| Over a week ago | ||||
The Board of Directors… The Board of Directors has elected Mark Trabert as Executive Vice President and COO. Previously Mr. Trabert served as Vice President and President, Aircraft. He replaces Pat Roche who became the company's CEO effective February 1, 2023. | ||||
| Over a month ago | ||||
Cowen analyst Cai von… Cowen analyst Cai von Rumohr raised the firm's price target on Moog to $131 from $122 and keeps an Outperform rating on the shares. The analyst called Moog a transition story as an extended defense spending lift, 787/A350 recovery, and new products drive 6-7% revenue growth; and incoming CEO Pat Roche is focused on boosting margins and investor awareness. | ||||
The board of directors of… The board of directors of Moog declared a quarterly dividend of 27c per share on the company's issued and outstanding shares of Class A common stock and Class B common stock. The dividend will be paid on March 6 to all shareholders of record as of the close of business on February 17. The 27c per share dividend represents a 4% increase over the previous dividend. The dividend represents a use of cash of approximately $9M. Future declarations of quarterly dividends are subject to the determination and discretion of Moog's board of directors. | ||||
Backs FY23 revenue… Backs FY23 revenue $3.18B, consensus $3.16B. Sees FY23 adjusted operating margin 11%. Sees FY23 free cash flow $100M. "It was a great start to the year from an operational perspective. We achieved our adjusted earnings per share guidance of $1.25 despite the negative impact from the storms in Western New York," said Jennifer Walter, CFO. "We are reiterating our fiscal year 2023 guidance for sales, adjusted operating margin and adjusted earnings per share. Our backlog is strong, and our performance is on track to achieve these results." | ||||
Reports Q1 revenue… Reports Q1 revenue $760.1M, consensus $781M. "I'm pleased by our strong financial performance and how our employees, together, overcame many constraints to meet our increased customer demand," said Pat Roche, CEO. "As the new CEO, I am very excited for the future of Moog. We have a solid core business with positive growth drivers, and we are creating new opportunities by entering new markets and redefining our position in existing markets. My focus will be on organic growth and simplifying our business to enhance margins. I'm confident this will drive shareholder value." | ||||
Truist analyst Michael… Truist analyst Michael Ciarmoli raised the firm's price target on Moog to $85 from $80 and keeps a Hold rating on the shares as part of a broader research note titled "Aerospace & Defense 2023 Outlook - We Favor Defense and Aero Aftermarket". The challenges that wreaked havoc last year will continue to influence the sector in 2023, with a potential recession, ongoing supply chain pressures, and COVID recovery trajectory uncertainties warranting a cautious approach, the analyst tells investors in a research note. Investor mindset for 2023 should be focused toward defensive, best-of-breed, high quality, and recessionary-resistant names with a specific focus on relative outperformance, Ciarmoli adds. | ||||
| Over a quarter ago | ||||
Cowen analyst Cai von… Cowen analyst Cai von Rumohr raised the firm's price target on Moog to $122 from $107 and keeps an Outperform rating on the shares. The analyst called it an under the radar play on the extended U.S./NATO defense spending lift, widebody demand recovery, and new program ramps. | ||||
Morgan Stanley analyst… Morgan Stanley analyst Kristine Liwag downgraded Moog to Underweight from Equal Weight with a price target of $89, up from $88. The analyst remains bullish on the continued aerospace recovery post COVID-19. Aircraft scarcity in the midst of strong demand makes aerospace "both a growth and defensive industry in 2023," Liwag tells investors in a research note. The analyst made several rating changes after "scrubbing valuation" heading into 2023. | ||||
Moog announced that John… Moog announced that John Scannell, chairman and CEO, has announced his intention to retire as CEO effective February 1, 2023. He will continue to serve on Moog's board of directors as non-executive chairman. Scannell began his career with Moog in 1990. Prior to serving as CEO, Scannell held various roles in the company including COO and CFO. Moog's board of directors has appointed Patrick Roche to succeed Scannell as CEO effective February 1, 2023. Roche is currently executive VP and COO, a role he assumed in December 2021. | ||||
Moog announced that the… Moog announced that the company's space products played a role in successfully launching Artemis 1, which is the first uncrewed test flight of NASA's mission to return to the Moon. | ||||
