Bank of New York Mellon Corp Cuts Stock Holdings in Curtiss-Wright Corporation $CW

Key Points

• Bank of New York Mellon cut its Curtiss-Wright stake by 13.0% in the fourth quarter, selling 59,893 shares and leaving it with about 400,796 shares valued at roughly $220.9 million.
• Curtiss-Wright reported better-than-expected quarterly results, with EPS of $3.48 versus the $3.32 consensus and revenue of $913.69 million, up 13.4% year over year.
• The company also announced a quarterly dividend of $0.24 per share, while analysts currently rate the stock a Moderate Buy with a consensus price target of $746.67.

Bank of New York Mellon Corp decreased its holdings in shares of Curtiss-Wright Corporation (NYSE:CW - Free Report) by 13.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 400,796 shares of the aerospace company's stock after selling 59,893 shares during the quarter. Bank of New York Mellon Corp owned about 1.09% of Curtiss-Wright worth $220,946,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. IFP Advisors Inc lifted its stake in Curtiss-Wright by 2.3% in the fourth quarter. IFP Advisors Inc now owns 698 shares of the aerospace company's stock worth $385,000 after purchasing an additional 16 shares during the last quarter. Clearstead Advisors LLC boosted its stake in shares of Curtiss-Wright by 1.6% during the third quarter. Clearstead Advisors LLC now owns 1,067 shares of the aerospace company's stock valued at $579,000 after purchasing an additional 17 shares during the period. Mayflower Financial Advisors LLC boosted its stake in shares of Curtiss-Wright by 2.9% during the fourth quarter. Mayflower Financial Advisors LLC now owns 611 shares of the aerospace company's stock valued at $337,000 after purchasing an additional 17 shares during the period. Huntington National Bank boosted its stake in shares of Curtiss-Wright by 9.5% during the third quarter. Huntington National Bank now owns 208 shares of the aerospace company's stock valued at $113,000 after purchasing an additional 18 shares during the period. Finally, Lisanti Capital Growth LLC boosted its stake in shares of Curtiss-Wright by 0.7% during the fourth quarter. Lisanti Capital Growth LLC now owns 2,845 shares of the aerospace company's stock valued at $1,568,000 after purchasing an additional 20 shares during the period. 82.71% of the stock is owned by hedge funds and other institutional investors.

Curtiss-Wright Stock Performance

Shares of NYSE CW opened at $734.28 on Friday. The company has a market capitalization of $27.12 billion, a PE ratio of 53.79, a price-to-earnings-growth ratio of 3.45 and a beta of 0.85. Curtiss-Wright Corporation has a 1 year low of $443.00 and a 1 year high of $760.72. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.05 and a current ratio of 1.52. The company's fifty day moving average price is $719.93 and its 200 day moving average price is $657.51.

Curtiss-Wright (NYSE:CW - Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The aerospace company reported $3.48 EPS for the quarter, beating analysts' consensus estimates of $3.32 by $0.16. The business had revenue of $913.69 million during the quarter, compared to analysts' expectations of $863.83 million. Curtiss-Wright had a return on equity of 20.00% and a net margin of 14.17%.The business's revenue was up 13.4% compared to the same quarter last year. During the same period in the previous year, the business earned $2.82 earnings per share. On average, research analysts predict that Curtiss-Wright Corporation will post 15.15 earnings per share for the current year.

Curtiss-Wright Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 6th. Shareholders of record on Monday, June 15th will be issued a $0.24 dividend. The ex-dividend date is Monday, June 15th. This represents a $0.96 dividend on an annualized basis and a yield of 0.1%. Curtiss-Wright's dividend payout ratio (DPR) is presently 7.03%.

Analyst Ratings Changes

A number of equities analysts have commented on CW shares. Citigroup upped their target price on shares of Curtiss-Wright from $728.00 to $775.00 and gave the stock a "neutral" rating in a research note on Monday, May 18th. Weiss Ratings reiterated a "buy (b)" rating on shares of Curtiss-Wright in a report on Wednesday, May 13th. Morgan Stanley restated an "overweight" rating and issued a $760.00 price target on shares of Curtiss-Wright in a report on Friday, February 13th. Stifel Nicolaus set a $724.00 price target on shares of Curtiss-Wright in a report on Friday, May 8th. Finally, Deutsche Bank Aktiengesellschaft restated a "buy" rating and issued a $748.00 price target on shares of Curtiss-Wright in a report on Tuesday, February 17th. Three equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $746.67.

Insider Buying and Selling

In other Curtiss-Wright news, EVP John C. Watts sold 220 shares of the firm's stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $752.91, for a total value of $165,640.20. Following the transaction, the executive vice president owned 3,962 shares in the company, valued at approximately $2,983,029.42. This trade represents a 5.26% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Gary A. Ogilby sold 252 shares of the stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $689.14, for a total transaction of $173,663.28. Following the completion of the sale, the vice president owned 2,571 shares of the company's stock, valued at approximately $1,771,778.94. The trade was a 8.93% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 6,181 shares of company stock worth $4,204,919 in the last ninety days. Company insiders own 0.51% of the company's stock.

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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