Clark Capital Management Group Inc. has increased its holdings in Curtiss-Wright Corporation (NYSE:CW) by 1.5%, now owning shares valued at approximately $89.13 million. This adjustment occurred during the third quarter of the fiscal year, as detailed in Clark Capital’s recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor now holds 164,161 shares of the aerospace company after acquiring an additional 2,495 shares during this period.
Several other hedge funds have also recently adjusted their positions in Curtiss-Wright. Notably, Massachusetts Financial Services Co. established a new stake valued at around $270.73 million in the second quarter. Similarly, Norges Bank secured a position worth approximately $241.54 million, while Munro Partners added a new stake valued at $78 million. AQR Capital Management LLC significantly increased its stake by 45.8%, bringing its total holdings to 388,493 shares worth $189.47 million. Freestone Grove Partners LP also made headlines by acquiring shares valued at about $62.32 million.
In total, hedge funds and institutional investors own 82.71% of Curtiss-Wright’s stock, reflecting strong institutional interest in the company.
Recent Insider Transactions
On the insider front, recent trading activity has raised eyebrows. Vice President Gary A. Ogilby sold 625 shares on February 5, 2024, at an average price of $624.32, resulting in a total transaction value of $390,200. Following this sale, Ogilby’s holdings dropped to 2,571 shares, valued at approximately $1.61 million. This sale represented a 19.56% decrease in his position.
Additionally, Chief Financial Officer K Christopher Farkas sold 2,665 shares on February 4, 2024, at an average price of $626.33, totaling $1.67 million. Post-transaction, Farkas retained 7,358 shares, valued at about $4.61 million, marking a 26.59% decrease in his holdings. In total, insiders have sold 17,269 shares valued at approximately $10.8 million over the last ninety days, while corporate insiders own 0.55% of the company’s stock.
Curtiss-Wright’s Financial Performance and Outlook
Curtiss-Wright’s stock opened at $654.64 on February 11, 2024. The company’s financial metrics show a market capitalization of $24.14 billion and a price-to-earnings ratio of 50.87. The firm has reported a 12-month low of $266.88 and a high of $730.12. Analysts project that Curtiss-Wright will report earnings of $12.32 per share for the current fiscal year.
In its latest earnings report, Curtiss-Wright announced earnings per share of $3.79 for the quarter ending February 11, surpassing analyst expectations of $3.66 by $0.13. The company reported revenue of $946.98 million, exceeding projections of $890.14 million and reflecting a year-over-year revenue increase of 14.9%.
In addition to its financial performance, Curtiss-Wright has declared a quarterly dividend of $0.24 per share, to be paid on April 13, 2024, to shareholders of record as of March 26, 2024. This brings the annualized dividend to $0.96, yielding 0.1%. The company’s dividend payout ratio stands at 7.46%.
Curtiss-Wright Corporation is recognized as a leading global engineering firm, providing highly engineered products and integrated systems primarily for the aerospace, defense, and industrial sectors. Its diverse offerings include electromechanical systems, motion control technologies, and platform integration solutions.
For those interested in tracking hedge fund activities involving Curtiss-Wright, detailed information on 13F filings and insider trades is available through various financial news platforms.
