iA Global Asset Management Inc. Trims Stake in Curtiss-Wright Corporation $CW

Key Points

• iA Global Asset Management cut its Curtiss-Wright stake by 12.5% in the first quarter, selling 1,580 shares and leaving it with 11,040 shares valued at about $7.52 million.
• Several other institutional investors also adjusted their positions, while hedge funds and other institutions still own a large majority of the stock at 82.71%.
• Insiders sold shares in June, including CEO Lynn M. Bamford and VP Gary A. Ogilby, even as Curtiss-Wright reported better-than-expected quarterly earnings and revenue and maintained a quarterly dividend of $0.24 per share.

iA Global Asset Management Inc. lowered its position in Curtiss-Wright Corporation (NYSE:CW - Free Report) by 12.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 11,040 shares of the aerospace company's stock after selling 1,580 shares during the period. iA Global Asset Management Inc.'s holdings in Curtiss-Wright were worth $7,520,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of the business. Inspire Investing LLC grew its position in Curtiss-Wright by 14.7% in the 1st quarter. Inspire Investing LLC now owns 11,284 shares of the aerospace company's stock valued at $7,686,000 after acquiring an additional 1,448 shares during the last quarter. Janney Montgomery Scott LLC boosted its stake in shares of Curtiss-Wright by 17.6% during the first quarter. Janney Montgomery Scott LLC now owns 6,666 shares of the aerospace company's stock valued at $4,540,000 after purchasing an additional 997 shares during the period. Pictet Asset Management Holding SA grew its holdings in shares of Curtiss-Wright by 165.1% in the first quarter. Pictet Asset Management Holding SA now owns 14,922 shares of the aerospace company's stock worth $10,164,000 after purchasing an additional 9,293 shares during the last quarter. ABN AMRO Bank N.V. grew its holdings in shares of Curtiss-Wright by 23.5% in the first quarter. ABN AMRO Bank N.V. now owns 8,669 shares of the aerospace company's stock worth $5,940,000 after purchasing an additional 1,651 shares during the last quarter. Finally, Creative Capital Management Investments LLC purchased a new position in Curtiss-Wright in the 1st quarter worth about $204,000. Hedge funds and other institutional investors own 82.71% of the company's stock.

Insider Activity

In other news, VP Gary A. Ogilby sold 399 shares of the company's stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $721.95, for a total transaction of $288,058.05. Following the transaction, the vice president directly 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. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Lynn M. Bamford sold 2,500 shares of the firm's stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $721.72, for a total value of $1,804,300.00. Following the completion of the sale, the chief executive officer directly owned 48,134 shares of the company's stock, valued at $34,739,270.48. The trade was a 4.94% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 3,119 shares of company stock worth $2,257,998. Corporate insiders own 0.51% of the company's stock.

Curtiss-Wright Stock Up 0.1%

Curtiss-Wright stock opened at $758.27 on Thursday. The company has a quick ratio of 1.05, a current ratio of 1.52 and a debt-to-equity ratio of 0.29. The firm has a market cap of $28.01 billion, a P/E ratio of 55.55, a P/E/G ratio of 3.51 and a beta of 0.85. The business has a fifty day moving average of $738.53 and a two-hundred day moving average of $684.71. Curtiss-Wright Corporation has a twelve month low of $463.00 and a twelve month high of $800.00.

Curtiss-Wright (NYSE:CW - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The aerospace company reported $3.48 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.32 by $0.16. The business had revenue of $913.69 million for the quarter, compared to the consensus estimate 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 period last year, the business posted $2.82 EPS. On average, analysts forecast that Curtiss-Wright Corporation will post 15.17 earnings per share for the current fiscal year.

Curtiss-Wright Dividend Announcement

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

Analysts Set New Price Targets

A number of brokerages recently weighed in on CW. Stifel Nicolaus set a $724.00 price objective on shares of Curtiss-Wright in a report on Friday, May 8th. Citigroup raised their target price on shares of Curtiss-Wright from $775.00 to $793.00 and gave the stock a "neutral" rating in a research report on Wednesday. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Curtiss-Wright in a research note on Wednesday, May 13th. Finally, Robert W. Baird set a $870.00 price target on Curtiss-Wright in a report on Friday, May 8th. Three research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $749.67.

About Curtiss-Wright

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.

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 reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.