Credit Suisse Group Downgrades Esterline Technologies Corporation (ESL) to Neutral
Esterline Technologies Corporation (NYSE:ESL) was downgraded by equities research analysts at Credit Suisse Group from an “outperform” rating to a “neutral” rating in a report released on Friday.
A number of other brokerages have also weighed in on ESL. Canaccord Genuity reaffirmed a “hold” rating and issued a $90.00 price objective on shares of Esterline Technologies Corporation in a report on Monday, May 15th. Zacks Investment Research lowered Esterline Technologies Corporation from a “buy” rating to a “hold” rating in a report on Friday, June 9th. BidaskClub lowered Esterline Technologies Corporation from a “hold” rating to a “sell” rating in a report on Friday, June 23rd. Finally, Jefferies Group LLC reaffirmed a “hold” rating and issued a $92.00 price objective on shares of Esterline Technologies Corporation in a report on Tuesday, July 25th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. Esterline Technologies Corporation has a consensus rating of “Hold” and an average target price of $95.67.
Shares of Esterline Technologies Corporation (ESL) traded down 14.45% during trading on Friday, reaching $83.80. The company’s stock had a trading volume of 673,657 shares. The company has a 50 day moving average price of $97.02 and a 200 day moving average price of $91.51. Esterline Technologies Corporation has a 52 week low of $64.99 and a 52 week high of $102.70. The firm has a market capitalization of $2.50 billion, a P/E ratio of 17.00 and a beta of 1.43.
Esterline Technologies Corporation (NYSE:ESL) last announced its quarterly earnings data on Thursday, August 3rd. The aerospace company reported $1.08 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.30 by $0.22. Esterline Technologies Corporation had a net margin of 6.65% and a return on equity of 9.36%. The business had revenue of $503.80 million during the quarter, compared to analysts’ expectations of $522.38 million. During the same period in the prior year, the firm posted $1.38 EPS. Esterline Technologies Corporation’s revenue for the quarter was down 2.6% compared to the same quarter last year. On average, equities research analysts expect that Esterline Technologies Corporation will post $4.88 EPS for the current fiscal year.
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In other news, EVP Albert S. Yost sold 6,700 shares of the business’s stock in a transaction that occurred on Friday, May 19th. The stock was sold at an average price of $92.61, for a total transaction of $620,487.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Robert David George sold 26,700 shares of the business’s stock in a transaction that occurred on Tuesday, May 23rd. The stock was sold at an average price of $93.46, for a total value of $2,495,382.00. Following the sale, the chief financial officer now directly owns 29,960 shares in the company, valued at approximately $2,800,061.60. The disclosure for this sale can be found here. Insiders have sold a total of 41,170 shares of company stock worth $3,865,674 in the last three months. Corporate insiders own 1.40% of the company’s stock.
Large investors have recently made changes to their positions in the company. Russell Investments Group Ltd. purchased a new stake in shares of Esterline Technologies Corporation during the fourth quarter valued at approximately $761,000. Norges Bank purchased a new stake in shares of Esterline Technologies Corporation during the fourth quarter valued at approximately $21,704,000. Teachers Advisors LLC raised its stake in shares of Esterline Technologies Corporation by 2.8% in the fourth quarter. Teachers Advisors LLC now owns 55,531 shares of the aerospace company’s stock valued at $4,953,000 after buying an additional 1,531 shares during the period. Macquarie Group Ltd. raised its stake in shares of Esterline Technologies Corporation by 7.6% in the fourth quarter. Macquarie Group Ltd. now owns 128,949 shares of the aerospace company’s stock valued at $11,502,000 after buying an additional 9,149 shares during the period. Finally, Chevy Chase Trust Holdings Inc. raised its stake in shares of Esterline Technologies Corporation by 13.6% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 10,343 shares of the aerospace company’s stock valued at $890,000 after buying an additional 1,236 shares during the period. 90.38% of the stock is currently owned by institutional investors and hedge funds.
About Esterline Technologies Corporation
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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