The Wall Street Journal had reported earlier in the day that the two companies had engaged in discussions over the last several months.
“Woodward is not in discussions with Boeing over a possible acquisition of Woodward, and will not provide any further comment on this story”, the company said in a statement.
Boeing did not respond to request for comment.
Woodward’s shares, which closed up 7.4 percent, fell 11.3 percent to $73.5 in after-market trading on Thursday.
Reporting by Rachit Vats and Vibhuti Sharma in Bengaluru; Editing by Sai Sachin Ravikumar