Esterline Technologies (ESL) Upgraded by Zacks Investment Research to Hold
Zacks Investment Research upgraded shares of Esterline Technologies (NYSE:ESL) from a sell rating to a hold rating in a report issued on Tuesday morning.
According to Zacks, “Esterline Corporation is a specialized manufacturing company serving principally aerospace and defense markets. Esterline views the company’s businesses in three segments related to its set of core competencies: Avionics & Controls, Sensors & Systems, and Advanced Materials. Avionics & Controls segment focus on technology interface systems for commercial and military aircraft and similar devices for land- and sea-based military vehicles, cockpit displays and integration systems and other high-end industrial applications. The Sensors & Systems segment includes operations that produce high-precision temperature and pressure sensors, specialized harsh-environment interconnect solutions, electrical power distribution equipment, and other related systems principally for aerospace and defense customers. Advanced Materials focuses on process-related technologies including high-performance elastomer products used for a wide range of military and commercial aerospace purposes. “
Several other research firms have also commented on ESL. Credit Suisse Group raised shares of Esterline Technologies from an underperform rating to a neutral rating and increased their target price for the company from $66.00 to $122.50 in a report on Thursday, October 11th. ValuEngine raised shares of Esterline Technologies from a hold rating to a buy rating in a report on Friday, September 14th. Alembic Global Advisors began coverage on shares of Esterline Technologies in a report on Friday, October 5th. They set an overweight rating on the stock. Canaccord Genuity increased their target price on shares of Esterline Technologies from $76.00 to $85.00 and gave the company a hold rating in a report on Friday, August 3rd. Finally, TheStreet raised shares of Esterline Technologies from a c rating to a b- rating in a report on Monday, July 30th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of Hold and an average target price of $88.94.
Esterline Technologies (NYSE:ESL) last released its earnings results on Tuesday, November 20th. The aerospace company reported $1.87 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.38 by $0.49. Esterline Technologies had a net margin of 2.62% and a return on equity of 5.91%. The company had revenue of $535.30 million for the quarter, compared to analyst estimates of $534.09 million. During the same quarter last year, the firm earned $1.27 EPS. The firm’s quarterly revenue was up 1.2% compared to the same quarter last year. Research analysts expect that Esterline Technologies will post 3.69 EPS for the current fiscal year.
In other Esterline Technologies news, major shareholder Fpa Funds Trust sold 110,935 shares of the firm’s stock in a transaction on Wednesday, November 7th. The shares were sold at an average price of $117.52, for a total value of $13,037,081.20. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Pacific Advisors Lp First sold 3,422 shares of the firm’s stock in a transaction on Tuesday, October 23rd. The stock was sold at an average price of $117.34, for a total transaction of $401,537.48. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 213,986 shares of company stock worth $25,140,045. 1.30% of the stock is owned by insiders.
A number of institutional investors have recently made changes to their positions in ESL. Principal Financial Group Inc. grew its holdings in Esterline Technologies by 6.8% in the 1st quarter. Principal Financial Group Inc. now owns 388,543 shares of the aerospace company’s stock worth $28,422,000 after acquiring an additional 24,605 shares during the last quarter. Bank of Montreal Can grew its holdings in Esterline Technologies by 762.4% in the 2nd quarter. Bank of Montreal Can now owns 20,664 shares of the aerospace company’s stock worth $1,525,000 after acquiring an additional 18,268 shares during the last quarter. Hartford Investment Management Co. bought a new stake in Esterline Technologies in the 2nd quarter worth $208,000. Rice Hall James & Associates LLC grew its holdings in Esterline Technologies by 4.6% in the 2nd quarter. Rice Hall James & Associates LLC now owns 78,143 shares of the aerospace company’s stock worth $5,767,000 after acquiring an additional 3,407 shares during the last quarter. Finally, Alps Advisors Inc. grew its holdings in Esterline Technologies by 10.5% in the 2nd quarter. Alps Advisors Inc. now owns 14,062 shares of the aerospace company’s stock worth $1,038,000 after acquiring an additional 1,335 shares during the last quarter. 95.73% of the stock is currently owned by institutional investors and hedge funds.
About Esterline Technologies
Esterline Technologies Corporation designs, manufactures, and markets engineered products and systems primarily for aerospace and defense customers in the United States and internationally. It operates through three segments: Avionics & Controls, Sensors & Systems, and Advanced Materials. The Avionics & Controls segment offers global positioning systems, head-up displays, enhanced vision systems, and electronic flight management systems for control and display applications; lighted push-button and rotary switches, keyboards, lighted indicators, panels, and displays; and control sticks, grips, wheels, and switching systems.
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