Curtiss-Wright Corporation $CW Shares Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management cut its Curtiss-Wright stake by 98.2% in the first quarter, selling 40,206 shares and leaving it with just 717 shares worth about $488,000.
• Curtiss-Wright beat earnings expectations in its latest quarter, reporting $3.48 EPS versus $3.32 expected and revenue of $913.69 million, up 13.4% year over year.
• Analysts remain mixed but constructive on the stock, with three Buy ratings and three Hold ratings, resulting in a consensus "Moderate Buy" and an average price target of $749.67.

Assenagon Asset Management S.A. trimmed its position in Curtiss-Wright Corporation (NYSE:CW - Free Report) by 98.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 717 shares of the aerospace company's stock after selling 40,206 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Curtiss-Wright were worth $488,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in CW. SG Americas Securities LLC lifted its holdings in shares of Curtiss-Wright by 738.8% in the 4th quarter. SG Americas Securities LLC now owns 26,003 shares of the aerospace company's stock worth $14,335,000 after acquiring an additional 22,903 shares during the last quarter. CIBC Bancorp USA Inc. acquired a new position in Curtiss-Wright during the 3rd quarter worth about $37,812,000. Grove Bank & Trust acquired a new position in Curtiss-Wright during the 4th quarter worth about $1,104,000. Pacer Advisors Inc. boosted its holdings in Curtiss-Wright by 114.8% during the 4th quarter. Pacer Advisors Inc. now owns 10,759 shares of the aerospace company's stock valued at $5,931,000 after acquiring an additional 5,749 shares during the period. Finally, CWM LLC boosted its holdings in Curtiss-Wright by 75.8% during the 4th quarter. CWM LLC now owns 18,425 shares of the aerospace company's stock valued at $10,157,000 after acquiring an additional 7,944 shares during the period. Institutional investors and hedge funds own 82.71% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on CW shares. Citigroup increased their price target on shares of Curtiss-Wright from $775.00 to $793.00 and gave the stock a "neutral" rating in a research report on Wednesday. Robert W. Baird set a $870.00 target price on shares of Curtiss-Wright in a research note on Friday, May 8th. Weiss Ratings cut shares of Curtiss-Wright from a "buy (b)" rating to a "buy (b-)" rating in a research report on Thursday. Finally, Stifel Nicolaus set a $724.00 price objective on Curtiss-Wright in a research report on Friday, May 8th. Three equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $749.67.

Curtiss-Wright Stock Performance

NYSE CW opened at $758.94 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.52 and a quick ratio of 1.05. Curtiss-Wright Corporation has a 1 year low of $463.00 and a 1 year high of $800.00. The company has a market capitalization of $28.04 billion, a PE ratio of 55.60, a P/E/G ratio of 3.52 and a beta of 0.86. The company has a fifty day moving average of $740.28 and a two-hundred day moving average of $686.73.

Curtiss-Wright (NYSE:CW - Get Free Report) last posted its earnings results on Thursday, May 7th. The aerospace company reported $3.48 EPS for the quarter, topping analysts' consensus estimates of $3.32 by $0.16. The business had revenue of $913.69 million for 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 quarter in the previous year, the firm earned $2.82 earnings per share. As a group, analysts expect that Curtiss-Wright Corporation will post 15.17 earnings per share for the current year.

Curtiss-Wright Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 6th. Stockholders of record on Monday, June 15th will be paid a dividend of $0.24 per share. The ex-dividend date is Monday, June 15th. This represents a $0.96 annualized dividend and a dividend yield of 0.1%. Curtiss-Wright's dividend payout ratio is 7.62%.

Insider Buying and Selling

In related news, VP Gary A. Ogilby sold 399 shares of the business's stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $721.95, for a total value of $288,058.05. Following the transaction, the vice president owned 2,172 shares in the company, valued at $1,568,075.40. The trade was a 15.52% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Lynn M. Bamford sold 2,500 shares of the company's stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $721.72, for a total value of $1,804,300.00. Following the sale, the chief executive officer directly owned 48,134 shares of the company's stock, valued at approximately $34,739,270.48. This represents a 4.94% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 3,119 shares of company stock valued at $2,257,998 over the last quarter. 0.51% of the stock is currently owned by insiders.

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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