Curtiss-Wright (NYSE:CW) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Tuesday.
According to Zacks, “Rising trade activities along with increasing need for replacing aging fleet with new airplanes has been fueling the Curtiss-Wright’s commercial aerospace business. The current U.S. administration is in favor of increasing budgetary provisions for the nation’s defense. This, in turn, should prove to be conducive to defense OEMs like Curtiss-Wright. However, Curtiss-Wright is subject to interest rate risk related to the issuance of debt. With the current U.S. economy being in favor of expanding interest rate, the credit market may not turn out to be much favorable for Curtiss-Wright. Cost reduction remains a major challenge for the companies that operate in nuclear power market like Curtiss-Wright. Its shares lost wider than its industry in the past 12 months.”
Several other research firms also recently weighed in on CW. Bank of America dropped their target price on shares of Curtiss-Wright from $150.00 to $135.00 and set a “buy” rating on the stock in a research report on Thursday, November 8th. SunTrust Banks dropped their target price on shares of Curtiss-Wright to $148.00 and set a “buy” rating on the stock in a research report on Thursday, November 1st. Stifel Nicolaus set a $120.00 price objective on shares of Curtiss-Wright and gave the company a “hold” rating in a report on Thursday, November 1st. Seaport Global Securities reaffirmed a “buy” rating on shares of Curtiss-Wright in a report on Tuesday, October 30th. Finally, ValuEngine downgraded shares of Curtiss-Wright from a “hold” rating to a “sell” rating in a report on Monday, November 12th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $133.57.
Curtiss-Wright announced that its board has approved a stock repurchase plan on Wednesday, December 12th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the aerospace company to purchase up to 2.2% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.
In related news, VP Tom P. Quinly sold 2,120 shares of the business’s stock in a transaction on Monday, November 26th. The shares were sold at an average price of $108.76, for a total value of $230,571.20. Following the completion of the transaction, the vice president now directly owns 34,783 shares in the company, valued at approximately $3,782,999.08. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO David Charles Adams sold 9,944 shares of the business’s stock in a transaction on Thursday, February 7th. The shares were sold at an average price of $115.01, for a total transaction of $1,143,659.44. Following the completion of the transaction, the chief executive officer now owns 97,093 shares of the company’s stock, valued at $11,166,665.93. The disclosure for this sale can be found here. Insiders sold a total of 32,163 shares of company stock worth $3,609,598 over the last ninety days. Insiders own 0.87% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of the stock. RMB Capital Management LLC lifted its stake in shares of Curtiss-Wright by 22.5% in the 4th quarter. RMB Capital Management LLC now owns 15,925 shares of the aerospace company’s stock valued at $1,626,000 after purchasing an additional 2,929 shares during the period. Geode Capital Management LLC lifted its stake in shares of Curtiss-Wright by 8.2% in the 4th quarter. Geode Capital Management LLC now owns 456,955 shares of the aerospace company’s stock valued at $46,663,000 after purchasing an additional 34,519 shares during the period. Gideon Capital Advisors Inc. acquired a new position in shares of Curtiss-Wright in the 4th quarter valued at $299,000. Great West Life Assurance Co. Can lifted its stake in shares of Curtiss-Wright by 5.7% in the 4th quarter. Great West Life Assurance Co. Can now owns 26,553 shares of the aerospace company’s stock valued at $2,516,000 after purchasing an additional 1,443 shares during the period. Finally, Burney Co. lifted its stake in shares of Curtiss-Wright by 14.6% in the 4th quarter. Burney Co. now owns 2,040 shares of the aerospace company’s stock valued at $208,000 after purchasing an additional 260 shares during the period. Hedge funds and other institutional investors own 79.57% of the company’s stock.
Curtiss-Wright Company Profile
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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