Millennium Management LLC decreased its stake in shares of Curtiss-Wright Corp. (NYSE:CW) by 47.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 153,875 shares of the aerospace company’s stock after selling 136,836 shares during the quarter. Millennium Management LLC’s holdings in Curtiss-Wright were worth $20,784,000 at the end of the most recent quarter.
Other large investors also recently made changes to their positions in the company. Three Peaks Capital Management LLC purchased a new position in Curtiss-Wright during the first quarter valued at $111,000. Whittier Trust Co. of Nevada Inc. raised its stake in Curtiss-Wright by 61.5% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 1,269 shares of the aerospace company’s stock valued at $171,000 after buying an additional 483 shares during the last quarter. First Commonwealth Financial Corp PA purchased a new position in Curtiss-Wright during the first quarter valued at $209,000. CIBC Asset Management Inc purchased a new position in shares of Curtiss-Wright in the first quarter worth $214,000. Finally, Element Capital Management LLC purchased a new position in shares of Curtiss-Wright in the first quarter worth $226,000. Institutional investors and hedge funds own 76.87% of the company’s stock.
Curtiss-Wright opened at $119.02 on Monday, Marketbeat.com reports. Curtiss-Wright Corp. has a 1-year low of $89.87 and a 1-year high of $143.38. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.50 and a quick ratio of 1.78. The firm has a market capitalization of $5.26 billion, a PE ratio of 22.50, a price-to-earnings-growth ratio of 1.60 and a beta of 1.20.
Curtiss-Wright announced that its Board of Directors has approved a stock buyback program on Monday, May 21st that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the aerospace company to reacquire up to 0.8% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 5th. Investors of record on Thursday, June 21st will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 0.50%. The ex-dividend date of this dividend is Wednesday, June 20th. Curtiss-Wright’s payout ratio is currently 11.93%.
In related news, Director S Marce Fuller sold 1,250 shares of Curtiss-Wright stock in a transaction on Monday, May 21st. The stock was sold at an average price of $132.74, for a total value of $165,925.00. Following the completion of the sale, the director now owns 12,984 shares of the company’s stock, valued at $1,723,496.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.87% of the company’s stock.
Several research analysts have recently weighed in on CW shares. ValuEngine upgraded Curtiss-Wright from a “hold” rating to a “buy” rating in a research note on Monday, April 2nd. Zacks Investment Research cut Curtiss-Wright from a “buy” rating to a “hold” rating in a research note on Monday, May 7th. Finally, Stifel Nicolaus decreased their price target on Curtiss-Wright from $141.00 to $136.00 and set a “hold” rating for the company in a research note on Friday, May 4th. Four analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $137.25.
Curtiss-Wright Corporation, together with its subsidiaries, designs, manufactures, and overhauls precision components, and engineered products and services primarily to the aerospace, defense, general industrial, and power generation markets worldwide. The company operates through three segments: Commercial/Industrial, Defense, and Power.
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