PNC Financial Services Group Inc. Purchases 2,766 Shares of Curtiss-Wright Corporation (NYSE:CW)

Key Points

• PNC Financial Services Group Inc. increased its stake in Curtiss-Wright Corporation by 47.1%, bringing its total holdings to 8,641 shares valued at approximately $2.74 million.
• In the fourth quarter, multiple hedge funds, including Russell Investments and Renaissance Technologies, significantly boosted their positions in Curtiss-Wright, highlighting strong institutional interest with 82.71% of shares owned by institutional investors.
• Curtiss-Wright recently raised its quarterly dividend from $0.21 to $0.24 per share, reflecting a 0.2% dividend yield and a payout ratio of 8.54%.

PNC Financial Services Group Inc. grew its position in Curtiss-Wright Corporation (NYSE:CW - Free Report) by 47.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,641 shares of the aerospace company's stock after buying an additional 2,766 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Curtiss-Wright were worth $2,742,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in CW. GAMMA Investing LLC increased its position 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 acquiring an additional 258,950 shares during the period. Wedge Capital Management L L P NC acquired a new position in Curtiss-Wright in the 1st quarter valued at approximately $55,639,000. Bank of New York Mellon Corp increased its position 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 valued at $175,417,000 after acquiring an additional 104,393 shares during the period. Point72 Asset Management L.P. bought a new stake in shares of Curtiss-Wright in the 4th quarter valued at $34,368,000. Finally, Raymond James Financial Inc. bought a new stake in shares of Curtiss-Wright in the 4th quarter valued at $31,497,000. 82.71% of the stock is currently owned by institutional investors and hedge funds.

Curtiss-Wright Stock Down 0.2%

CW traded down $0.76 during trading on Friday, hitting $472.68. 473,213 shares of the company's stock were exchanged, compared to its average volume of 338,542. The company has a quick ratio of 1.35, a current ratio of 1.95 and a debt-to-equity ratio of 0.35. The business's 50 day moving average is $478.09 and its two-hundred day moving average is $391.06. Curtiss-Wright Corporation has a fifty-two week low of $266.88 and a fifty-two week high of $517.09. The stock has a market cap of $17.81 billion, a P/E ratio of 39.89, a PEG ratio of 2.95 and a beta of 1.18.

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

Curtiss-Wright Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 7th. Stockholders of record on Monday, June 16th were issued a $0.24 dividend. This is an increase from Curtiss-Wright's previous quarterly dividend of $0.21. This represents a $0.96 annualized dividend and a dividend yield of 0.2%. The ex-dividend date was Monday, June 16th. Curtiss-Wright's dividend payout ratio is currently 8.10%.

Wall Street Analysts Forecast Growth

CW has been the topic of a number of analyst reports. Truist Financial reduced their price objective on shares of Curtiss-Wright from $356.00 to $338.00 and set a "hold" rating on the stock in a research note on Friday, July 11th. Stifel Nicolaus upped their price objective on shares of Curtiss-Wright from $450.00 to $457.00 and gave the company a "hold" rating in a research note on Friday. Robert W. Baird upped their price objective on shares of Curtiss-Wright from $432.00 to $500.00 and gave the company an "outperform" rating in a research note on Thursday, May 22nd. Morgan Stanley increased their target price on shares of Curtiss-Wright from $405.00 to $550.00 and gave the stock an "overweight" rating in a research note on Thursday, July 17th. Finally, Citigroup increased their target price on shares of Curtiss-Wright from $525.00 to $568.00 and gave the stock a "buy" rating in a research note on Monday, July 14th. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $468.14.

Insider Activity

In other news, VP John C. Watts sold 450 shares of the stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $449.36, for a total value of $202,212.00. Following the completion of the sale, the vice president owned 4,959 shares in the company, valued at $2,228,376.24. This represents a 8.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Bruce D. Hoechner sold 1,900 shares of the stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $448.00, for a total transaction of $851,200.00. Following the completion of the sale, the director owned 4,523 shares of the company's stock, valued at approximately $2,026,304. This represents 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.

Curtiss-Wright Profile

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.