Bank of Nova Scotia Purchases 87,927 Shares of Curtiss-Wright Corporation (NYSE:CW)

Key Points

• Bank of Nova Scotia significantly increased its stake in Curtiss-Wright Corporation by 2,460.9% during the 1st quarter, acquiring 87,927 shares and totaling 91,500 shares worth approximately $29 million.
• Analysts have raised their price targets for Curtiss-Wright, with Morgan Stanley increasing it from $405.00 to $550.00, reflecting a generally positive outlook with a consensus target price of $467.14.
• Curtiss-Wright recently declared a quarterly dividend of $0.24 per share, an increase from the previous $0.21, indicating a commitment to returning value to shareholders.

Bank of Nova Scotia increased its stake in Curtiss-Wright Corporation (NYSE:CW - Free Report) by 2,460.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 91,500 shares of the aerospace company's stock after buying an additional 87,927 shares during the period. Bank of Nova Scotia owned 0.24% of Curtiss-Wright worth $29,030,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of CW. LPL Financial LLC raised its position in shares of Curtiss-Wright by 65.7% in the 4th quarter. LPL Financial LLC now owns 25,069 shares of the aerospace company's stock worth $8,896,000 after purchasing an additional 9,939 shares during the last quarter. JPMorgan Chase & Co. raised its position in Curtiss-Wright by 28.9% in the 4th quarter. JPMorgan Chase & Co. now owns 153,631 shares of the aerospace company's stock worth $54,519,000 after buying an additional 34,489 shares during the last quarter. Pictet Asset Management Holding SA raised its position in Curtiss-Wright by 9.2% in the 4th quarter. Pictet Asset Management Holding SA now owns 5,340 shares of the aerospace company's stock worth $1,895,000 after buying an additional 449 shares during the last quarter. Summit Financial LLC purchased a new position in Curtiss-Wright in the 4th quarter worth about $251,000. Finally, Geode Capital Management LLC raised its position in Curtiss-Wright by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 743,934 shares of the aerospace company's stock worth $264,071,000 after buying an additional 12,086 shares during the last quarter. 82.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CW. Wall Street Zen lowered Curtiss-Wright from a "strong-buy" rating to a "buy" rating in a research report on Saturday. Morgan Stanley boosted their target price on Curtiss-Wright from $405.00 to $550.00 and gave the stock an "overweight" rating in a research report on Thursday, July 17th. Robert W. Baird boosted their target price on Curtiss-Wright from $432.00 to $500.00 and gave the stock an "outperform" rating in a research report on Thursday, May 22nd. Truist Financial decreased their target price on Curtiss-Wright from $356.00 to $338.00 and set a "hold" rating for the company in a research report on Friday, July 11th. Finally, Citigroup boosted their price target on Curtiss-Wright from $525.00 to $568.00 and gave the company a "buy" rating in a research note on Monday, July 14th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $467.14.

Curtiss-Wright Price Performance

NYSE:CW traded up $3.13 during trading hours on Monday, hitting $496.71. 291,288 shares of the stock traded hands, compared to its average volume of 310,753. The company has a quick ratio of 1.28, a current ratio of 1.89 and a debt-to-equity ratio of 0.37. Curtiss-Wright Corporation has a 1 year low of $258.85 and a 1 year high of $505.43. The stock has a 50 day moving average price of $472.92 and a 200 day moving average price of $386.98. The company has a market cap of $18.71 billion, a price-to-earnings ratio of 44.19, a price-to-earnings-growth ratio of 3.10 and a beta of 1.18.

Curtiss-Wright (NYSE:CW - Get Free Report) last released its earnings results on Wednesday, May 7th. The aerospace company reported $2.82 EPS for the quarter, topping the consensus estimate of $2.39 by $0.43. The firm had revenue of $805.65 million for the quarter, compared to the consensus estimate of $767.32 million. Curtiss-Wright had a net margin of 13.38% and a return on equity of 18.02%. The company's quarterly revenue was up 13.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.99 earnings per share. Sell-side analysts forecast that Curtiss-Wright Corporation will post 12.32 EPS for the current fiscal year.

Curtiss-Wright Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, July 7th. Investors of record on Monday, June 16th were issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 0.2%. The ex-dividend date was Monday, June 16th. This is a boost from Curtiss-Wright's previous quarterly dividend of $0.21. Curtiss-Wright's payout ratio is currently 8.54%.

Insider Buying and Selling at Curtiss-Wright

In related news, VP John C. Watts sold 450 shares of the stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $449.36, for a total transaction of $202,212.00. Following the sale, the vice president owned 4,959 shares in the company, valued at approximately $2,228,376.24. This represents a 8.32% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Bruce D. Hoechner sold 1,900 shares of the stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $448.00, for a total value of $851,200.00. Following the sale, the director owned 4,523 shares in the company, valued at $2,026,304. The trade was a 29.58% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.55% of the company's stock.

About Curtiss-Wright

Curtiss-Wright Corporation, together with its subsidiaries, provides engineered products, solutions, and services mainly to aerospace and defense, commercial power, process, and industrial markets worldwide. It operates through three segments: Aerospace & Industrial, Defense Electronics, and Naval & Power.