Curtiss Wright Corp's (NYSE:CW) Vice President and Treasurer, Robert F. Freda, has recently made a notable purchase of the company's stock, according to the latest SEC filings. On July 3, 2024, Freda acquired 55 shares of Curtiss Wright's common stock at a price of $232.62 per share, totaling over $12,794.
The transaction was conducted under the company's Employee Stock Purchase Plan, which allows employees to set aside payroll deductions to be used for the purchase of shares at the end of a six-month offering period. Freda's 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, the Vice President and Treasurer's ownership in the company has increased to 4,253 shares of common stock. The acquisition demonstrates a commitment to the company by one of its top executives and may be of interest to current and potential investors looking at the insider activity as a signal of corporate confidence.
Curtiss Wright has not made any public comments regarding this transaction. The details provided in the SEC filing give a clear view of the transaction but do not suggest the reasons behind it. Investors often monitor insider purchases as they may provide insights into an executive's view of the company's future performance.
The transaction was signed off by Paul J. Ferdenzi, acting by power of attorney for Robert Freda, and was filed with the SEC on July 5, 2024.
In other recent news, Curtiss-Wright (NYSE:CW) Corporation has announced a series of significant developments. The company has entered into an agreement to acquire Ultra Energy from Ultra Electronics for a cash consideration of $200 million. The acquisition, which is expected to close in the third quarter of 2024 pending regulatory approval, is projected to enhance Curtiss-Wright's commercial nuclear and defense offerings. Ultra Energy reported sales of approximately $65 million in 2023.
In financial news, Curtiss-Wright has set ambitious financial targets for 2026, including an organic revenue compound annual growth rate (CAGR) of over 5% and earnings per share (EPS) CAGR of over 10%. Truist Securities and Wolfe Research have subsequently raised their price targets for Curtiss-Wright shares, reflecting the company's growth outlook.
In addition to these developments, Curtiss-Wright has secured a $16 million contract with the U.S. Air Force for the supply of advanced communications modules and cybersecurity integration. The contract, which could exceed $60 million in value, is set to continue through the end of 2027. These are the latest developments in the company's ongoing activities.
InvestingPro Insights
In light of the recent insider stock purchase by Robert F. Freda, Vice President and Treasurer of Curtiss Wright Corp (NYSE:CW), investors may find additional context through real-time data and InvestingPro Tips that could provide a broader understanding of the company's financial health and market performance.
InvestingPro data indicates that Curtiss Wright boasts a market capitalization of $10.3 billion, with a Price/Earnings (P/E) ratio of 27.55, suggesting a premium valuation relative to its earnings. The company's revenue growth has been positive, with an 11.39% increase over the last twelve months as of Q1 2024, and a quarterly growth rate of 13.05% in Q1 2024, reflecting a robust financial performance.
Among the InvestingPro Tips, it's noteworthy that Curtiss Wright has raised its dividend for 7 consecutive years and has maintained dividend payments for an impressive 51 consecutive years. This consistent dividend history may appeal to investors looking for stable income-generating stocks. Additionally, the company's liquid assets exceed short-term obligations, indicating a solid liquidity position that could reassure investors about the company's ability to meet its immediate financial commitments.
For those seeking more in-depth analysis and additional InvestingPro Tips, such as the company's performance metrics and analyst predictions, Curtiss Wright's profile on InvestingPro offers a wealth of information. There are over 10 additional InvestingPro Tips available, which could further inform investment decisions. Interested readers can access these insights and benefit from a special offer using the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
Overall, the insider purchase by a top executive, combined with the company's financial data and the stability indicated by its dividend history, presents a multifaceted picture for investors considering Curtiss Wright as a potential addition to their portfolios.
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