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CurtissWright Expands 2024 Share Repurchase Program to $150 Million
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CurtissWright Corporation (CW - Free Report) is set to expand its 2024 share repurchase program by $100 million, bringing the total expected repurchases to $150 million for this year.
CW is also completing its existing $50 million repurchase program initiated in January 2024 under the 10b5-1 program. As part of this new program, the company will immediately start repurchasing an additional $100 million in shares under the 10b5-1 program, which it also plans to finish by year-end. CW will have $300 million in open repurchase authorization left once the combined $150 million share repurchase plans are finished.
Benefits of Share Repurchases
A share repurchase shows that the company believes its shares are undervalued and is an efficient method of putting money back into shareholders’ pockets. The repurchase reduces the amount of existing shares, increasing the worth of each share. Earnings per share also increase as the number of shares decreases.
CW’s Peers That are Repurchasing Shares
Other defense companies that are also enhancing shareholder value by repurchasing shares are discussed below.
Lockheed Martin Corporation (LMT - Free Report) repurchased 4.2 million shares worth $1.9 billion during the first six months of 2024. As of June 30, 2024. The total remaining authorization for future common share repurchases under the company’s share repurchase program was $8.2 billion.
LMT has a long-term earnings growth rate of 4.7%. The Zacks Consensus Estimate for LMT’s 2024 sales indicates year-over-year growth of 5.3%.
Northrop Grumman Corporation (NOC - Free Report) made share repurchases worth $0.6 billion under the 2023 Repurchase Program as of June 30, 2024. The total remaining authorization for future common share repurchases was $1.9 billion.
Northrop Gruman has a long-term earnings growth rate of 8.7%. The Zacks Consensus Estimate for NOC’s 2024 sales indicates year-over-year growth of 5.4%.
RTX Corporation (RTX - Free Report) repurchased shares worth $0.10 billion in the second quarter of 2024. As of June 30, 2024, RTX had the remaining authority to repurchase approximately $1 billion of its common stock under the Oct. 21, 2023 share repurchase program.
RTX has a long-term earnings growth rate of 10.4%. The Zacks Consensus Estimate for RTX’s 2024 sales indicates year-over-year growth of 7%.
CW Stock’s Price Movement
Shares of CW have rallied 26.3% in the past six months compared with the industry’s 16.7% growth.
Image: Bigstock
CurtissWright Expands 2024 Share Repurchase Program to $150 Million
CurtissWright Corporation (CW - Free Report) is set to expand its 2024 share repurchase program by $100 million, bringing the total expected repurchases to $150 million for this year.
CW is also completing its existing $50 million repurchase program initiated in January 2024 under the 10b5-1 program. As part of this new program, the company will immediately start repurchasing an additional $100 million in shares under the 10b5-1 program, which it also plans to finish by year-end. CW will have $300 million in open repurchase authorization left once the combined $150 million share repurchase plans are finished.
Benefits of Share Repurchases
A share repurchase shows that the company believes its shares are undervalued and is an efficient method of putting money back into shareholders’ pockets. The repurchase reduces the amount of existing shares, increasing the worth of each share. Earnings per share also increase as the number of shares decreases.
CW’s Peers That are Repurchasing Shares
Other defense companies that are also enhancing shareholder value by repurchasing shares are discussed below.
Lockheed Martin Corporation (LMT - Free Report) repurchased 4.2 million shares worth $1.9 billion during the first six months of 2024. As of June 30, 2024. The total remaining authorization for future common share repurchases under the company’s share repurchase program was $8.2 billion.
LMT has a long-term earnings growth rate of 4.7%. The Zacks Consensus Estimate for LMT’s 2024 sales indicates year-over-year growth of 5.3%.
Northrop Grumman Corporation (NOC - Free Report) made share repurchases worth $0.6 billion under the 2023 Repurchase Program as of June 30, 2024. The total remaining authorization for future common share repurchases was $1.9 billion.
Northrop Gruman has a long-term earnings growth rate of 8.7%. The Zacks Consensus Estimate for NOC’s 2024 sales indicates year-over-year growth of 5.4%.
RTX Corporation (RTX - Free Report) repurchased shares worth $0.10 billion in the second quarter of 2024. As of June 30, 2024, RTX had the remaining authority to repurchase approximately $1 billion of its common stock under the Oct. 21, 2023 share repurchase program.
RTX has a long-term earnings growth rate of 10.4%. The Zacks Consensus Estimate for RTX’s 2024 sales indicates year-over-year growth of 7%.
CW Stock’s Price Movement
Shares of CW have rallied 26.3% in the past six months compared with the industry’s 16.7% growth.
Image Source: Zacks Investment Research
CW’s Zacks Rank
CW currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.