Weiss Asset Management LP Makes New Investment in Curtiss-Wright Corporation $CW

Key Points

• Weiss Asset Management purchased 6,095 Curtiss-Wright shares worth approximately $4.15 million, while institutional investors collectively own 82.71% of the company.
• Analysts maintain a “Moderate Buy” consensus, with an average price target of $773.67 versus the stock’s reported $749.68 opening price.
• Curtiss-Wright exceeded quarterly expectations, reporting $3.48 in EPS and $913.69 million in revenue, up 13.4% year over year; insiders also sold 3,119 shares worth about $2.26 million over the past 90 days.

Weiss Asset Management LP purchased a new stake in Curtiss-Wright Corporation (NYSE:CW - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 6,095 shares of the aerospace company's stock, valued at approximately $4,151,000.

A number of other hedge funds have also recently made changes to their positions in the company. Transamerica Financial Advisors LLC raised its position in shares of Curtiss-Wright by 25.9% in the fourth quarter. Transamerica Financial Advisors LLC now owns 73 shares of the aerospace company's stock worth $40,000 after buying an additional 15 shares in the last quarter. IFP Advisors Inc boosted its stake in Curtiss-Wright by 2.3% during the fourth quarter. IFP Advisors Inc now owns 698 shares of the aerospace company's stock valued at $385,000 after buying an additional 16 shares during the period. Summit Financial LLC grew its position in Curtiss-Wright by 2.3% during the fourth quarter. Summit Financial LLC now owns 697 shares of the aerospace company's stock worth $384,000 after buying an additional 16 shares in the last quarter. VestGen Investment Management grew its position in Curtiss-Wright by 0.9% during the fourth quarter. VestGen Investment Management now owns 1,870 shares of the aerospace company's stock worth $1,031,000 after buying an additional 17 shares in the last quarter. Finally, Jackson Thornton Wealth Management LLC increased its stake in Curtiss-Wright by 4.9% in the 1st quarter. Jackson Thornton Wealth Management LLC now owns 410 shares of the aerospace company's stock worth $298,000 after acquiring an additional 19 shares during the last quarter. 82.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CW has been the topic of several recent analyst reports. Citigroup raised their price target on Curtiss-Wright from $775.00 to $793.00 and gave the company a "neutral" rating in a report on Wednesday, July 1st. Weiss Ratings upgraded shares of Curtiss-Wright from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday. Robert W. Baird set a $870.00 price objective on shares of Curtiss-Wright in a research report on Friday, May 8th. Morgan Stanley reaffirmed an "overweight" rating and issued a $860.00 target price on shares of Curtiss-Wright in a research note on Wednesday, July 15th. Finally, Stifel Nicolaus lifted their target price on shares of Curtiss-Wright from $724.00 to $768.00 and gave the company a "hold" rating in a research report on Monday, July 20th. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, Curtiss-Wright has an average rating of "Moderate Buy" and an average price target of $773.67.

Insider Activity

In other Curtiss-Wright news, EVP John C. Watts sold 220 shares of the company's stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $752.91, for a total transaction of $165,640.20. Following the completion of the sale, the executive vice president directly owned 3,962 shares in the company, valued at $2,983,029.42. This represents a 5.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at 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 dated Tuesday, June 9th. The shares were sold at an average price of $721.72, for a total value of $1,804,300.00. Following the transaction, the chief executive officer directly owned 48,134 shares in the company, valued at $34,739,270.48. This trade represents a 4.94% decrease in their ownership of the stock. 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 90 days, insiders sold 3,119 shares of company stock valued at $2,257,998. Corporate insiders own 0.51% of the company's stock.

Curtiss-Wright Stock Performance

Shares of NYSE CW opened at $749.68 on Monday. The stock has a market cap of $27.69 billion, a price-to-earnings ratio of 54.92, a P/E/G ratio of 3.44 and a beta of 0.86. The company has a current ratio of 1.52, a quick ratio of 1.05 and a debt-to-equity ratio of 0.29. Curtiss-Wright Corporation has a 1-year low of $464.91 and a 1-year high of $808.16. The stock's 50-day moving average is $745.86 and its 200 day moving average is $707.25.

Curtiss-Wright (NYSE:CW - Get Free Report) last issued its earnings results on Thursday, May 7th. The aerospace company reported $3.48 earnings per share (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 business had revenue of $913.69 million during the quarter, compared to analyst estimates of $863.83 million. During the same quarter in the prior year, the firm earned $2.82 earnings per share. Curtiss-Wright's revenue for the quarter was up 13.4% on a year-over-year basis. On average, sell-side analysts anticipate that Curtiss-Wright Corporation will post 15.22 EPS for the current fiscal year.

Curtiss-Wright Announces Dividend

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

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.

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