Curtiss-Wright (NYSE:CW) Shares Gap Down After Analyst Downgrade

Curtiss-Wright Corporation (NYSE:CW)’s stock price gapped down prior to trading on Wednesday after Citigroup lowered their price target on the stock from $793.00 to $622.00. The stock had previously closed at $553.35, but opened at $523.45. Citigroup currently has a neutral rating on the stock. Curtiss-Wright shares last traded at $517.0380, with a volume of 93,425 shares trading hands.

CW has been the topic of several other reports. Deutsche Bank Aktiengesellschaft set a $801.00 target price on Curtiss-Wright in a research note on Wednesday, August 12th. Weiss Ratings downgraded Curtiss-Wright from a “buy (b)” rating to a “buy (b-)” rating in a report on Friday, September 4th. Piper Sandler initiated coverage on shares of Curtiss-Wright in a research report on Wednesday, September 2nd. They issued a “neutral” rating and a $665.00 price objective on the stock. Morgan Stanley reissued an “overweight” rating and issued a $860.00 price objective on shares of Curtiss-Wright in a research note on Wednesday, July 15th. Finally, Wall Street Zen downgraded shares of Curtiss-Wright from a “buy” rating to a “hold” rating in a research report on Saturday, August 15th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $746.88.

Insider Buying and Selling at Curtiss-Wright

In related news, Director Larry D. Wyche sold 100 shares of the business’s stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $596.74, for a total value of $59,674.00. Following the sale, the director directly owned 1,414 shares in the company, valued at $843,790.36. The trade was a 6.61% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP John Watts sold 1,035 shares of the stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $619.46, for a total transaction of $641,141.10. Following the completion of the sale, the executive vice president directly owned 2,736 shares in the company, valued at approximately $1,694,842.56. The trade was a 27.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 0.51% of the company’s stock.

Institutional Investors Weigh In On Curtiss-Wright

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Livforsakringsbolaget Skandia Omsesidigt acquired a new position in Curtiss-Wright in the 2nd quarter worth $30,000. Quantbot Technologies LP acquired a new stake in shares of Curtiss-Wright in the second quarter worth $30,000. Fiduciary Financial Advisors purchased a new position in Curtiss-Wright during the 2nd quarter valued at about $31,000. Signature Equity Partners LLC lifted its position in shares of Curtiss-Wright by 140.0% in the first quarter. Signature Equity Partners LLC now owns 60 shares of the aerospace company’s stock worth $41,000 after purchasing an additional 35 shares in the last quarter. Finally, Elevation Wealth Partners LLC boosted its holdings in shares of Curtiss-Wright by 237.5% during the second quarter. Elevation Wealth Partners LLC now owns 54 shares of the aerospace company’s stock worth $41,000 after purchasing an additional 38 shares during the period. Hedge funds and other institutional investors own 82.71% of the company’s stock.

Curtiss-Wright Stock Performance

The firm’s fifty day moving average is $606.69 and its 200 day moving average is $687.42. The firm has a market capitalization of $18.78 billion, a price-to-earnings ratio of 34.99, a PEG ratio of 2.30 and a beta of 0.88. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.60 and a quick ratio of 1.12.

Curtiss-Wright (NYSE:CW) last released its quarterly earnings data on Thursday, August 6th. The aerospace company reported $3.72 earnings per share for the quarter, beating the consensus estimate of $3.62 by $0.10. Curtiss-Wright had a net margin of 14.81% and a return on equity of 20.49%. The firm had revenue of $924.01 million for the quarter, compared to analyst estimates of $926.17 million. During the same quarter in the prior year, the business earned $3.23 EPS. The company’s revenue for the quarter was up 5.4% compared to the same quarter last year. On average, analysts predict that Curtiss-Wright Corporation will post 15.27 EPS for the current fiscal year.

Curtiss-Wright Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Friday, September 25th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 0.2%. The ex-dividend date is Friday, September 25th. This is an increase from Curtiss-Wright’s previous quarterly dividend of $0.24. Curtiss-Wright’s dividend payout ratio is presently 7.16%.

Curtiss-Wright Company Profile

Curtiss-Wright Corporation is a diversified manufacturer and service provider serving the aerospace, defense, commercial power and industrial markets. The company develops and produces highly engineered components and systems used in applications where reliability, performance and safety are critical.

Its products and services include aircraft and industrial actuation systems, sensors and controls, electronic components, embedded computing systems, data-acquisition equipment, valves, pumps, motors and other flow-control products.