Zacks Investment Research Upgrades Esterline Technologies (ESL) to “Hold”

Esterline Technologies (NYSE:ESL) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research 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. “

Other research analysts have also issued reports about the company. Canaccord Genuity upped their target price on Esterline Technologies from $85.00 to $122.50 and gave the stock a “hold” rating in a research report on Wednesday, November 21st. Credit Suisse Group raised Esterline Technologies from an “underperform” rating to a “neutral” rating and increased their price objective for the company from $66.00 to $122.50 in a report on Thursday, October 11th. Barclays raised Esterline Technologies from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $76.00 to $123.00 in a report on Monday. ValuEngine raised Esterline Technologies from a “buy” rating to a “strong-buy” rating in a report on Wednesday, November 21st. Finally, Jefferies Financial Group set a $123.00 price objective on Esterline Technologies and gave the company a “hold” rating in a report on Wednesday, November 21st. One analyst has rated the stock with a sell rating, seven have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. Esterline Technologies has a consensus rating of “Hold” and a consensus target price of $103.38.



ESL stock traded up $0.37 during mid-day trading on Thursday, hitting $121.59. The stock had a trading volume of 1,121,173 shares, compared to its average volume of 300,719. The company has a debt-to-equity ratio of 0.36, a current ratio of 3.24 and a quick ratio of 2.10. Esterline Technologies has a 1-year low of $67.15 and a 1-year high of $121.89. The firm has a market cap of $3.58 billion, a P/E ratio of 29.16, a PEG ratio of 2.64 and a beta of 0.62.

Esterline Technologies (NYSE:ESL) last issued its earnings results on Tuesday, November 20th. The aerospace company reported $1.87 earnings per share for the quarter, topping the consensus estimate of $1.38 by $0.49. Esterline Technologies had a return on equity of 6.85% and a net margin of 3.45%. The company had revenue of $535.30 million for the quarter, compared to analyst estimates of $534.09 million. During the same period in the prior year, the firm posted $1.27 EPS. The business’s revenue was up 1.2% compared to the same quarter last year. As a group, research analysts expect that Esterline Technologies will post 4.82 EPS for the current year.

In related news, major shareholder Fpa Funds Trust sold 110,935 shares of the stock in a transaction that occurred 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Pacific Advisors Lp First sold 3,422 shares of the stock in a transaction that occurred on Tuesday, October 23rd. The shares were sold at an average price of $117.34, for a total value of $401,537.48. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 213,986 shares of company stock valued at $25,140,045. 1.40% of the stock is owned by corporate insiders.

Large investors have recently made changes to their positions in the stock. Bank of Montreal Can grew its position in shares of Esterline Technologies by 762.4% in the second quarter. Bank of Montreal Can now owns 20,664 shares of the aerospace company’s stock valued at $1,525,000 after purchasing an additional 18,268 shares during the last quarter. 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 valued at $1,038,000 after buying an additional 1,335 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new stake in Esterline Technologies in the 2nd quarter valued at about $516,000. Boston Partners purchased a new stake in Esterline Technologies in the 2nd quarter valued at about $995,000. Finally, Bank of New York Mellon Corp grew its holdings in Esterline Technologies by 11.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 676,782 shares of the aerospace company’s stock valued at $49,947,000 after buying an additional 67,892 shares during the period. Hedge funds and other institutional investors own 98.50% of the company’s stock.

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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