Curtiss-Wright Corp. (CW) Position Boosted by Oregon Public Employees Retirement Fund
Oregon Public Employees Retirement Fund boosted its stake in Curtiss-Wright Corp. (NYSE:CW) by 3.5% in the second quarter, HoldingsChannel reports. The institutional investor owned 17,190 shares of the aerospace company’s stock after acquiring an additional 589 shares during the quarter. Oregon Public Employees Retirement Fund’s holdings in Curtiss-Wright were worth $2,046,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Renaissance Technologies LLC lifted its stake in Curtiss-Wright by 103.9% during the second quarter. Renaissance Technologies LLC now owns 98,900 shares of the aerospace company’s stock valued at $11,771,000 after buying an additional 50,400 shares in the last quarter. BlueMountain Capital Management LLC increased its holdings in shares of Curtiss-Wright by 1,701.0% in the 2nd quarter. BlueMountain Capital Management LLC now owns 65,448 shares of the aerospace company’s stock valued at $7,790,000 after purchasing an additional 61,814 shares during the period. Prescott Group Capital Management L.L.C. acquired a new position in shares of Curtiss-Wright in the 2nd quarter valued at about $607,000. Richard Bernstein Advisors LLC acquired a new position in shares of Curtiss-Wright in the 2nd quarter valued at about $551,000. Finally, Employees Retirement System of Texas acquired a new position in shares of Curtiss-Wright in the 2nd quarter valued at about $3,095,000. Hedge funds and other institutional investors own 75.26% of the company’s stock.
In related news, Director S Marce Fuller sold 1,250 shares of the stock in a transaction that occurred on Tuesday, August 21st. The stock was sold at an average price of $133.07, for a total value of $166,337.50. Following the transaction, the director now owns 11,734 shares in the company, valued at $1,561,443.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.10% of the company’s stock.
Curtiss-Wright (NYSE:CW) last released its quarterly earnings data on Wednesday, July 25th. The aerospace company reported $1.80 EPS for the quarter, topping analysts’ consensus estimates of $1.28 by $0.52. Curtiss-Wright had a return on equity of 17.26% and a net margin of 10.65%. The firm had revenue of $620.00 million for the quarter, compared to the consensus estimate of $616.29 million. During the same quarter in the prior year, the company posted $1.13 earnings per share. The firm’s revenue was up 9.2% on a year-over-year basis. sell-side analysts anticipate that Curtiss-Wright Corp. will post 6.15 EPS for the current year.
Curtiss-Wright declared that its Board of Directors has approved a stock repurchase plan on Monday, May 21st that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the aerospace company to reacquire up to 0.8% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 18th. Investors of record on Thursday, October 4th will be issued a $0.15 dividend. The ex-dividend date is Wednesday, October 3rd. This represents a $0.60 dividend on an annualized basis and a yield of 0.43%. Curtiss-Wright’s dividend payout ratio is currently 11.93%.
A number of equities analysts have recently weighed in on CW shares. William Blair upgraded Curtiss-Wright from a “market perform” rating to an “outperform” rating and dropped their target price for the company from $145.00 to $129.00 in a report on Monday, July 2nd. They noted that the move was a valuation call. ValuEngine downgraded Curtiss-Wright from a “buy” rating to a “hold” rating in a report on Thursday, July 5th. Zacks Investment Research upgraded Curtiss-Wright from a “hold” rating to a “buy” rating and set a $136.00 target price on the stock in a report on Saturday, July 14th. Finally, UBS Group started coverage on Curtiss-Wright in a report on Wednesday, August 15th. They issued a “neutral” rating and a $140.00 target price on the stock. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $135.90.
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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