Paul J. Ferdenzi, Vice President and Corporate Secretary of Curtiss Wright Corp (NYSE:CW), has recently purchased shares of the company's stock, according to a new SEC filing. On July 3, 2024, Ferdenzi acquired 46 shares of common stock at a price of $232.62 per share, amounting to a total investment of $10,700.
The transaction was conducted under the company's Employee Stock Purchase Plan, which allows employees to set aside a portion of their payroll for the purchase of stock at the end of a six-month offering period. Notably, the price at which Ferdenzi purchased the shares reflects a 15% discount on the average selling price of Curtiss Wright's common stock on June 30, 2024, the last day of the offering period.
Following this transaction, Ferdenzi's direct ownership in the company has increased to a total of 15,988 shares. It's also worth mentioning that the purchase was made through a payroll deduction plan, indicating a structured investment approach aligned with company offerings for employees.
This move demonstrates a continuous commitment by Ferdenzi to the company, where he serves as a key executive. Curtiss Wright, known for its diverse range of industrial and commercial machinery and equipment, remains a significant player in the sector, with headquarters in Davidson, NC.
Investors often keep an eye on insider transactions as they can provide insights into the executives' confidence in the company's future prospects. Ferdenzi's purchase adds to the tapestry of financial activities that shareholders and potential investors evaluate when making decisions about their investments in Curtiss Wright.
In other recent news, Curtiss-Wright (NYSE:CW) Corporation has announced a series of significant developments. The company has agreed to acquire Ultra Energy from Ultra Electronics for $200 million, a move aimed at bolstering its offerings in the commercial nuclear and defense industries. The deal, which is expected to enhance Curtiss-Wright's adjusted diluted earnings per share, is slated for completion in the third quarter of 2024.
In addition to the acquisition, Curtiss-Wright has set ambitious financial targets for 2026, including an organic revenue compound annual growth rate (CAGR) of over 5% and an earnings per share (EPS) CAGR of over 10%. These goals were revealed during the company's Investor Day and have led Truist Securities to raise its price target for Curtiss-Wright shares to $270.
Analysts at Wolfe Research also increased their price target for Curtiss-Wright shares to $320, highlighting the company's potential in the nuclear sector and its high-quality earnings. Moreover, Curtiss-Wright has been awarded a $16 million contract by the U.S. Air Force to supply advanced communications modules and cybersecurity integration, a contract that is expected to exceed $60 million in value.
These recent developments underscore Curtiss-Wright's ongoing growth strategy and its commitment to delivering value to its investors.
InvestingPro Insights
In light of the recent insider purchase by Paul J. Ferdenzi, investors may find the following metrics and InvestingPro Tips from InvestingPro insightful for evaluating Curtiss Wright Corp's (NYSE:CW) current market position:
InvestingPro Data:
- Market Cap (Adjusted): 10.3B USD
- P/E Ratio (as of Q1 2024): 27.58
- Dividend Yield (as of 2024): 0.31%
InvestingPro Tips:
- Curtiss Wright has demonstrated a strong commitment to shareholder returns, having raised its dividend for 7 consecutive years and maintained dividend payments for 51 consecutive years.
- Despite recent share price growth, with a 6-month price total return of 25.24%, analysts have revised their earnings downwards for the upcoming period, which could be a point of consideration for investors.
It's also noteworthy that Curtiss Wright has been profitable over the last twelve months and analysts predict the company will remain profitable this year. This, combined with Ferdenzi's insider purchase, may signal sustained confidence in the company's financial health. For those interested in exploring further insights, there are additional InvestingPro Tips available at: https://www.investing.com/pro/CW.
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