Esterline Technologies Corp. (ESL) Rating Increased to Buy at Zacks Investment Research
Esterline Technologies Corp. (NYSE:ESL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday. The brokerage currently has a $85.00 target price on the stock. Zacks Investment Research’s price objective indicates a potential upside of 12.09% from the company’s previous close.
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. “
ESL has been the subject of a number of other reports. Jefferies Group reissued a “buy” rating and set a $87.00 price objective on shares of Esterline Technologies Corp. in a research note on Friday, August 5th. Drexel Hamilton raised shares of Esterline Technologies Corp. from a “hold” rating to a “buy” rating and set a $86.00 price objective for the company in a research note on Monday, August 15th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company has an average rating of “Buy” and an average target price of $81.17.
Esterline Technologies Corp. (NYSE:ESL) traded up 1.54% on Wednesday, reaching $75.83. The company’s stock had a trading volume of 109,944 shares. The firm has a 50 day moving average price of $75.80 and a 200 day moving average price of $67.80. Esterline Technologies Corp. has a 52 week low of $45.12 and a 52 week high of $96.44. The stock has a market capitalization of $2.23 billion, a P/E ratio of 46.92 and a beta of 1.23.
Esterline Technologies Corp. (NYSE:ESL) last issued its quarterly earnings data on Thursday, August 4th. The company reported $1.38 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.28 by $0.10. Esterline Technologies Corp. had a net margin of 2.40% and a return on equity of 6.15%. The business earned $517.10 million during the quarter, compared to analysts’ expectations of $490.37 million. The firm’s revenue for the quarter was up 6.7% on a year-over-year basis. On average, equities analysts anticipate that Esterline Technologies Corp. will post $4.51 EPS for the current year.
In related news, major shareholder Select Drawdown Fund L.P. Fpa acquired 5,340 shares of the stock in a transaction dated Tuesday, August 2nd. The stock was bought at an average cost of $59.83 per share, with a total value of $319,492.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Albert S. Yost sold 10,800 shares of the business’s stock in a transaction on Friday, August 26th. The shares were sold at an average price of $76.32, for a total transaction of $824,256.00. The disclosure for this sale can be found here. Insiders own 1.40% of the company’s stock.
Institutional investors have recently bought and sold shares of the stock. Macquarie Group Ltd. raised its position in Esterline Technologies Corp. by 27.8% in the second quarter. Macquarie Group Ltd. now owns 78,583 shares of the company’s stock valued at $4,875,000 after buying an additional 17,107 shares during the last quarter. Mason Street Advisors LLC acquired a new position in Esterline Technologies Corp. during the second quarter valued at $830,000. Public Employees Retirement System of Ohio raised its position in Esterline Technologies Corp. by 21.6% in the second quarter. Public Employees Retirement System of Ohio now owns 2,377 shares of the company’s stock valued at $147,000 after buying an additional 423 shares during the last quarter. Schwab Charles Investment Management Inc. raised its position in Esterline Technologies Corp. by 7.4% in the second quarter. Schwab Charles Investment Management Inc. now owns 148,260 shares of the company’s stock valued at $9,199,000 after buying an additional 10,235 shares during the last quarter. Finally, Stifel Financial Corp raised its position in Esterline Technologies Corp. by 5.9% in the second quarter. Stifel Financial Corp now owns 60,830 shares of the company’s stock valued at $3,774,000 after buying an additional 3,399 shares during the last quarter. Institutional investors and hedge funds own 87.70% of the company’s stock.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Esterline Technologies Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Esterline Technologies Corp. and related companies with MarketBeat.com's FREE daily email newsletter.