Curtiss Wright Corp's (NYSE:CW) Vice President and CFO, K. Christopher Farkas, has sold a total of 2,736 shares of the company's common stock, garnering a total of $657,077. The transaction took place on March 14, with the shares sold at a weighted average price of $240.16.
The recent sale is in line with the company's share ownership guidelines, which allow executives to sell shares as long as they remain compliant with the guidelines. According to the footnotes in the SEC filing, the sale was executed pursuant to a pre-arranged 10b5-1 trading plan. This type of plan allows corporate insiders to establish a predetermined schedule for selling shares to avoid accusations of insider trading.
Despite the sale, Farkas still holds a significant number of shares in the company. Following the transaction, he directly owns 9,172 shares of Curtiss Wright's common stock. The sale represents a portion of his equity in the company and is a routine part of managing personal investment considerations.
On the same day, Farkas also acquired 1,601 restricted stock units (RSUs) as part of an employee benefit transaction. The number of RSUs was calculated by dividing the amount of the award by the closing price of Curtiss Wright's common stock on the date the award was earned. The price per RSU is based on the closing price of $240.97 on March 14, as approved by the Executive Compensation Committee of the Board of Directors.
Curtiss Wright, headquartered in Davidson, North Carolina, operates in the industrial and commercial machinery and equipment sector. The company is known for its high-performance products and services in the areas of flow control, motion control, and surface treatment technologies.
Investors and market watchers often follow the buying and selling activities of company insiders as these transactions can provide insights into their perspective on the company's current valuation and future prospects. However, it's important to note that insider transactions are not necessarily indicative of the company's operational performance and are just one of many factors that shareholders consider when assessing their investments.
InvestingPro Insights
Curtiss Wright Corp (NYSE:CW) appears to be a beacon of consistency and growth within the industrial and commercial machinery sector. With an impressive InvestingPro Tip highlighting that the company has raised its dividend for 7 consecutive years, it showcases a commitment to returning value to shareholders. Additionally, the company's solid track record of maintaining dividend payments for 51 consecutive years underlines its financial stability and reliability.
From a financial perspective, the company's market capitalization stands at a robust $9.29 billion, which speaks to its considerable presence in the market. Moreover, the InvestingPro Data reveals a healthy revenue growth of 11.28% over the last twelve months as of Q1 2023, indicating the company's ability to increase its top-line figures in a competitive landscape. The gross profit margin of 37.51% for the same period demonstrates Curtiss Wright's effectiveness in managing its cost of goods sold and maintaining profitability.
Investors looking for additional insights will find a wealth of InvestingPro Tips on the company, including analysis on its current P/E ratio of 26.24, which may suggest a higher valuation relative to near-term earnings growth. For those seeking further guidance, there are more tips available on InvestingPro, including whether the stock is trading near its 52-week high and if analysts predict profitability for the current year. For a deeper dive into Curtiss Wright's financials and strategic positioning, investors can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.
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