Congress Asset Management Co. Sells 83,750 Shares of Curtiss-Wright Corporation $CW

Key Points

• Congress Asset Management Co. sold 83,750 shares of Curtiss-Wright Corporation, reducing its holdings by 20.5% and making it the investor's 21st largest position.
• Curtiss-Wright reported $3.23 earnings per share for the last quarter, exceeding analysts' estimates and showing an 11.7% year-over-year increase in revenue.
• The company declared a quarterly dividend of $0.24 per share, reflecting an annualized yield of 0.2%, set to be paid on October 10th.

Congress Asset Management Co. decreased its holdings in Curtiss-Wright Corporation (NYSE:CW - Free Report) by 20.5% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 325,778 shares of the aerospace company's stock after selling 83,750 shares during the quarter. Curtiss-Wright accounts for approximately 1.1% of Congress Asset Management Co.'s holdings, making the stock its 21st biggest holding. Congress Asset Management Co. owned 0.87% of Curtiss-Wright worth $159,159,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Bank of New York Mellon Corp grew its stake in shares of Curtiss-Wright by 23.3% in the 1st quarter. Bank of New York Mellon Corp now owns 552,893 shares of the aerospace company's stock valued at $175,417,000 after purchasing an additional 104,393 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in Curtiss-Wright by 1.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 343,513 shares of the aerospace company's stock valued at $110,769,000 after buying an additional 5,007 shares in the last quarter. AQR Capital Management LLC grew its position in Curtiss-Wright by 25.6% in the first quarter. AQR Capital Management LLC now owns 266,445 shares of the aerospace company's stock valued at $81,761,000 after acquiring an additional 54,289 shares during the period. GAMMA Investing LLC raised its stake in Curtiss-Wright by 44,878.7% during the first quarter. GAMMA Investing LLC now owns 259,527 shares of the aerospace company's stock worth $82,340,000 after acquiring an additional 258,950 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Curtiss-Wright by 6.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 251,874 shares of the aerospace company's stock valued at $79,912,000 after acquiring an additional 14,684 shares during the period. Institutional investors and hedge funds own 82.71% of the company's stock.

Curtiss-Wright Trading Up 1.4%

CW opened at $518.52 on Friday. Curtiss-Wright Corporation has a 1-year low of $266.88 and a 1-year high of $528.44. The stock has a market capitalization of $19.54 billion, a PE ratio of 43.76, a PEG ratio of 3.13 and a beta of 1.15. The company has a current ratio of 1.95, a quick ratio of 1.35 and a debt-to-equity ratio of 0.35. The firm has a 50-day moving average price of $492.48 and a two-hundred day moving average price of $428.20.

Curtiss-Wright (NYSE:CW - Get Free Report) last announced its earnings results on Wednesday, August 6th. The aerospace company reported $3.23 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.13 by $0.10. Curtiss-Wright had a net margin of 13.66% and a return on equity of 18.34%. The company had revenue of $876.58 million for the quarter, compared to analyst estimates of $855.10 million. During the same period in the prior year, the business earned $2.67 earnings per share. Curtiss-Wright's quarterly revenue was up 11.7% on a year-over-year basis. As a group, equities analysts anticipate that Curtiss-Wright Corporation will post 12.32 earnings per share for the current fiscal year.

Curtiss-Wright Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Friday, September 26th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date is Friday, September 26th. Curtiss-Wright's dividend payout ratio (DPR) is presently 8.10%.

Analysts Set New Price Targets

Several research firms have recently weighed in on CW. Stifel Nicolaus upped their target price on shares of Curtiss-Wright from $450.00 to $457.00 and gave the stock a "hold" rating in a report on Friday, August 8th. Truist Financial reduced their price target on shares of Curtiss-Wright from $356.00 to $338.00 and set a "hold" rating on the stock in a research report on Friday, July 11th. Wall Street Zen cut shares of Curtiss-Wright from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 2nd. Morgan Stanley raised their price objective on shares of Curtiss-Wright from $405.00 to $550.00 and gave the stock an "overweight" rating in a report on Thursday, July 17th. Finally, Citigroup boosted their target price on Curtiss-Wright from $525.00 to $568.00 and gave the stock a "buy" rating in a report on Monday, July 14th. Five analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Curtiss-Wright currently has an average rating of "Moderate Buy" and a consensus target price of $468.14.

Insider Activity at Curtiss-Wright

In other news, VP John C. Watts sold 1,110 shares of the business's stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $480.50, for a total transaction of $533,355.00. Following the completion of the sale, the vice president owned 3,863 shares in the company, valued at $1,856,171.50. The trade was a 22.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company 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.

Want to see what other hedge funds are holding CW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Curtiss-Wright Corporation (NYSE:CW - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.