE:CW - Get Free Report) last announced its earnings results on Thursday, August 6th. The aerospace company reported $3.72 EPS for the quarter, topping the consensus estimate of $3.62 by $0.10. The company had revenue of $924.01 million for the quarter, compared to analysts' expectations of $926.17 million. Curtiss-Wright had a net margin of 14.81% and a return on equity of 20.49%. The business's revenue for the quarter was up 5.4% on a year-over-year basis. During the same period last year, the firm earned $3.23 earnings per share. Analysts anticipate that Curtiss-Wright Corporation will post 15.27 earnings per share for the current year.

Curtiss-Wright Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Friday, September 25th will be issued a dividend of $0.26 per share. This is an increase from Curtiss-Wright's previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Friday, September 25th. This represents a $1.04 annualized dividend and a dividend yield of 0.2%. Curtiss-Wright's payout ratio is currently 7.16%.

About Curtiss-Wright

Curtiss-Wright Corporation NYSE: CW is a diversified industrial company that develops and manufactures highly engineered products and services for the aerospace, defense, commercial nuclear and general industrial markets. Its offerings include sensors, actuators, valves, pumps, electronic systems, embedded computing products, surface-treatment services and other components designed for demanding operating environments.

The company serves aerospace and defense customers with products used in aircraft, naval vessels, ground vehicles, missile systems and other defense platforms.

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