M&T Bank Corp Acquires 76,590 Shares of Curtiss-Wright Corporation $CW

Key Points

• M&T Bank acquired 76,590 shares during the fourth quarter, boosting its Curtiss‑Wright stake by 5,993% to 77,868 shares (about 0.21% of the company) valued at roughly $42.93 million per the 13F filing.
• Curtiss‑Wright posted a beat with Q EPS of $3.79 versus $3.66 expected and revenue of $946.98 million (up 14.9% YoY); the stock has a market cap of about $26.2 billion and an average analyst rating of "Moderate Buy" (consensus target ~$677).
• Insiders sold 22,717 shares worth $14.53 million in the last three months (insider ownership 0.51%), and the company pays a small quarterly dividend of $0.24 (annualized $0.96, ~0.1% yield).

M&T Bank Corp grew its holdings in shares of Curtiss-Wright Corporation (NYSE:CW - Free Report) by 5,993.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 77,868 shares of the aerospace company's stock after acquiring an additional 76,590 shares during the period. M&T Bank Corp owned about 0.21% of Curtiss-Wright worth $42,926,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. Optas LLC grew its position in shares of Curtiss-Wright by 76.3% during the 4th quarter. Optas LLC now owns 691 shares of the aerospace company's stock valued at $381,000 after acquiring an additional 299 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Curtiss-Wright by 101.9% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,257 shares of the aerospace company's stock valued at $10,616,000 after acquiring an additional 9,717 shares during the period. Krilogy Financial LLC lifted its stake in shares of Curtiss-Wright by 9.9% during the 4th quarter. Krilogy Financial LLC now owns 1,018 shares of the aerospace company's stock valued at $561,000 after buying an additional 92 shares in the last quarter. Bayforest Capital Ltd lifted its stake in shares of Curtiss-Wright by 158.0% during the 4th quarter. Bayforest Capital Ltd now owns 681 shares of the aerospace company's stock valued at $375,000 after buying an additional 417 shares in the last quarter. Finally, Merit Financial Group LLC lifted its stake in shares of Curtiss-Wright by 23.2% during the 4th quarter. Merit Financial Group LLC now owns 2,126 shares of the aerospace company's stock valued at $1,172,000 after buying an additional 400 shares in the last quarter. Institutional investors own 82.71% of the company's stock.

Curtiss-Wright Stock Down 1.2%

Shares of NYSE CW opened at $710.77 on Thursday. The firm's 50-day moving average price is $698.43 and its 200-day moving average price is $623.59. The company has a current ratio of 1.44, a quick ratio of 1.00 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $26.23 billion, a price-to-earnings ratio of 55.23, a P/E/G ratio of 3.41 and a beta of 0.91. Curtiss-Wright Corporation has a 12-month low of $324.89 and a 12-month high of $748.14.

Curtiss-Wright (NYSE:CW - Get Free Report) last announced its earnings results on Wednesday, February 11th. The aerospace company reported $3.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.66 by $0.13. The firm had revenue of $946.98 million for the quarter, compared to analysts' expectations of $890.14 million. Curtiss-Wright had a net margin of 13.84% and a return on equity of 19.28%. The business's revenue was up 14.9% compared to the same quarter last year. During the same period in the prior year, the company earned $3.27 EPS. On average, equities research analysts anticipate that Curtiss-Wright Corporation will post 15.06 EPS for the current fiscal year.

Curtiss-Wright Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 13th. Stockholders of record on Thursday, March 26th were 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 was Thursday, March 26th. Curtiss-Wright's dividend payout ratio is currently 7.46%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on CW shares. Citigroup lifted their target price on shares of Curtiss-Wright from $718.00 to $728.00 and gave the company a "neutral" rating in a research note on Thursday, April 2nd. Stifel Nicolaus lifted their target price on shares of Curtiss-Wright from $650.00 to $723.00 and gave the company a "hold" rating in a research note on Tuesday, April 14th. Wall Street Zen upgraded shares of Curtiss-Wright from a "hold" rating to a "buy" rating in a research note on Saturday, January 10th. Truist Financial set a $603.00 target price on shares of Curtiss-Wright in a research note on Friday, January 9th. Finally, Morgan Stanley restated an "overweight" rating and set a $760.00 target price on shares of Curtiss-Wright in a research note on Friday, February 13th. Four investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $677.00.

Insider Activity

In other news, COO Kevin Rayment sold 907 shares of the company's stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $677.38, for a total transaction of $614,383.66. Following the sale, the chief operating officer directly owned 31,493 shares in the company, valued at approximately $21,332,728.34. This represents a 2.80% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Robert F. Freda sold 140 shares of the company's stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $678.61, for a total transaction of $95,005.40. Following the sale, the vice president owned 5,343 shares in the company, valued at $3,625,813.23. This represents a 2.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 22,717 shares of company stock worth $14,533,791. 0.51% of the stock is 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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