Esterline Technologies (NYSE:ESL) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research note issued on Wednesday, January 10th.
According to Zacks, “Esterline Technologies Corporation designs, manufactures, and markets engineered products and systems primarily for aerospace and defense customers in the United States and internationally. The Company designs, manufactures and markets engineered products and systems for application within the industries it serves. The Company operates through three segments: Avionics & Controls, Sensors & Systems, and Advanced Materials. The Company serves aerospace and defense customers. The Company’s Avionics & Controls business segment includes avionics systems, control and communication systems, and interface technologies capabilities. The Company’s Sensors & Systems business segment includes power systems, connection technologies and advanced sensors capabilities. The Company’s Advanced Materials business segment includes engineered materials and defense technologies capabilities. It designs and manufactures ruggedized military personal communication equipment, primarily headsets, handsets and field communications. “
A number of other equities research analysts also recently weighed in on the company. SunTrust Banks reaffirmed a “hold” rating and set a $82.00 price objective on shares of Esterline Technologies in a report on Tuesday, January 9th. Jefferies Group reissued a “hold” rating and issued a $83.00 target price on shares of Esterline Technologies in a report on Monday, January 8th. ValuEngine raised Esterline Technologies from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. Credit Suisse Group restated a “neutral” rating and issued a $70.00 price objective (down previously from $100.00) on shares of Esterline Technologies in a research report on Tuesday, December 12th. Finally, Canaccord Genuity restated a “hold” rating and issued a $78.00 price objective on shares of Esterline Technologies in a research report on Monday, November 27th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $80.17.
Esterline Technologies (NYSE:ESL) last issued its quarterly earnings results on Thursday, November 9th. The aerospace company reported $1.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.53 by ($0.26). Esterline Technologies had a net margin of 5.86% and a return on equity of 7.68%. The firm had revenue of $531.50 million for the quarter, compared to the consensus estimate of $540.55 million. During the same quarter in the prior year, the firm earned $1.96 earnings per share. The company’s revenue was down 2.3% on a year-over-year basis. analysts predict that Esterline Technologies will post 3.9 earnings per share for the current year.
In other news, major shareholder Hawkeye Fund Fpa sold 6,000 shares of the stock in a transaction dated Tuesday, January 2nd. The shares were sold at an average price of $75.63, for a total transaction of $453,780.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder J Richard Atwood sold 173,979 shares of the stock in a transaction dated Monday, November 6th. The stock was sold at an average price of $95.24, for a total transaction of $16,569,759.96. The disclosure for this sale can be found here. In the last 90 days, insiders purchased 6,800 shares of company stock valued at $479,015 and sold 268,290 shares valued at $25,452,666. 1.30% of the stock is owned by corporate insiders.
A number of large investors have recently modified their holdings of ESL. State Board of Administration of Florida Retirement System lifted its stake in Esterline Technologies by 30.5% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 17,947 shares of the aerospace company’s stock valued at $1,701,000 after purchasing an additional 4,194 shares during the last quarter. American Century Companies Inc. bought a new position in Esterline Technologies in the 2nd quarter valued at about $548,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Esterline Technologies by 11.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,184 shares of the aerospace company’s stock valued at $112,000 after acquiring an additional 120 shares during the period. Pacad Investment Ltd. raised its holdings in Esterline Technologies by 100.0% in the 2nd quarter. Pacad Investment Ltd. now owns 1,800 shares of the aerospace company’s stock valued at $171,000 after acquiring an additional 900 shares during the period. Finally, Los Angeles Capital Management & Equity Research Inc. raised its holdings in Esterline Technologies by 0.7% in the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 14,431 shares of the aerospace company’s stock valued at $1,368,000 after acquiring an additional 100 shares during the period. Institutional investors and hedge funds own 92.01% of the company’s stock.
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Esterline Technologies 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. The Company operates through three segments: Avionics & Controls, Sensors & Systems, and Advanced Materials.
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