PNC Financial Services Group Inc. Reduces Stake in Curtiss-Wright Co. (NYSE:CW)

PNC Financial Services Group Inc. reduced its position in Curtiss-Wright Co. (NYSE:CW) by 16.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,875 shares of the aerospace company’s stock after selling 1,116 shares during the period. PNC Financial Services Group Inc.’s holdings in Curtiss-Wright were worth $2,085,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of CW. TimesSquare Capital Management LLC increased its position in Curtiss-Wright by 1,773.1% during the fourth quarter. TimesSquare Capital Management LLC now owns 176,072 shares of the aerospace company’s stock worth $62,483,000 after buying an additional 166,672 shares in the last quarter. Principal Financial Group Inc. increased its position in Curtiss-Wright by 170.2% during the fourth quarter. Principal Financial Group Inc. now owns 259,435 shares of the aerospace company’s stock worth $92,065,000 after buying an additional 163,433 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in Curtiss-Wright by 90.1% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 338,506 shares of the aerospace company’s stock worth $118,961,000 after buying an additional 160,395 shares in the last quarter. World Investment Advisors LLC purchased a new position in Curtiss-Wright during the third quarter worth $47,220,000. Finally, Raymond James Financial Inc. purchased a new stake in shares of Curtiss-Wright in the fourth quarter valued at $31,497,000. Hedge funds and other institutional investors own 82.71% of the company’s stock.

Insiders Place Their Bets

In other news, COO Kevin Rayment sold 2,664 shares of Curtiss-Wright stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $346.92, for a total transaction of $924,194.88. Following the sale, the chief operating officer now directly owns 24,236 shares of the company’s stock, valued at approximately $8,407,953.12. The trade was a 9.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Lynn M. Bamford sold 8,289 shares of Curtiss-Wright stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $346.87, for a total value of $2,875,205.43. Following the sale, the chief executive officer now directly owns 38,905 shares in the company, valued at approximately $13,494,977.35. The trade was a 17.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have purchased 116 shares of company stock worth $35,278 and have sold 15,935 shares worth $5,528,147. 0.67% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have recently commented on CW shares. Stifel Nicolaus downgraded Curtiss-Wright from a “buy” rating to a “hold” rating and set a $370.00 price objective for the company. in a research report on Monday, November 18th. Citigroup started coverage on Curtiss-Wright in a research report on Tuesday, January 21st. They issued a “buy” rating and a $410.00 price objective for the company. Deutsche Bank Aktiengesellschaft started coverage on Curtiss-Wright in a research report on Thursday, December 5th. They issued a “buy” rating and a $452.00 price objective for the company. Finally, Truist Financial lifted their price objective on Curtiss-Wright from $333.00 to $357.00 and gave the company a “hold” rating in a research report on Tuesday, January 14th. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $386.86.

Curtiss-Wright Trading Up 2.7 %

Shares of CW opened at $322.52 on Friday. The stock’s 50-day moving average is $339.57 and its two-hundred day moving average is $344.79. The stock has a market cap of $12.15 billion, a PE ratio of 30.57, a P/E/G ratio of 2.48 and a beta of 1.15. Curtiss-Wright Co. has a 12 month low of $239.78 and a 12 month high of $393.40. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.69 and a quick ratio of 1.19.

Curtiss-Wright (NYSE:CW) last issued its quarterly earnings data on Wednesday, February 12th. The aerospace company reported $3.27 EPS for the quarter, topping analysts’ consensus estimates of $3.12 by $0.15. Curtiss-Wright had a return on equity of 17.11% and a net margin of 12.98%. Equities analysts forecast that Curtiss-Wright Co. will post 12.32 earnings per share for the current fiscal year.

Curtiss-Wright Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 14th. Shareholders of record on Thursday, March 27th will be paid a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.26%. The ex-dividend date is Thursday, March 27th. Curtiss-Wright’s dividend payout ratio is presently 7.96%.

About Curtiss-Wright

Curtiss-Wright Corporation, together with its subsidiaries, provides engineered products, solutions, and services mainly to aerospace and defense, commercial power, process, and industrial markets worldwide. It operates through three segments: Aerospace & Industrial, Defense Electronics, and Naval & Power.