Hsbc Holdings PLC Decreases Stake in Curtiss-Wright Corporation $CW

Key Points

• HSBC Holdings reduced its stake in Curtiss-Wright by 70.9% in the first quarter, selling 23,696 shares and leaving it with 9,718 shares worth about $6.58 million.
• Curtiss-Wright reported strong quarterly results, with EPS of $3.48 beating estimates and revenue of $913.69 million topping expectations, while sales rose 13.4% year over year.
• The stock has drawn mixed signals from insiders and analysts: the CEO and a vice president recently sold shares, while Wall Street currently rates the stock a Moderate Buy with an average price target of $773.67.

Hsbc Holdings PLC cut its stake in shares of Curtiss-Wright Corporation (NYSE:CW - Free Report) by 70.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,718 shares of the aerospace company's stock after selling 23,696 shares during the quarter. Hsbc Holdings PLC's holdings in Curtiss-Wright were worth $6,580,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in CW. SG Americas Securities LLC boosted 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 valued at $14,335,000 after purchasing an additional 22,903 shares in the last quarter. CWM LLC raised its holdings in shares of Curtiss-Wright by 75.8% during the 4th quarter. CWM LLC now owns 18,425 shares of the aerospace company's stock worth $10,157,000 after buying an additional 7,944 shares in the last quarter. Pacer Advisors Inc. lifted its position in shares of Curtiss-Wright by 114.8% during the 4th quarter. Pacer Advisors Inc. now owns 10,759 shares of the aerospace company's stock worth $5,931,000 after buying an additional 5,749 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in shares of Curtiss-Wright by 16.8% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 13,667 shares of the aerospace company's stock worth $8,115,000 after buying an additional 1,965 shares during the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd acquired a new stake in Curtiss-Wright in the fourth quarter valued at about $1,104,000. 82.71% of the stock is owned by institutional investors and hedge funds.

Curtiss-Wright Stock Performance

NYSE CW opened at $749.55 on Friday. The company has a market capitalization of $27.69 billion, a price-to-earnings ratio of 54.91, a PEG ratio of 3.36 and a beta of 0.86. The company has a quick ratio of 1.05, a current ratio of 1.52 and a debt-to-equity ratio of 0.29. Curtiss-Wright Corporation has a twelve month low of $464.91 and a twelve month high of $808.16. The stock has a fifty day simple moving average of $745.17 and a 200 day simple moving average of $706.10.

Curtiss-Wright (NYSE:CW - Get Free Report) last announced its earnings results on Thursday, May 7th. The aerospace company reported $3.48 EPS for the quarter, topping the consensus estimate of $3.32 by $0.16. Curtiss-Wright had a return on equity of 20.00% and a net margin of 14.17%.The firm had revenue of $913.69 million for the quarter, compared to the consensus estimate of $863.83 million. During the same period in the previous year, the business earned $2.82 EPS. The business's quarterly revenue was up 13.4% compared to the same quarter last year. Sell-side analysts expect that Curtiss-Wright Corporation will post 15.22 EPS for the current year.

Curtiss-Wright Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, July 6th. Shareholders of record on Monday, June 15th were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 0.1%. The ex-dividend date of this dividend was Monday, June 15th. Curtiss-Wright's payout ratio is 7.62%.

Insider Buying and Selling at Curtiss-Wright

In other news, CEO Lynn M. Bamford sold 2,500 shares of the company's stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $721.72, for a total transaction of $1,804,300.00. Following the transaction, the chief executive officer owned 48,134 shares in the company, valued at approximately $34,739,270.48. This represents a 4.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Gary A. Ogilby sold 399 shares of the firm's stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $721.95, for a total value of $288,058.05. Following the completion of the sale, the vice president owned 2,172 shares of the company's stock, valued at approximately $1,568,075.40. This represents a 15.52% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 3,119 shares of company stock valued at $2,257,998. Corporate insiders own 0.51% of the company's stock.

Analyst Ratings Changes

Several research analysts have commented on CW shares. Weiss Ratings downgraded Curtiss-Wright from a "buy (b)" rating to a "buy (b-)" rating in a research note on Thursday, July 2nd. Stifel Nicolaus raised their price target on shares of Curtiss-Wright from $724.00 to $768.00 and gave the company a "hold" rating in a research note on Monday. Robert W. Baird set a $870.00 price target on shares of Curtiss-Wright in a report on Friday, May 8th. Citigroup upped their price objective on shares of Curtiss-Wright from $775.00 to $793.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 1st. Finally, Morgan Stanley restated an "overweight" rating and issued a $860.00 target price on shares of Curtiss-Wright in a research report on Wednesday, July 15th. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $773.67.

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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