Man Group plc lifted its stake in shares of Curtiss-Wright Corp. (NYSE:CW) by 73.9% in the third quarter, HoldingsChannel reports. The institutional investor owned 134,185 shares of the aerospace company’s stock after buying an additional 57,030 shares during the quarter. Man Group plc’s holdings in Curtiss-Wright were worth $18,440,000 as of its most recent SEC filing.
Several other hedge funds also recently added to or reduced their stakes in CW. Los Angeles Capital Management & Equity Research Inc. lifted its stake in Curtiss-Wright by 292.2% during the third quarter. Los Angeles Capital Management & Equity Research Inc. now owns 544,130 shares of the aerospace company’s stock worth $74,774,000 after purchasing an additional 405,406 shares during the last quarter. Millennium Management LLC lifted its stake in Curtiss-Wright by 235.6% during the second quarter. Millennium Management LLC now owns 516,426 shares of the aerospace company’s stock worth $61,465,000 after purchasing an additional 362,551 shares during the last quarter. BlackRock Inc. lifted its stake in Curtiss-Wright by 5.0% during the third quarter. BlackRock Inc. now owns 5,395,872 shares of the aerospace company’s stock worth $741,500,000 after purchasing an additional 259,350 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Curtiss-Wright by 56.2% during the third quarter. JPMorgan Chase & Co. now owns 535,507 shares of the aerospace company’s stock worth $73,589,000 after purchasing an additional 192,633 shares during the last quarter. Finally, Paloma Partners Management Co lifted its stake in Curtiss-Wright by 6,300.8% during the second quarter. Paloma Partners Management Co now owns 136,337 shares of the aerospace company’s stock worth $16,226,000 after purchasing an additional 134,207 shares during the last quarter. 75.49% of the stock is owned by institutional investors and hedge funds.
Several equities analysts recently issued reports on CW shares. Zacks Investment Research upgraded Curtiss-Wright from a “hold” rating to a “buy” rating and set a $152.00 price objective on the stock in a research note on Tuesday, September 25th. ValuEngine cut Curtiss-Wright from a “buy” rating to a “hold” rating in a research note on Thursday, October 11th. Seaport Global Securities restated a “buy” rating on shares of Curtiss-Wright in a research note on Tuesday, October 30th. Stifel Nicolaus set a $120.00 price objective on Curtiss-Wright and gave the stock a “hold” rating in a research note on Thursday, November 1st. Finally, SunTrust Banks reduced their price objective on Curtiss-Wright to $148.00 and set a “buy” rating on the stock in a research note on Thursday, November 1st. One analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the company’s stock. Curtiss-Wright presently has an average rating of “Buy” and a consensus price target of $132.25.
Curtiss-Wright (NYSE:CW) last posted its earnings results on Tuesday, October 30th. The aerospace company reported $1.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $0.12. The company had revenue of $595.40 million for the quarter, compared to analysts’ expectations of $628.27 million. Curtiss-Wright had a return on equity of 17.59% and a net margin of 10.98%. The firm’s quarterly revenue was up 4.8% compared to the same quarter last year. During the same period last year, the business posted $1.43 earnings per share. As a group, analysts predict that Curtiss-Wright Corp. will post 6.23 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, December 7th. Shareholders of record on Friday, November 30th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 0.58%. The ex-dividend date was Thursday, November 29th. Curtiss-Wright’s payout ratio is 11.93%.
Curtiss-Wright declared that its Board of Directors has approved a share repurchase plan on Wednesday, December 12th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the aerospace company to purchase up to 2.2% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.
In other Curtiss-Wright news, VP Tom P. Quinly sold 2,120 shares of the firm’s stock in a transaction on Monday, November 26th. The stock was sold at an average price of $108.76, for a total value of $230,571.20. Following the sale, the vice president now directly owns 34,783 shares in the company, valued at $3,782,999.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Glenn E. Tynan sold 1,992 shares of the firm’s stock in a transaction on Monday, November 26th. The shares were sold at an average price of $108.73, for a total value of $216,590.16. Following the transaction, the chief financial officer now directly owns 52,612 shares in the company, valued at $5,720,502.76. The disclosure for this sale can be found here. Insiders sold 9,732 shares of company stock worth $1,058,055 over the last quarter. 0.87% of the stock is currently owned by company insiders.
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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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