ESCO Technologies Inc. (ESE) Reaches New 52-Week High After Better-Than-Expected Earnings
ESCO Technologies Inc. (NYSE:ESE) hit a new 52-week high on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $52.85 and last traded at $52.84, with a volume of 64,096 shares traded. The stock had previously closed at $50.55.
The company reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.03. ESCO Technologies had a return on equity of 8.10% and a net margin of 7.42%. The business had revenue of $159.51 million for the quarter, compared to analyst estimates of $160.82 million. During the same quarter in the prior year, the firm posted $0.50 earnings per share. The firm’s revenue for the quarter was up 3.8% compared to the same quarter last year.
ESE has been the topic of several analyst reports. Canaccord Genuity reissued a “hold” rating and issued a $40.00 target price on shares of ESCO Technologies in a research note on Thursday, August 4th. Zacks Investment Research lowered ESCO Technologies from a “hold” rating to a “strong sell” rating in a research note on Thursday, August 4th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $42.67.
Large investors have recently added to or reduced their stakes in the company. Victory Capital Management Inc. raised its stake in ESCO Technologies by 77.5% in the second quarter. Victory Capital Management Inc. now owns 3,256 shares of the company’s stock worth $130,000 after buying an additional 1,422 shares in the last quarter. PineBridge Investments L.P. raised its stake in ESCO Technologies by 3.5% in the second quarter. PineBridge Investments L.P. now owns 3,265 shares of the company’s stock worth $131,000 after buying an additional 110 shares in the last quarter. Teacher Retirement System of Texas raised its stake in ESCO Technologies by 13.5% in the second quarter. Teacher Retirement System of Texas now owns 3,613 shares of the company’s stock worth $144,000 after buying an additional 429 shares in the last quarter. Mason Street Advisors LLC acquired a new stake in ESCO Technologies during the second quarter worth approximately $201,000. Finally, Eqis Capital Management Inc. acquired a new stake in ESCO Technologies during the second quarter worth approximately $202,000. 93.59% of the stock is currently owned by institutional investors.
The company has a 50 day moving average price of $45.31 and a 200-day moving average price of $42.80. The firm has a market cap of $1.37 billion, a P/E ratio of 32.82 and a beta of 1.01.
About ESCO Technologies
ESCO Technologies Inc is engaged in the production of engineered products and systems. The Company’s products are sold around the world for utility, industrial, aerospace and commercial applications. It conducts its business in three segments: Filtration/Fluid Flow (Filtration), RF Shielding and Test (Test) and Utility Solutions Group (USG).
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