Bank of New York Mellon Corp Reduces Holdings in Curtiss-Wright Co. (NYSE:CW)

Posted by on Mar 21st, 2023

Bank of New York Mellon Corp decreased its holdings in Curtiss-Wright Co. (NYSE:CW – Get Rating) by 4.0% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 678,220 shares of the aerospace company’s stock after selling 28,494 shares during the quarter. Bank of New York Mellon Corp owned 1.77% of Curtiss-Wright worth $94,380,000 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 business. Teachers Retirement System of The State of Kentucky purchased a new position in Curtiss-Wright during the third quarter valued at approximately $2,551,000. Advisory Research Inc. lifted its holdings in Curtiss-Wright by 57.4% during the third quarter. Advisory Research Inc. now owns 6,741 shares of the aerospace company’s stock valued at $938,000 after purchasing an additional 2,458 shares in the last quarter. Neuberger Berman Group LLC lifted its holdings in Curtiss-Wright by 59.7% during the third quarter. Neuberger Berman Group LLC now owns 41,733 shares of the aerospace company’s stock valued at $5,808,000 after purchasing an additional 15,600 shares in the last quarter. Alliancebernstein L.P. lifted its holdings in Curtiss-Wright by 13.0% during the third quarter. Alliancebernstein L.P. now owns 1,342,510 shares of the aerospace company’s stock valued at $186,824,000 after purchasing an additional 154,851 shares in the last quarter. Finally, State Street Corp lifted its holdings in Curtiss-Wright by 0.3% during the third quarter. State Street Corp now owns 1,381,144 shares of the aerospace company’s stock valued at $192,461,000 after purchasing an additional 3,455 shares in the last quarter. Hedge funds and other institutional investors own 84.95% of the company’s stock.

Curtiss-Wright Price Performance

CW stock opened at $169.53 on Tuesday. Curtiss-Wright Co. has a one year low of $124.37 and a one year high of $182.55. The company’s fifty day moving average price is $169.31 and its 200-day moving average price is $164.28. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.06 and a current ratio of 1.56. The company has a market capitalization of $6.49 billion, a PE ratio of 22.28 and a beta of 1.24.

Curtiss-Wright (NYSE:CW – Get Rating) last released its earnings results on Tuesday, February 21st. The aerospace company reported $2.92 EPS for the quarter, missing the consensus estimate of $3.02 by ($0.10). Curtiss-Wright had a return on equity of 16.56% and a net margin of 11.51%. The company had revenue of $758.00 million during the quarter, compared to analysts’ expectations of $752.23 million. During the same period last year, the firm posted $2.40 EPS. Curtiss-Wright’s quarterly revenue was up 13.6% compared to the same quarter last year. On average, equities analysts anticipate that Curtiss-Wright Co. will post 8.76 EPS for the current fiscal year.

Curtiss-Wright Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 14th. Investors of record on Friday, March 31st will be given a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 0.45%. The ex-dividend date is Thursday, March 30th. Curtiss-Wright’s dividend payout ratio is presently 9.99%.

Insider Buying and Selling

In related news, VP John C. Watts sold 492 shares of the business’s stock in a transaction on Wednesday, February 15th. The shares were sold at an average price of $169.40, for a total value of $83,344.80. Following the sale, the vice president now owns 3,369 shares in the company, valued at $570,708.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Curtiss-Wright news, CEO Lynn M. Bamford sold 2,223 shares of the business’s stock in a transaction on Wednesday, February 15th. The shares were sold at an average price of $169.42, for a total transaction of $376,620.66. Following the transaction, the chief executive officer now owns 17,356 shares in the company, valued at $2,940,453.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP John C. Watts sold 492 shares of the business’s stock in a transaction on Wednesday, February 15th. The shares were sold at an average price of $169.40, for a total transaction of $83,344.80. Following the transaction, the vice president now owns 3,369 shares in the company, valued at approximately $570,708.60. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 6,061 shares of company stock worth $1,027,287. Insiders own 0.62% of the company’s stock.

Analyst Ratings Changes

CW has been the topic of several analyst reports. Morgan Stanley downgraded shares of Curtiss-Wright from an “overweight” rating to an “equal weight” rating and lifted their price target for the company from $187.00 to $188.00 in a report on Monday, December 12th. Truist Financial lifted their price target on shares of Curtiss-Wright from $183.00 to $190.00 and gave the company a “buy” rating in a report on Thursday, February 23rd. Finally, StockNews.com assumed coverage on shares of Curtiss-Wright in a report on Thursday, March 16th. They issued a “buy” rating on the stock. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, Curtiss-Wright currently has an average rating of “Moderate Buy” and an average target price of $179.80.

About Curtiss-Wright

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Curtiss-Wright Corp. is a global integrated business that provides engineered products, solutions, and services mainly to the aerospace and defense markets, as well as critical technologies in demanding commercial power, process, and industrial markets. It operates through the following three segments: Aerospace & Industrial, Defense Electronics, and Naval & Power.

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Institutional Ownership by Quarter for Curtiss-Wright (NYSE:CW)

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