Esterline Technologies Corp. (ESL) Rating Lowered to Hold at Zacks Investment Research
Esterline Technologies Corp. (NYSE:ESL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday.
According to Zacks, “Esterline Technologies Corporation is a specialized engineering and manufacturing company principally serving aerospace and defense markets. They design, manufacture and market highly engineered products and systems for application within the industries they serve. Their products are found on most military and commercial aircraft, helicopters, and land-based systems. Their sales are diversified across three broad markets: defense, commercial aerospace, and general industrial. “
Several other equities analysts have also commented on ESL. Jefferies Group reiterated a “buy” rating and issued a $87.00 target price on shares of Esterline Technologies Corp. in a research note on Friday, August 5th. Drexel Hamilton upgraded Esterline Technologies Corp. from a “hold” rating to a “buy” rating and set a $86.00 target price for the company in a research note on Monday, August 15th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Esterline Technologies Corp. presently has a consensus rating of “Hold” and a consensus target price of $81.17.
Esterline Technologies Corp. (NYSE:ESL) traded down 1.44% during midday trading on Wednesday, reaching $71.95. The company’s stock had a trading volume of 117,144 shares. The company has a 50 day moving average of $75.39 and a 200-day moving average of $68.40. The company has a market capitalization of $2.12 billion, a P/E ratio of 44.52 and a beta of 1.23. Esterline Technologies Corp. has a 1-year low of $45.12 and a 1-year high of $96.44.
Esterline Technologies Corp. (NYSE:ESL) last released its earnings results on Thursday, August 4th. The company reported $1.38 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.28 by $0.10. The firm earned $517.10 million during the quarter, compared to analyst estimates of $490.37 million. Esterline Technologies Corp. had a return on equity of 6.15% and a net margin of 2.40%. The firm’s revenue was up 6.7% compared to the same quarter last year. Equities research analysts anticipate that Esterline Technologies Corp. will post $4.51 earnings per share for the current fiscal year.
In related news, major shareholder Select Drawdown Fund L.P. Fpa bought 5,340 shares of the firm’s stock in a transaction dated Tuesday, August 2nd. The stock was bought at an average price of $59.83 per share, with a total value of $319,492.20. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Albert S. Yost sold 10,800 shares of the company’s stock in a transaction dated Friday, August 26th. The stock was sold at an average price of $76.32, for a total value of $824,256.00. The disclosure for this sale can be found here. Company insiders own 1.40% of the company’s stock.
Several large investors have recently modified their holdings of ESL. Alliancebernstein L.P. increased its stake in shares of Esterline Technologies Corp. by 1,817.3% in the second quarter. Alliancebernstein L.P. now owns 1,046,515 shares of the company’s stock valued at $64,926,000 after buying an additional 991,933 shares during the last quarter. Franklin Resources Inc. increased its position in shares of Esterline Technologies Corp. by 241.7% in the first quarter. Franklin Resources Inc. now owns 528,900 shares of the company’s stock worth $33,887,000 after buying an additional 374,100 shares in the last quarter. First Pacific Advisors LLC increased its position in shares of Esterline Technologies Corp. by 5.6% in the second quarter. First Pacific Advisors LLC now owns 3,690,554 shares of the company’s stock worth $228,962,000 after buying an additional 194,831 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Esterline Technologies Corp. by 8.0% in the second quarter. Dimensional Fund Advisors LP now owns 2,430,396 shares of the company’s stock worth $150,776,000 after buying an additional 180,310 shares in the last quarter. Finally, AQR Capital Management LLC increased its position in shares of Esterline Technologies Corp. by 135.7% in the second quarter. AQR Capital Management LLC now owns 258,760 shares of the company’s stock worth $16,054,000 after buying an additional 148,984 shares in the last quarter. 87.69% of the stock is owned by institutional investors.
Esterline Technologies Corp. Company Profile
Esterline Technologies Corporation is a specialized manufacturing company. The Company designs, manufactures and markets engineered products and systems for application within the industries it serves. It operates through three segments: Avionics & Controls, Sensors & Systems, and Advanced Materials.
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