Curtiss Wright Corp's (NYSE:CW) Vice President and Chief Financial Officer, K. Christopher Farkas, has recently made a purchase of company stock valued at more than $11,000. On July 3, Farkas acquired 51 shares of Curtiss Wright's common stock at a price of $232.62 per share.
This transaction is part of the company's Employee Stock Purchase Plan, which allows employees to set aside a portion of their payroll for the purchase of shares at the end of a six-month offering period. Notably, the purchase price reflects a 15% discount on the average selling price of Curtiss Wright's stock as of June 30, 2024, the last day of the offering period.
Following this transaction, Farkas's direct ownership in the company has increased to a total of 9,223 shares. This move by the CFO demonstrates a commitment to the company and may be seen by investors as a positive signal about the company's financial health and future prospects.
Curtiss Wright, with its headquarters in Davidson, NC, operates in the industrial and commercial machinery and equipment sector, providing a range of products and services across various industries.
Investors and shareholders of Curtiss Wright Corp will likely keep an eye on the executive's investment decisions as an indicator of their confidence in the company's potential for growth and success.
In other recent news, Curtiss-Wright (NYSE:CW) Corporation has made several notable moves. The company announced its acquisition of Ultra Energy from Ultra Electronics for $200 million, a deal anticipated to strengthen Curtiss-Wright's presence in the commercial nuclear and defense industries. Ultra Energy, known for its safety systems and sensors for nuclear power plants, reported sales of around $65 million in 2023.
In financial news, Curtiss-Wright has set ambitious targets for 2026, including an organic revenue compound annual growth rate (CAGR) of over 5%, operating margin expansion reaching approximately 19%, and an earnings per share (EPS) CAGR of over 10%. Truist Securities and Wolfe Research responded to these goals by raising their price targets for Curtiss-Wright shares to $270 and $320 respectively, both maintaining positive ratings.
In contract news, Curtiss-Wright secured a $16 million deal to supply the U.S. Air Force with advanced communications modules and cybersecurity integration. The contract, awarded by the Defense Solutions division, is expected to grow to a value exceeding $60 million and continue through the end of 2027. These developments are part of a series of recent actions taken by Curtiss-Wright, reflecting its commitment to growth and expansion in its key markets.
InvestingPro Insights
The recent stock purchase by Curtiss Wright Corp's (NYSE:CW) CFO, K. Christopher Farkas, aligns with the company's impressive track record of dividend reliability and growth. According to InvestingPro Tips, Curtiss Wright has not only maintained dividend payments for 51 consecutive years but has also raised its dividend for 7 consecutive years. This consistency in rewarding shareholders underpins the company's financial stability and commitment to returning value to its investors.
InvestingPro Data further reveals the company's robust financial health. With a market capitalization of $10.3 billion and a revenue growth of 11.39% in the last twelve months as of Q1 2024, Curtiss Wright is demonstrating solid performance in its industry. Additionally, the company's gross profit margin stands at a healthy 37.56%, indicating efficient operations and strong pricing power.
However, investors should note that Curtiss Wright is currently trading at a high P/E ratio of 27.55, which, according to another InvestingPro Tip, is relatively elevated in relation to its near-term earnings growth. This could suggest that the stock's current price already reflects high future earnings expectations. Moreover, the company's stock has experienced a significant price uptick of 25.24% over the last six months, further emphasizing the importance of careful evaluation of the stock's valuation.
For those considering an investment in Curtiss Wright, additional insights can be found on InvestingPro, which offers a comprehensive list of tips, including 4 analysts' revised earnings downwards for the upcoming period, and the company's moderate level of debt. To explore these insights and more, visit https://www.investing.com/pro/CW. Investors can utilize the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, unlocking valuable information to inform their investment decisions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.