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CW

Curtiss-Wright

$138.48

0.49 (0.36%)

16:16
11/26/19
11/26
16:16
11/26/19
16:16

Curtiss-Wright to acquire 901D Holdings for $132M in cash

Curtiss-Wright announced that it has entered into an agreement to acquire the stock of 901D Holdings, LLC for $132M in cash. 901D, a private company, is a leading designer and manufacturer of mission-critical integrated electronic systems, subsystems and ruggedized shipboard enclosure solutions supporting every major U.S. Navy shipbuilding program. The acquired business will operate within Curtiss-Wright's Defense segment. 901D is expected to be accretive to Curtiss-Wright's 2020 adjusted diluted earnings per share, excluding first year purchase accounting costs, and produce a free cash flow conversion rate in excess of 100%. 901D employs approximately 85 people and is expected to generate sales of approximately $48M in fiscal 2019, principally to the naval defense market. The acquisition is expected to close in December 2019, subject to the receipt of regulatory approval and other closing conditions.

CW Curtiss-Wright
$138.48

0.49 (0.36%)

12/19/18
STFL
12/19/18
UPGRADE
Target $122
STFL
Buy
Curtiss-Wright upgraded to Buy from Hold at Stifel
Stifel analyst Nathan Jones upgraded Curtiss-Wright to Buy and raised his price target to $122 from $120, saying the stock should benefit from a more defensive investor positioning in 2019 and also believes that its 26% sell-off since mid-September peak is overdone. The analyst notes that as part of his expectation of slower 2019 growth, he prefers companies with "strong balance sheets to both protect and provide flexibility to pick off quality assets should a downturn materialize." Jones also sees Curtiss-Wright benefiting from the increase in the Department of Defense budget as well as the cyclically positive position of its power business.
01/07/19
WBLR
01/07/19
NO CHANGE
WBLR
Outperform
Curtiss-Wright remains top multi-industry pick for 2019 at William Blair
William Blair analyst Nicholas Heymann says Curtiss-Wright remains his multi-industry top pick to outperform in 2019. The analyst attributes the 28% selloff in the stock since mid-September to heightened fears regarding a potential decline in the company's "highly lucrative" China sales starting in 2020 and of possibly slower growth in the U.S. Department of Defense procurement budget for fiscal 2020. However, the anticipated downturn in Curtiss-Wright's China Direct reactor coolant pump sales in 2020 is likely to be largely mitigated by "strong growth" in the company's other nuclear component and service sales to the Department of Defense for upcoming new aircraft carriers and submarine programs, Heymann tells investors in a research note. He expects greater clarity surrounding the company's nuclear components and service and defense business for 2019 and 2020 is forthcoming with the Q4 earnings report. Heymann keeps an Outperform rating on Curtiss-Wright.
03/01/19
BOFA
03/01/19
DOWNGRADE
BOFA
Neutral
Curtiss-Wright downgraded to Neutral from Buy at BofA/Merrill
03/01/19
03/01/19
DOWNGRADE
Target $135

Neutral
Curtiss-Wright downgraded to Neutral on valuation, growth at BofA/Merrill
As previously reported, BofA/Merrill downgraded Curtiss-Wright to Neutral from Buy and maintained a $135 price target. Analyst Kristine Liwag said Curtiss-Wright's full year 2018 organic growth of 3% and 2019 sales growth of 3-5% are disappointing and notes shares are trading above historical valuation.

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