Driehaus Capital Management LLC Sells 8,927 Shares of Curtiss-Wright Corporation $CW

Key Points

• Driehaus Capital Management LLC has reduced its stake in Curtiss-Wright Corporation by 3.1%, now holding 282,655 shares, which represents 0.9% of its portfolio.
• Insider transactions include a significant sale by VP John C. Watts and Director Bruce D. Hoechner, with both decreasing their holdings by over 22% and 29% respectively.
• Analysts have varying price targets for Curtiss-Wright, with Morgan Stanley raising their target from $405 to $550, while Truist Financial lowered their target to $338, indicating mixed sentiment among investors.

Driehaus Capital Management LLC lowered its position in shares of Curtiss-Wright Corporation (NYSE:CW - Free Report) by 3.1% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 282,655 shares of the aerospace company's stock after selling 8,927 shares during the quarter. Curtiss-Wright comprises 0.9% of Driehaus Capital Management LLC's portfolio, making the stock its 20th largest position. Driehaus Capital Management LLC owned approximately 0.75% of Curtiss-Wright worth $89,678,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. GAMMA Investing LLC increased its stake in Curtiss-Wright by 44,878.7% in the 1st quarter. GAMMA Investing LLC now owns 259,527 shares of the aerospace company's stock valued at $82,340,000 after buying an additional 258,950 shares during the last quarter. Nuveen LLC bought a new position in shares of Curtiss-Wright in the first quarter worth approximately $70,357,000. Wedge Capital Management L L P NC bought a new position in Curtiss-Wright during the first quarter valued at $55,639,000. Bank of New York Mellon Corp increased its stake in 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 worth $175,417,000 after buying an additional 104,393 shares during the period. Finally, Point72 Asset Management L.P. bought a new stake in shares of Curtiss-Wright in the 4th quarter valued at about $34,368,000. 82.71% of the stock is currently owned by hedge funds and other institutional investors.

Curtiss-Wright Trading Up 0.8%

CW stock traded up $3.92 during midday trading on Tuesday, reaching $482.07. 166,790 shares of the company traded hands, compared to its average volume of 312,333. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.35 and a current ratio of 1.95. The firm has a market capitalization of $18.16 billion, a price-to-earnings ratio of 40.68, a P/E/G ratio of 2.93 and a beta of 1.15. The business has a 50 day moving average of $486.09 and a 200-day moving average of $406.70. Curtiss-Wright Corporation has a 52-week low of $266.88 and a 52-week high of $517.09.

Curtiss-Wright (NYSE:CW - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The aerospace company reported $3.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.13 by $0.10. Curtiss-Wright had a return on equity of 18.34% and a net margin of 13.66%.The company had revenue of $876.58 million for the quarter, compared to analysts' expectations of $855.10 million. During the same period in the previous year, the firm posted $2.67 EPS. Curtiss-Wright's revenue was up 11.7% compared to the same quarter last year. As a group, sell-side analysts expect that Curtiss-Wright Corporation will post 12.32 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CW. Wall Street Zen lowered shares of Curtiss-Wright from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 2nd. Truist Financial decreased their price target on Curtiss-Wright from $356.00 to $338.00 and set a "hold" rating on the stock in a research note on Friday, July 11th. Robert W. Baird boosted their price target on Curtiss-Wright from $432.00 to $500.00 and gave the company an "outperform" rating in a report on Thursday, May 22nd. Citigroup upped their price objective on Curtiss-Wright from $525.00 to $568.00 and gave the company a "buy" rating in a report on Monday, July 14th. Finally, Stifel Nicolaus upped their target price on Curtiss-Wright from $450.00 to $457.00 and gave the stock a "hold" rating in a research report on Friday, August 8th. Five investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, Curtiss-Wright has an average rating of "Moderate Buy" and an average price target of $468.14.

Insider Buying and Selling at Curtiss-Wright

In related news, VP John C. Watts sold 1,110 shares of the firm's stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $480.50, for a total transaction of $533,355.00. Following the transaction, the vice president directly owned 3,863 shares of the company's stock, valued at approximately $1,856,171.50. This trade represents a 22.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Bruce D. Hoechner sold 1,900 shares of the firm's stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $448.00, for a total transaction of $851,200.00. Following the transaction, the director owned 4,523 shares of the company's stock, valued at approximately $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.