Esterline Technologies (ESL) Rating Increased to Hold at Zacks Investment Research
Esterline Technologies (NYSE:ESL) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Thursday.
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. “
A number of other research firms have also recently weighed in on ESL. Barclays upgraded Esterline Technologies from an “underweight” rating to an “equal weight” rating and increased their price target for the stock from $76.00 to $123.00 in a report on Monday, December 3rd. Jefferies Financial Group set a $123.00 price target on Esterline Technologies and gave the stock a “hold” rating in a report on Wednesday, November 21st. Alembic Global Advisors started coverage on Esterline Technologies in a report on Friday, October 5th. They set an “overweight” rating for the company. ValuEngine upgraded Esterline Technologies from a “hold” rating to a “buy” rating in a report on Friday, September 14th. Finally, Credit Suisse Group upgraded Esterline Technologies from an “underperform” rating to a “neutral” rating and increased their price target for the stock from $66.00 to $122.50 in a report on Thursday, October 11th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $103.38.
Esterline Technologies (NYSE:ESL) last issued its earnings results on Tuesday, November 20th. The aerospace company reported $1.87 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.38 by $0.49. The company had revenue of $535.30 million during the quarter, compared to analysts’ expectations of $534.09 million. Esterline Technologies had a return on equity of 6.85% and a net margin of 3.45%. The firm’s quarterly revenue was up 1.2% on a year-over-year basis. During the same period in the prior year, the business earned $1.27 EPS. As a group, equities analysts expect that Esterline Technologies will post 4.82 earnings per share for the current fiscal year.
In other news, major shareholder Fpa Funds Trust sold 110,935 shares of the stock in a transaction on Wednesday, November 7th. The stock was sold at an average price of $117.52, for a total transaction of $13,037,081.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Pacific Advisors Lp First sold 99,629 shares of the stock in a transaction on Thursday, October 25th. The stock was sold at an average price of $117.45, for a total value of $11,701,426.05. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 213,986 shares of company stock valued at $25,140,045. Company insiders own 1.40% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. lifted its stake in Esterline Technologies by 0.8% during the 3rd quarter. BlackRock Inc. now owns 3,786,020 shares of the aerospace company’s stock worth $344,337,000 after acquiring an additional 28,623 shares in the last quarter. Vanguard Group Inc. lifted its stake in Esterline Technologies by 1.1% during the 3rd quarter. Vanguard Group Inc. now owns 2,578,103 shares of the aerospace company’s stock worth $234,479,000 after acquiring an additional 27,649 shares in the last quarter. Franklin Resources Inc. lifted its stake in Esterline Technologies by 8.1% during the 3rd quarter. Franklin Resources Inc. now owns 1,333,297 shares of the aerospace company’s stock worth $121,263,000 after acquiring an additional 100,000 shares in the last quarter. Victory Capital Management Inc. lifted its stake in Esterline Technologies by 2.9% during the 3rd quarter. Victory Capital Management Inc. now owns 893,356 shares of the aerospace company’s stock worth $81,251,000 after acquiring an additional 24,767 shares in the last quarter. Finally, Wells Fargo & Company MN lifted its stake in Esterline Technologies by 399.8% during the 3rd quarter. Wells Fargo & Company MN now owns 683,903 shares of the aerospace company’s stock worth $62,201,000 after acquiring an additional 547,080 shares in the last quarter. 98.50% of the stock is currently owned by hedge funds and other institutional investors.
Esterline Technologies Company Profile
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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