Woodward Inc. (NASDAQ:WWD) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Monday.
According to Zacks, “Woodward is steadily becoming a major supplier of aircraft, gas turbines and heavy-duty engines. The company also stands to benefit from increased global usage of natural gas as a source of electricity and transportation fuel. Woodward has also been recently witnessing strong backlog in the commercial aerospace space due to rising demand for fuel-efficient aircraft and increasing passenger miles. That said, Woodward's dependence on government defense budgets, stiff competition from a number of major players in the U.S. and abroad, persistent market weakness and sluggish growth in China are major concerns for the company.”
WWD has been the topic of a number of other research reports. Barrington Research initiated coverage on Woodward in a research note on Friday, September 16th. They set a “market perform” rating on the stock. Jefferies Group set a $59.00 target price on Woodward and gave the stock a “hold” rating in a research note on Wednesday, July 20th. Finally, Maxim Group increased their target price on Woodward from $60.00 to $70.00 and gave the stock a “buy” rating in a research note on Friday, July 15th. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $60.25.
Shares of Woodward (NASDAQ:WWD) traded down 0.15% during mid-day trading on Monday, reaching $61.23. The company had a trading volume of 46,902 shares. The firm’s 50 day moving average is $61.07 and its 200-day moving average is $56.81. The stock has a market capitalization of $3.76 billion, a P/E ratio of 23.33 and a beta of 1.33. Woodward has a 12-month low of $39.68 and a 12-month high of $63.98.
Woodward (NASDAQ:WWD) last released its quarterly earnings data on Wednesday, July 20th. The company reported $0.81 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.76 by $0.05. Woodward had a return on equity of 15.53% and a net margin of 8.40%. The company earned $508 million during the quarter, compared to analysts’ expectations of $521.70 million. During the same period last year, the firm posted $0.66 earnings per share. The business’s revenue was up 2.7% on a year-over-year basis. On average, analysts expect that Woodward will post $2.78 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 28th. Shareholders of record on Monday, November 14th will be paid a dividend of $0.11 per share. The ex-dividend date of this dividend is Wednesday, November 9th. This represents a $0.44 dividend on an annualized basis and a yield of 0.72%. Woodward’s dividend payout ratio (DPR) is presently 16.73%.
In other news, VP Christopher Fawzy sold 6,000 shares of Woodward stock in a transaction on Wednesday, August 10th. The stock was sold at an average price of $59.30, for a total value of $355,800.00. Following the transaction, the vice president now owns 9,506 shares in the company, valued at approximately $563,705.80. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Mary L. Petrovich sold 8,200 shares of Woodward stock in a transaction on Thursday, July 28th. The shares were sold at an average price of $58.54, for a total value of $480,028.00. The disclosure for this sale can be found here. Company insiders own 6.18% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. JPMorgan Chase & Co. raised its position in shares of Woodward by 28.8% in the second quarter. JPMorgan Chase & Co. now owns 1,983 shares of the company’s stock valued at $114,000 after buying an additional 443 shares during the last quarter. Advisor Group Inc. acquired a new position in shares of Woodward during the second quarter valued at about $124,000. Panagora Asset Management Inc. raised its position in shares of Woodward by 2,301.0% in the second quarter. Panagora Asset Management Inc. now owns 2,401 shares of the company’s stock valued at $138,000 after buying an additional 2,301 shares during the last quarter. Acadian Asset Management LLC acquired a new position in shares of Woodward during the second quarter valued at about $160,000. Finally, Advisors Asset Management Inc. raised its position in shares of Woodward by 112.5% in the second quarter. Advisors Asset Management Inc. now owns 3,188 shares of the company’s stock valued at $184,000 after buying an additional 1,688 shares during the last quarter. Institutional investors own 75.09% of the company’s stock.
Woodward, Inc is a designer, manufacturer, and service provider of energy controls and optimization solutions. The Company has production and assembly facilities in the United States, Europe and Asia, and promotes its products and services through its worldwide locations. The Company’s is engaged in providing energy control and optimization solutions for the aerospace and energy markets.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Woodward Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Woodward Inc. and related companies with MarketBeat.com's FREE daily email newsletter.