In a surprising turn of events, the Retirement Systems of Alabama has significantly increased its holdings in shares of Curtiss-Wright Co. (NYSE: CW). According to the most recent filing with the Securities and Exchange Commission, the institutional investor reported a staggering growth of 108.4% during the first quarter. This represents a significant acquisition of an additional 54,716 shares, bringing their total ownership to 105,208 shares.
The value of this acquisition is truly remarkable, as it amounts to an astounding $18,544,000 at the end of the reporting period. With such a substantial increase in holdings, Retirement Systems of Alabama now owns approximately 0.27% of Curtiss-Wright Co., solidifying their position as a major player in the aerospace industry.
The timing could not have been more perfect for Retirement Systems of Alabama with Curtiss-Wright’s recent declaration of a quarterly dividend. On July 5th, shareholders were rewarded with a dividend payment following record dates on June 16th. The dividend amount per share was set at an impressive $0.20, representing an positive increase from the previous quarterly dividend payout of $0.19.
When calculated on an annualized basis, this payout equates to $0.80 per share and offers shareholders a lucrative yield of 0.43%. It appears that Curtiss-Wright continues to maintain its commitment to providing consistent returns to its investors while maintaining a healthy dividend payout ratio (DPR) which currently stands at 9.95%.
This outstanding performance has not gone unnoticed by leading brokerages who have released positive reports on Curtiss-Wright Co., further fueling investor interest in this highly regarded company. Stifel Nicolaus stand out among them as they not only increased their target price from $200.00 to $204.00 but also issued a “buy” rating for the stock.
Additionally, StockNews.com upgraded Curtiss-Wright from a “buy” rating to a “strong-buy” rating, further indicating the positive sentiment surrounding the company. William Blair, although a relatively new entrant into the market of Curtiss-Wright research coverage, have also issued an “outperform” rating on the stock.
Overall, data from Bloomberg.com suggests that Curtiss-Wright Co. has received remarkable ratings from leading analysts in the industry. With one hold rating, four buy ratings, and one strong-buy rating, it is not surprising that the stock has garnered a consensus rating of “Buy.” Furthermore, analysts have set a consensus target price for this stock at an impressive $187.60.
As we delve deeper into 2023, it is evident that Retirement Systems of Alabama’s strategic move to increase its holdings in Curtiss-Wright Co. has been vindicated by not only their significant gains but also the favorable dividend payout increase. With support from renowned brokerages and glowing analyst ratings, it seems that this aerospace company continues to soar to new heights in the eyes of investors. Only time will tell if this upward trajectory will be sustained in the years to come.
Reference: Bloomberg.com (July 20, 2023)
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Curtiss-Wright Co. Attracts Hedge Funds and Institutional Investors, Demonstrates Strong Financial Performance
Curtiss-Wright Co., a prominent aerospace company, has recently experienced changes in its ownership as several hedge funds made adjustments to their positions in the business. One notable change came from BlackRock Inc., which raised its position in Curtiss-Wright by 18.8% during the first quarter of this year. With this increase, BlackRock Inc. now owns a significant 4,300,543 shares of the company’s stock, valued at an impressive $645,770,000.
Another hedge fund seeing movement in its Curtiss-Wright investment is Boston Partners, which raised its position by 0.3% in the fourth quarter of last year. Consequently, Boston Partners now holds 1,682,615 shares worth $280,919,000. State Street Corp also joined the wave of increases and grew its stake in Curtiss-Wright by 10.4% during the first quarter—resulting in ownership of 1,500,162 shares valued at $225,531,000.
Moneta Group Investment Advisors LLC represented another noteworthy participant by acquiring a new stake in Curtiss-Wright late last year for approximately $212,009,000. Lastly, Wellington Management Group LLP amplified its holdings by an astounding 31.7% during this year’s first quarter and currently owns 756,894 shares worth $113,655,000.
It is fascinating to see that hedge funds and institutional investors own around 81.31% of Curtiss-Wright’s stock—a striking number that demonstrates widespread interest within this industry.
In parallel news surrounding the company’s activity on July 12th this year, Vice President Paul J. Ferdenzi released 2,064 shares of Curtiss-Wright stock through a transaction valued at $392,160. After selling these shares at an average price of $190 each,
Ferdenzi retains direct ownership over an estimated 17k shares currently valued at $3,245,580. This transaction has been duly reported to the Securities & Exchange Commission.
Insiders have also taken part in Curtiss-Wright’s stock activities. The last three months have seen insiders acquire 219 shares valued at $34,039. As a result, insiders now possess approximately 0.62% of the company’s stock.
Curtiss-Wright made headlines recently with the declaration of its quarterly dividend on July 5th. Shareholders who were recorded as such on June 16th received a $0.20 per share dividend—a positive increase from the company’s prior quarterly dividend of $0.19. On an annualized basis, this new figure represents a dividend payout ratio of $0.80 and a yield of 0.43%.
As for its market performance, CW stocks started trading at $187.80 on Thursday—an encouraging figure for shareholders who have witnessed substantial growth in the span of just one year. With a 52-week range from $133.39 to $191.75, Curtiss-Wright Co.’s stock has definitely had its ups and downs but is currently experiencing upward momentum.
In terms of financial indicators, Curtiss-Wright presently exhibits promising figures that reflect stability within the industry it operates in.
At present, the company boasts a debt-to-equity ratio of 0.60, implying that it has relatively low debt levels compared to its equity—a factor that often garners investor confidence.
Additionally, with a current ratio of 2.15 and quick ratio of 1.37—key liquidity ratios used by investors to gauge a company’s ability to meet short-term obligations—it is evident that Curtiss-Wright has maintained strong financial health.
When considering its fundamentals related to market value and profitability measures within the industry benchmark context,
Curtiss-Wright’s market capitalization stands impressively at $7 .20 billion. With a price-to-earnings ratio of 23.36 and a beta of 1.27, the company is performing well against industry standards.
In terms of its most recent financial report for May 3rd this year, Curtiss-Wright reported earnings per share (EPS) of $1.53—a strong increase compared to the consensus estimate of $1.41. This exceptional performance can be attributed to a return on equity of 16.54% and a net margin of 11.81%. Moreover, the company achieved revenue figures totaling $631 million for the quarter, surpassing expectations set around $585.49 million.
These positive results represent an impressive growth rate as they indicate a 12.8% rise in quarterly revenue compared to the same period last year.
In light of these figures, research analysts predict that Curtiss-Wright Co.’s earnings per share for the current fiscal year will amount to approximately $8.82—an optimistic projection that reinforces investor confidence in the company’s future.
Overall, Curtiss-Wright Co.’s recent developments reveal substantial interest from hedge funds and institutional investors alike, additionally buoyed by sound financial indicators and encouraging market performance.
With its track record of stable growth and profitability within the aerospace industry, Curt
