Curtiss-Wright (CW) Lifted to Buy at Zacks Investment Research
Curtiss-Wright (NYSE:CW) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The firm currently has a $152.00 price target on the aerospace company’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 11.37% from the company’s previous close.
According to Zacks, “Curtiss-Wright's rising trade activities along with increasing need for replacing aging fleet with new airplanes has been fueling Curtiss-Wright’s commercial aerospace business. As of Dec 2017, there are approximately 57 new reactors under construction across 15 countries, with approximately 158 planned and 351 proposed over the next several decades. This should provide ample growth opportunities for Curtiss-Wright in the commercial nuclear market. As a result of such develoments and projections, the company's shares outperformed its industry in a year’s time. China’s initiatives to expand its nuclear power capabilities bodes well for Curtiss-Wright’s overseas expansion for its nuclear reactor portfolio. However, cheap gas price has forced a number of nuclear plants to shut down in the United States, resulting in bleak prospects of the company’s nationwide power segment’s expansion.”
Several other brokerages have also recently commented on CW. ValuEngine upgraded Curtiss-Wright from a “hold” rating to a “buy” rating in a research report on Thursday, August 2nd. UBS Group began coverage on Curtiss-Wright in a research report on Wednesday, August 15th. They set a “neutral” rating and a $140.00 price target for the company. Finally, William Blair upgraded Curtiss-Wright from a “market perform” rating to an “outperform” rating and dropped their price target for the stock from $145.00 to $129.00 in a research report on Monday, July 2nd. They noted that the move was a valuation call. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $136.50.
Curtiss-Wright (NYSE:CW) last announced its earnings results on Wednesday, July 25th. The aerospace company reported $1.80 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.28 by $0.52. Curtiss-Wright had a return on equity of 17.26% and a net margin of 10.65%. The business had revenue of $620.00 million during the quarter, compared to the consensus estimate of $616.29 million. During the same period in the prior year, the company posted $1.13 EPS. The business’s quarterly revenue was up 9.2% on a year-over-year basis. analysts anticipate that Curtiss-Wright will post 6.15 earnings per share for the current fiscal year.
In related news, Director S Marce Fuller sold 1,250 shares of the business’s stock in a transaction that occurred on Tuesday, August 21st. The stock was sold at an average price of $133.07, for a total transaction of $166,337.50. Following the completion of the sale, the director now directly owns 11,734 shares in the company, valued at $1,561,443.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.87% of the stock is currently owned by insiders.
A number of large investors have recently modified their holdings of the business. Advisors Asset Management Inc. grew its holdings in Curtiss-Wright by 2.8% in the 2nd quarter. Advisors Asset Management Inc. now owns 32,313 shares of the aerospace company’s stock valued at $3,846,000 after buying an additional 876 shares in the last quarter. Public Employees Retirement System of Ohio grew its holdings in Curtiss-Wright by 84.1% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 38,994 shares of the aerospace company’s stock valued at $4,641,000 after buying an additional 17,810 shares in the last quarter. Massmutual Trust Co. FSB ADV purchased a new stake in Curtiss-Wright in the 2nd quarter valued at $472,000. GHP Investment Advisors Inc. grew its holdings in Curtiss-Wright by 2.0% in the 2nd quarter. GHP Investment Advisors Inc. now owns 34,110 shares of the aerospace company’s stock valued at $4,060,000 after buying an additional 676 shares in the last quarter. Finally, Bank of Nova Scotia purchased a new stake in Curtiss-Wright in the 2nd quarter valued at $2,071,000. Institutional investors own 75.25% of the company’s stock.
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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